Question

As you look back on the course, consider how marketing affects your daily life and how your understanding of marketing has changed. To illustrate some of the marketing components that you have learned, identify a specific product that could benefit from a new marketing strategy. Describe this product and explain how you could use the information from this course to recommend changes. Make sure to include what research strategies you would recommend the company use to inform the new strategies. 

Answer 1

Marketing affects all aspects of our life and helps consumers take their marketing decisions by helping them to decide which products to use. From small purchases like toothpaste and clothes to big purchases like TV, refrigerator etc are all result of proper marketing.

In the past ,sales people of the company were trusted and consumers took their decision by talking to the company directly . At present customers get all the information of the product online and need not speak to the company.This makes sales difficult because selling to people who has all the information is difficult.Traditional strategies like calls , emails ,trade shows have less impact now.Nowa days facebook, twitter, linkedin help companies to reach out to customers.

Marketing helps to increase sales . As for eg Nike running shoes . These shoes have innovative design and are made with a technology which helps a person to run best.There are different marketing strategies which help to find clients and customers for the business.The fourPs of marketing are product, price ,promotion and place.Good advertisement with celebrities ,help to promote the brand of the product.When customers see that professional athletes are using the shoes , they purchase that product..So marketing with professionals is good for promoting the product.Nike invests a lot in commercials and product promotion.

Nike should research to develop innovative manufacturing which would increase scale of production and reduce waste to zero.Nike should have sustainable innovation which will promote growth.