Week 6

This week we covered marketing research. One thing that really stuck out to me was how companies get their research. The video about the company "Ready Made" indicated they use both a forum and a blog. Both of these are almost 100% run by the users. This is a brilliant idea, as letting others run answer questions about problems in a form or blog is much more cost effective then having users ask the company itself. Plus you get valuable insight and user input for marketing research. It is a volunteer basis so very cost effective.

Week 5

This week we discussed market segmentation. Market segmentation is systematically dividing the market into segments to better market or cater to that segments needs. A people within a segment will have similar wants and needs. Very interesting how by segmentation, marketing is much much more effective.  

Week 4

We are now delving into how marketing is able to focus on specific attributes of individuals to better sale products. I really like learning about cognitive dissonance; which is where you feel anxiety or regret or doubt about a product you just purchased. I believe the best way for marketers to combat this is to tell the consumer they made a smart purchase.

Week 3

Week 3 in class was the first class that we were able to get through the entire class without any technical issues. What stood out to me the most this week was the statistic that more working women in todays world has changed the marketing mix more than anything else.

Week 2:

This week in class was a bit funny as we only got halfway through the class and the entire broadcast system went down in south eastern Utah. Still very informative as we reviewed and discussed chapter 1. The one thing that really stuck out to me was the difference between a product feature and a product benefit. This also applies to services, but I have never really thought that what I see when I see a product or service are the features and what I need to ask myself is what are the benefits for me. I think if I ask that I can better cut down expenses in my life.

Week 1:

Here is my first blog for my MGMT 3500 class at USU. To be honest this is my first blog ever. I am creating this blog for this class to relate what I have learned in this course week by week. I will start with the fact that my professor, Dan Allen, pushes for more involvement from students, rather than him just lecturing all the time. I like this, as I also believe it will make for a better learning experience for me. I do not know much about marketing, but I know social communication tools like Twitter, Facebook, and Linkedin play a huge role and I am excited to learn how to use these in the marketing industry. I did learn from chapter one that a large part of a business is how it deals with its clients and the differences in strategy. An example would be a sales oriented company would focus on what it takes to get the most sales of a product. A product based company would focus on what products fit the needs of clients to then sale the very best.