Summary of the chapter
The chapter begins by explaining why marketing is a critical practice in every business organization. Every company should understand that the customer is important to its success. According to Grewal and Levy (2011), firms should always fulfill the needs of their targeted customers. The chapter goes further to explain why businesses should analyze their competitors’ actions and strategies. Businesses should work with corporate partners to have the best marketing strategy.
The success of every marketer or business organization depends on the existing macro-environment factors. Marketers and manufacturers must be aware of the socio-cultural, political, economic, and technological factors in the targeted society (Grewal & Levy, 2011). This explains why marketers should analyze the demographic patterns of their potential customers. The marketer should use certain factors such as age, market size, ethnicity, religion, and income to identify their targeted customers.
It is ethical for business organizations and marketers to abide by the existing laws. These laws affect marketing strategies directly. Some of these legal frameworks are necessary because they protect the consumer from harmful products (Grewal & Levy, 2011). The chapter goes further to explain why marketers should be aware of the differences existing among different generational cohorts.
According to Grewal and Levy (2011), the marketer should also identify the existing social trends in every given society. Social practices and trends affect what the consumer purchases from the marketer. Some of these social trends include “environmental awareness, privacy concerns, health, and price sensitivity” (Grewal & Levy, 2011, p. 134). The concepts identified in this chapter are meaningful because they can help businesses improve their marketing strategies. These practices will eventually help marketers and businesspeople serve their targeted customers better.
My response to the material
The class readings are meaningful because they have informed me about the best strategies to succeed as a marketer. The first idea from this reading is that the customer is very critical towards the success of every business. The author uses many examples and concepts to inform the reader about the importance of a proper marketing strategy. The chapter presents useful insights and concepts that are applicable in the real business world.
For example, “it is appropriate for a marketer to analyze the macro-environment factors that might affect his or her marketing strategy” (Grewal & Levy, 2011, p. 134). Some of these factors include the economic status of the targeted market or society. It is also important to analyze the political status of the targeted society. It is also necessary for businesses and marketers to analyze the role played by competitors. The strategy will help them design the best marketing strategies. A successful marketer will examine the strengths and weaknesses of his or her competitors and use them to achieve the targeted goals.
I have learned new marketing ideas and concepts from the class readings. For instance, I understand why marketers should identify existing social trends. These trends affect the behaviors of the targeted customers. I have also understood how to discover the unique needs of my customers. This practice will ensure my marketing strategy is successful. It is appropriate for every marketer to study “the strategies of his or her competitors” (Grewal & Levy, 2011, p. 134). Such ideas are useful in the current business world. Businesses can use these concepts to develop the best marketing strategies. I would encourage more marketers to reexamine these concepts and ideas because they can help them serve their targeted customers better. The approach will make their businesses profitable.
Reference
Grewal, D., & Levy, M. (2011). Marketing. New York: McGraw Hill.