This post should be 2 paragraphs in length (at least 100 words). No research is required; this is a reflection assignment.
Interactive Responses To Classmates
1st Interactive Response:
- Select one student’s post about class take-aways and compare to your attitude about the importance of the marketing discipline.
- The topic that really intrigued me is that of Gap Analysis, Benchmarking & Competitive Advantage. A Gap Analysis helps companies to analyze their current state, their future or desired state and to bridge the gap. Analyzing the states of the competitors may help a company identify its opportunities in the market. On a personal level, I will be able to analyse my competitors especially when I am advising my wife who wishes to start a shoe company. Competitor bench-marking is an essential part of marketing as it helps companies to identify the differences it has with its customers. The competitor data can be obtained in various ways including using search engines and visiting the organization. The data, in this case, is obtained using online search engines. This strategy involves utilizing the information from the competitors and coming up with a product that reflects an improvement of the products they offer in the market. This technique also aims at making the customers switch products. The other strategy that the company will use is the minimization of costs relative to the competitors. A company gains a competitive advantage when it identifies opportunities for reducing costs. On the professional ground, the Gap analysis is important for my current job as it enables it to identify its competitors. Understanding the competition also helps companies to venture into the market. It is the first step towards achieving a competitive advantage. The company can use techniques such as search engines and visiting the companies’ premises to obtain vital information. Knowing about the pricing, positioning, weaknesses, and strengths of the competitors is extremely vital. It is the first strategy that a business can use to improve its marketing strategies. I also enjoyed online distribution and the overall class learning.
2nd Interactive Response:
- Pick a second student’s post about improvements to be made and share your feelings.
At first I thought marketing is just preparing an advertisement and selling goods or services. With this class, I realized that marketing is not just an aspect of a business but can already cover the entirety of a company. From product development, to research and development, to human resource, to pricing and logistics, marketing is involved. A marketing plan should be solid in order for a company or a business to fly.