MK103 Sec.700 Blog

While reading Chapter 13, I learned how to build the price foundation by  the ratio of perceived benefits to price. Pricing has a direct effect on a firm's profits, which is determined by the profit equation, which is “Profit = Total Revenue – Total Cost ”. That pr icing objectives specify the role of price in a firm's marketing strategy and may include profit, sales revenue, market share, unit volume, survival, or some socially responsible price level . Pricing constraints that restrict a firm's pricing flexibility include demand, product newness, other products sold by the firm, production and marketing costs, cost of price changes, type of competitive market, and the prices of competitive substitutes. This was nice to read about, very fascinating. While reading Chapter 14, I learned that demand, cost, profit, and competitio n influence the initial consideration of the approximate pri ce level for a produc t of service. Demand-oriented pri cing approaches stre

While reading Chapter 10, I learned that f rom the important perspective of the consumer, newness is often seen as the degree of learning that a consumer must engage in to use the product. With continuous innovation, no new behaviors must be learned. With dynamically continuous innovation, only minor behavioral changes are needed. With a discontinuous innovation, consumers must learn entirely new consumption patterns.  I never thought of it that way, so this was a new learning experience for me. While reading Chapter 11, I learned that the product lifecycle describes the stages a new product goes through in the marketplace, which are introduction, growth, maturity, a nd decline. Marketing executives manage a product's life cycle by modifying the product itself by altering its characteristics such as product quality, performance, or appearance. It was one of those things that you do notice in the world but never think about, so this was quite eye opening. While reading Chapter

When I read Chapter 8, I learned that  to be successful, products must meet the wants and needs of potential customers. So, marketing research reduces risk by providing vital information to help marketing managers understand those wants and needs and translate them into marketing actions. This was very good information to learn. When I read Chapter 9, I learned that market segmentation involves aggregating pros pective buyers into groups that have common needs and will respond similarly to a marketing action. Organizations go to the expense of segmenting their markets when it increases their sales, profits, and ability to serve customers better. I never thought about it that way, so it was worthwhile to learn everything about this topic.

When I want to make a purchase on something, I think. what do I want? Do I want something that's related to my hobbies, like wrestling or video games? Do I need to buy anything like Fathers Day gifts? Do I want to buy something at a discount at the store I work at? When I want to purchase something related to my hobbies, 9 times out of 10 I will go to Amazon to see if they have what I'm looking for. Its usually things like toys to collect or a video game accessory that would look nice to own.  If I wanted to wait and buy something at my store, something like vitamins or things my family wants while I'm there, then I would buy those things with the employee discount I have.

When I worked on this weeks assignment I wasn't aware of the consumer purchase decision process in Chapter 5 and how it consists of five stages, problem recognition, information search, alternative evaluation, purchase decision, and post purchase behavior. It was just one of those things I didn't really think about until now. When I got to Chapter 6, I learned that there are three different organizational markets , which are industrial, reseller, and government. It was fascinating reading about all the different markets and how they operate. It must take a lot of work to keep all that together. When I got to Chapter 7, I got to learn all about how a global perspective on world trade views exports and imports as complementary economic flows, which are a country's imports affect its exports and exports affect its imports. It was really interesting to read how all that worked. I loved doing the questions on Chapter 7 the most, really interesting information about Japan an