Fundamentals of Marketing Management

Question: Discuss about the Fundamentals of Marketing Management. Answer: Introduction: The learning outcomes have helped me to obtain a clear conception about the marketing and its different components. Lecture notes from 1to12 have provided information on the influential factors like segmentation-target and positioning of the products, marketing mix for a brand or its products, buyer behaviors etc. I have understood the importance of the different variables of the marketing mix such as the product value, price of the products, appropriate placing of the products and promotion of the products to achieve a successful marketing strategy for an organization and the products. I am now aware of the factors of the STP model that is one of the major attribute required for the marketing. To get the positive response from the market segmentation of the product is necessary. If the organization divides their product according to the different class of people the product will be more approachable for the large extent of the consumers. Not only this, lecture notes have helped me t o understand that if the organization takes strategic planning and target the appropriate consumers, it will be beneficial for the market value of the organization. Another important perspective of the STP model is the positioning of the products. The lectures have enlightened this fact that if an organization positions its products in apposite location it will draw more attraction from the audience. Foe an instance, I can say, an organization will get more responses if their product store is located in a place that is easily accessible and crowded rather a store located in a remote area. Conclusion: The lecture notes have improved my knowledge on the marketing strategy that can in turn help me in my professional career. It is necessary to have a comprehensive understanding on the marketing to make the most of the available resources. The most preferred part of the lecture notes is the branding of the products. Branding is an unavoidable element of the marketing strategy. I found branding interesting because it involves different approaches and strategies to obtain effective marketing. Branding of a particular product or an organization can be done by using social media, print media, electronic media etc. As per my understanding, branding of a product should be made in such a way that the theme of the branding can relate with the cultural, social and emotional aspect of the consumers. Branding of a product requires presenting all the positive aspects of the product to the clients. Moreover, branding helps to make decisions easily and reduce the risk factors for the clients. I hav e also understood that the branding also provide wider place for the competitive advantages. My lecturer has said that branding of a product should incorporate different human traits so that people can connect with the objective of the branding or the theme of the branding on an intense personal level. I have assimilated the extraction of the learning outcomes and will definitely apply these understandings on practical requirements.