SBM1205 Reflective Learning Journal
Reflective Journal on marketing system
A marketing system is a framework of individuals, groups, and enterprises inscribed in a societal web that is interconnected in a direct and indirect manner through sequential and direct participation in economical exchanges. Selection of marketing mechanisms is not affected by customers but is dependent on aims and operations of each market participant. A market segment must satisfy attributes regarding customer behaviour within framework of segment must be consistent and uniform as possible. In such system rivalries, producers and customers are all interlinked through a series of interdependent relations and relationships. For making a marketing system effective it is necessary that regular conversation is built between quantity of sales and remaining performers of marketing system so as to satisfy needs of consumers.
As it is known that market system is a framework of purchasers, sellers, and wholesalers who collaborate together for making trade effective and efficient for a given product and service. Participants in a market system comprise of direct market players such as producers, customers and buyers and suppliers of supporting products and services comprise of finance, equipment and business consulting. Strength of an effective marketing system is dependent on how efficiently performers obtain finance, launch businesses and use new and advanced technologies with applying best practices and mechanisms. Marketing systems are connected to consist of part of economic system and economic system is connected to other types of systems to form overall systems of behaviour that consist of a social system.
For making effective projections and estimates of marketing data it is essential that prediction of future trends and development is made in a defined manner. Also, prediction of futuristic trends and analysis decides scope and term of project with amount of resources needed. Both marketing opportunities and risks provide fine estimates for developing strategy of project and marketing concept. It also helps to make accurate decisions associated with scope of project. Opportunities and threats in marketing help in determining human and material resources with place, engineering techniques, effective management, and other organisational requirements.
For making marketing research in a more efficient manner it is necessary that assessment must be made with regard to strategies of competitors and mechanisms used by them for enhancing and measuring sales. Also for making an effective marketing plan, it is essential that research must be made regarding socio-demographic criteria of individuals concerning age, sex, income, education, and profession. Also for making a good marketing plan market analysis must be made either for a market on whole or for each market component separately or individually. Customer’s needs and their behaviour must also be read so as to make suitable decision concerning buyers, their purchasing decision and individuals participating in the decision.
- Kennedy, A.M., 2017. Macro-social marketing research: philosophy, methodology and methods. Journal of Macromarketing, 37(4), pp.347-355. Available at: https://farapaper.com/wp-content/uploads/2019/11/Fardapaper-Macro-Social-Marketing-Research-Philosophy-Methodology-and-Methods.pdf
- Layton, R.A. and Duan, Z., 2015. Diversity in marketing system assortments. Journal of Macromarketing, 35(3), pp.320333.Available at: https://www.researchgate.net/profile/Roger_Layton/publication/269445013_Diversity_in_Marketing_System_Assortments/links/565e44c108ae1ef92983bf3e/Diversity-in-Marketing-System-Assortments.pdf