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Reflection and Activity

The document discusses key concepts from a marketing management lecture video. It describes three main points: 1) The main idea of marketing, which focuses on customer satisfaction in a competitive environment. 2) The marketing management process, which involves situation analysis, marketing strategy, marketing mix decisions, and implementation/control. 3) The important decisions that marketing managers must make, including keeping the big picture in mind and validating decisions based on more than just financial metrics.

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Ange Dizon
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78 views2 pages

Reflection and Activity

The document discusses key concepts from a marketing management lecture video. It describes three main points: 1) The main idea of marketing, which focuses on customer satisfaction in a competitive environment. 2) The marketing management process, which involves situation analysis, marketing strategy, marketing mix decisions, and implementation/control. 3) The important decisions that marketing managers must make, including keeping the big picture in mind and validating decisions based on more than just financial metrics.

Uploaded by

Ange Dizon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Dizon, Angelica C.

A-339

Marketing Management: Making it Complex

The word “marketing” has been a familiar word for us as an accountancy student. We already
heard this word many times, but we just know only the general meaning of it. After watching the video of
Prof. Dr. Manfred Kirchgeorg about Marketing Management, I have learned what is the broader and
deeper meaning of Marketing. I have learned 3 specific things in this video which is: the main idea of
marketing, marketing management process, and the decisions of marketing managers must make.

First, the main idea of marketing. Through watching the video, I have learned the importance and
concept of marketing itself. According to Prof. Dr. Kirchgeorge, Marketing is about market cosmo-
orientation of a whole company. It focuses on the customer satisfaction in a competitive environment. It
was briefly discussed in the video the concept of marketing which I was really amazed because I
understand it easily. I have also learned that advertising, selling, and delivering goods to customers or
other firms are all included in marketing. It was discussed that marketing is important in a business
because it is crucial to the development of your brand.

Second, the marketing management process. In this topic, it was concisely discussed the different
steps in the marketing management process. First step, the situation analysis which means the company
is identifying options to satisfy unfulfilled customer needs. Second, marketing strategy which talks about
the strategic plan for the identified options. Third, marketing mix decisions where at this step, elaborated
decisions are made for the controllable parameters of the marketing mix. Lastly, the implementation and
control which means it transforms the written strategy into action. We can really use all this steps or
process when we are already working on a company as a marketing manager or you have built your own
business.

Last, the decisions that marketing managers should make. As all of us people make decision every
day, we are familiar on how we should make decisions but as for marketing managers, it is crucial for them
because this where the company depends. Two thing that I have learned in this topic is that you as a
manager should keep an eye on a bigger picture and validating your decisions. A manager's primary duty
is to control wasteful spending and maintain budget discipline in their department. However, basing
business decisions entirely on financial metrics would be a mistake. Your team and corporate culture will
suffer if you don't take the big picture into account. To put it another way, as a marketing manager, your
objectives ought to be distinct from those of your accounting division. Everything we have learn in this
video will be useful for us in the near future as this will help us in our chosen path.
One of your friends is contemplating opening a coffee shop near your college campus. She seeks
your advice about size of the prospective customer base and how to market the business according to
the four Ps. What strategies can you share with your friend to assist in launching the business?

In building your own business, you should know all the needs of the business you want
beforehand. This will make it easier for us to differentiate between the costs associated with each
production and to calculate the production rate.
First, for the place, price, and people, it is located close to a college, the coffee shop will see an
increase in student patronage. Therefore, the menu's price should be appropriate for their level—neither
too high nor too low. The place should also be aesthetically pleasing to the generation z and millennials
since they are your primary targets of customers.
For the product, Variety should always be included in a product. The spectrum of our customers
expands the more choices we offer. Coffee in many forms, such as café americano, coffee with milk,
cappuccino, mocha, and etc., can be the product in this case. Since many coffee shops has been built
today, his/her coffee shop should have uniqueness.
For the promotion, A gathering, or a celebration would provide for the ideal promotional
occasion. Most of the students and staff can readily hear our message and see a demonstration of our
goods, who will then become our potential clients. The students should be given high-quality hot
beverages to sample so that they can make the best possible first impression. Also, having a social media
page is helpful and posting everything online.

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