Mkt 271 Reaction Paper
My expectations for MKT 271 are to learn and gather as much knowledge as possible. While completing my AAS in Organizational Management degree, I took a retail marketing class and realized that marketing was interesting to me. I am looking forward to increasing my knowledge with every aspect of marketing. I think that marketing is important to every business and industry and my business future will be changed by completing these courses.
This course will provide the background information that I will utilize for years. The ability to understand markets, products, product life-cycle, buyer behavior, distribution strategy, ordering processes and inventory are concepts that will help dramatically …show more content…
The ability to understand the consumers that would be targeted by a marketing strategy is crucial to success. Commercial awareness is an important skill because it considers customer care, cost effectiveness and efficiency.
What do you see as the top three benefits of taking this course?
The three benefits of taking MKT 271 are:
• Developing a better understanding of consumers and buying patterns. This understanding is a crucial part of marketing. The old saying “He is such a good salesperson; he could sell ice to an eskimo” does not work with marketing on a large scale. The best product idea is useless if no consumer doesn’t purchase or use it.
• This course will benefit my business because it will help me develop an accurate pricing strategy based on demand and competitors. Pricing at a premium price, pricing for market penetration, economy pricing, price skimming, psychology pricing and bundle pricing are considered while deciding on the method to use.
• Understanding the development of a marketing plan based on specific criteria and method will help me market myself to prospective employers and my business to new clients. The ability to have an extended understanding of marketing and strategy is beneficial to any business owner, in my