Chapter 1
I found the role of the internet in conducting fast and cost-effective marketing research very much interesting. More importantly, tracing the consumer’s online buying behavior and suggesting recommendations for them from time to time as practiced by online retail giants like Amazon.com amazed me. Also, the concept of mobile marketing by adopting the GPS technology to locate the buyers and send them information about the special offers for the day is quite appealing. I also found the concept of relationship marketing more interesting. The interrelationship between all the stakeholders is the key for the success of any business venture. Furthermore, in light of globalization promoting enormous competition in the marketplace the approach of integrated marketing that incorporates effective communication strategies to add values to the customers influenced my perception about marketing.
What I learned from them
In the first place, mastering technology to give supreme customer service by effectively exploring innovation and utilizing the latest technology is important to provide great customer experience. At the same time, I understood that technology plays a vital role in making the cost of product promotion cheaper while enhancing the comfort of the customers in the process of buying the goods. More importantly, I learned how to differentiate a product to the customers, particularly when there are so many competitors marketing a same product. Building relationships through effective communication and following strict business etiquettes are important in overcoming competition.
How will I use the information in future?
I will effectively use the information I got from the chapter in future by keeping my eyes and mind open to the latest technologies towards increasing the effectiveness of my team. Secondly, I adopt strategies driven by the perspectives of the customers than my own as thinking from the point of view of customers motivate me to build long-standing relationships and win customers amid global competition.
Chapter 2
In the first place, I found designing appropriate mission statements quite interesting as it magically unites all the employees who work for common goals of the business organization. In fact, it is the mission statement that makes an ordinary employee take pride in working for a company. Secondly, I was taken aback by the power of defining a business from a product and market orientation to effectively add more value to the customer in light of increasing competition from marketers across the world day by day. Also, the possibility of business diversification to make effective and timely utilization of opportunities from the outside when a company grows so as to achieve its long-term goals attracted me.
What I learned from them
I learned how to frame effective company mission statements that reflect the company values. Effective mission statements also help in attracting employees whose aspirations match with the mission of the organization. Secondly, I understood the importance of defining a company’s business from its own point of view and from that of the customer’s. In other words, a company must earn sustainable profit by serving customers to the fullest. Thirdly, I learned that a business leader must always look forward to diversify his business by watching the environment for the right opportunity.
How will I use the information in future?
I will frame befitting mission statement for my company in consultation with my team. Having defined the mission statement, I will ensure that my employees, irrespective of their hierarchical level, are aware of the mission of the company so as to collectively contribute for achieving the same. Before designing our products and services, I will do a thorough market research so as to perfectly match the product as well as the market definition of the product with a view to ensure the product or service match the aspirations of my customers. Finally, I will deploy trained Research and Development Team to continuously watch the business environment and customer behavior so as to grab the opportunity at the right time through diversification.
