Reflective Learning Journal - Essay Example

Reflective Learning Journal Introduction In the of going about this topic on the contemporary issues in marketing, I have come across several issues, some of which I confess that are of great significance for any project to succeed. This exposure has come about because of the ideas we shared while in class, as well as the marketing presentations that I attended as part of undertaking this course. This reflective essay aims to provide more insight on some of the important aspects of contemporary marketing, as well as how the issues affect marketing. Discussion and Analysis Market Research The Ipsos presentation emphasized the role that market research plays in the course of ensuring that products or services offered by various organizations are accepted by the market. Marketing research can be done by employing either quantitative or qualitative mechanisms. It is a practice that should be carried out with the aim of identifying fresh business opportunities as well as identifying potential customer bases (Blackshaw, 2012). Similarly, marketing research can be carried out with the aim of understanding the demands of the current customers. No venture is always productive right from the beginning. To this effect, marketing research can be carried out to examine the cause of a problem, and assess the most suitable mechanism through which the problem can be solved. Marketing research can also play a far-reaching role when it comes to developing existing organizational strategies. Moreover, in instances where there is a need for expansion, it can help in establishing the most appropriate way to navigate through the expansion process. One of the major reasons why a section of product launches fail is because they fail to do market research, and that justifies just how integral the practice is in the course of any project. Take the windows Vista, which was launched by Microsoft Corporation as an example, it went on to be become a huge flop, majorly because proper market research was not done on the project. Such instances notwithstanding, it is far-reaching to recognize the fact that if not properly navigated, market research can bring harm to organizations (Davis, 2010). This situation is because the cost of carrying it out is quite expensive in the form of money and time. Similarly, it may not be possible to reach the entire customer base due to geographical challenges and that implies that not all customers demands would be factored in. The central point, therefore, is the fact that in carrying out market research, all the significant factors should be incorporated, that it may be as per the vision and goals of the organization. Advertisement Advertisement is another aspect of marketing that the Ipsos presentation emphasized. It can be done through several avenues including print media, radio, television, as well as the internet. Advertisements are necessary, as they act as the perfect avenues through which fresh products and services can be introduced into the market (Floor, 2006). They can also help to reassure customers that things are under control in case they begin falling out of place. Another crucial role of advertisements is the event that it serves to sustain the interest that customers have in a product or service as well as change the attitude of those who do not find your product appealing. Apart from brand valuation and monitoring brand market position, another objective of advertisements is the fact that if properly navigated, then it can boost the sales. It is however important to take into consideration the kind of evolution that the advertising industry has taken (Pride et.al, 2010). In the early nineties, for example, advertisement was all about introducing a new product to the market, implying that it was all about the manufacturer. This shifted to a trend where adverts were all about creating a specific brand as it was in the late nineties. Presently, however the advertisement sector has gone through a series of transformation. This is because currently adverts serve the function of connecting, satisfying and being relevant to customers. This has been proven with the success of organizations such as P and G, whose ideals revolve around improving the way of life that is lived by its customers. In as much as customers should always come first when it comes to preparing the advertisement, it is imperative to come up with a bold advert that is different from the rest and has the stopping power, which makes potential customers, put their activities on hold to catch a glimpse of the message being put across (Ramesh, 2007). For an advert to accomplish that, it has to be clear and simple to understand. It has been proven that before customers make purchases, they enquire as to whether they stand to gain in any way. To this effect, it is imperative to ensure that the advert outlines how the customers stand to gain in case they make a purchase. It is also of great importance if the advert contains some element of humor, which will make a potential customer interested in trying out the product or service (Gupta, 2009). For a print advert to be great, its size should be considerable, meaning that it should not be excessively big or too small, the coloring should also be moderated. Likewise, it is imperative for a televised advert to run for a considerable duration. This is because, those that run for a long duration are considered annoying while customers are not in a position to understand those that run for a considerable period. Concisely, organizations that fail to embrace the aspect of advertising do not match up to their equals and do not stay relevant for a long duration. This similarly justifies the role that the advertising sector plays when it comes to marketing. Building Brands One thing that came out in the HYT presentation is the aspect of building brands. Stakeholders presume true the ideology that just like the necessities of food, shelter and clothing are of great significance to the survival of a human being, branding is basic for any organization that intends to stay relevant for a considerable duration. Branding is considered fundamental because it comes with incredible value for the organization. In several economies; South Africa, Nigeria, Brazil, China, Australia among others, people tend to embrace brands majorly because they believe that brands have strong ideologies and that it calls of a lot of creativity for them to be created. The US dollar, for example, is a piece of paper though not an ordinary one. The Federal Reserve along with the concerned stakeholders have developed into a global brand, which can be embraced in any corner of the globe (Bartra, 2009). It is key for organizations to develop their products into brands because they just last longer than the products do. Whereas several products have life cycles, they are outlived by brands. This is majorly because brands do better even amidst economic slumps. For a brand to be created, the organization has to be transparent in all its operations and exhibit relevance. Similarly, it has to be consistent and make itself recognizable amidst its competitors. In the past, building a brand was all about coming up with strategies that make your organization stand out. Presently, however building a brand requires that all cultures be appreciated, because with the world developing into a global village, people find each other appealing (Chandrasekar, 2010). Over and above, establishing a brand is of importance majorly because it takes creativity into account and brings out the desired quality. Brands are similarly far-reaching because they make the customers have a feel of the same experience. Customer Involvement In the course of the discussion and presentation on UEFA, one important marketing aspect that emerged involved customers in all activities being carried out. UEFA accomplishes this by being hands on in all their activities (Nijssen, 2000). They include fans at club level as well as other stakeholders in the sporting sectors such as the football journalists. Extravaganzas such as the UEFA champions league final as well as Europa league finals, only act to add the icing on the cake. UEFA’s secret weapon has been giving back to the society by taking football to the ground, being transparent, unlike other sporting councils and considering the input of all the other governing boards. It is therefore of great significance for businesses to engage their customers on the ground (Ferrel et.al, 2011). This would put them a step higher than their equals and would ensure that they remain relevant for a considerable duration. Similarly, it would earn them admiration, and put it in good books with its customers. Conclusion Marketing is important majorly because it is the first step towards letting word out and informing the market of the product or service that one offers. It is a broad sector, and for it to succeed a lot of factors have to be considered. Microsoft spent about half a million dollars on windows vista, yet its users rejected it. For such an event not to take place, it is imperative for organizations to use the marketing aspects outlined in the above section. Marketing research should be prioritized, as it would provide you with the opportunity to give the customers what they feel (Blackshaw, 2012). The same applies to advertising, which ensures that the interest customers had in your products or services remains intact. Amidst all these, it is important to ensure that customers are involved and continuously brought into the picture. This is because with the evolution that has taken place in the economy; customers establish what they stand to gain before putting their hands in their pockets. Such are the practices that have been adhered to by organizations such as Ipsos, which is ranked the third largest research company globally, with eighty-four branches in various parts of the world. It is also essential to build a brand, which takes into consideration the different cultures at our disposal. This is because such remain firm whenever the economy is on the downfall. References Abdul, H. M. I. (2002). An introduction to property marketing. Johor: Penerbit Universiti Teknologi Malaysia (UTM. Batra, R., Myers, J. G., & Aaker, D. A. (2009). Advertising management. 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