This week I read through chapter 2 in The Marketing Plan Handbook, watched a prezi on the topic, watched the lecture, and listened to a podcast about marketing.
It seems to me that understanding the environment or current situation is the foundation to a solid marketing initiative. I have been going through this class (my other classes as well) consistently trying to apply the content to my full time job and my wife's online store. I have a lot more control over the marketing aspects of her store than I do at my work, but at work most of the marketing work is already being done and I have access to a fair amount of the results. It is very interesting to read through competitive analysis and market intelligence reports that pertain to my actual company as opposed to examples of others in the book.
Mission Statements
I've been in several organizations that have some kind of mission statement. In my experience, the value of a mission statement is in how it's applied to daily work. The large company in which I work probably has several mission statements (each division etc), but I couldn't find one in a 5 minute search. Also, I haven't heard about it specifically in the year and a half I've been in the division. That makes me think that it is weak. However, I do have a very good feel for what our mission statement would entail because of the way people talk and the initiatives that get focused on. That makes me think that the mission is strong. I know that we are all about providing solutions for retailers to help them empower their brands. We are very solutions oriented and not as much product oriented. This means that we will invest in whatever products lead to solutions for our customers--a very positive influence on our culture.
External Environmental Changes
The company that my wife and I run is very much affected by external environmental changes. My wife designs baby onsies that she appreciates and hopes other will too based on social/cultural trends. No one would buy a onsie that says "Muggle Born" if it weren't for the popular Harry Potter books. A key aspect that we need to think of is how do we keep innovating in line with what people will find value in?
It seems to me that understanding the environment or current situation is the foundation to a solid marketing initiative. I have been going through this class (my other classes as well) consistently trying to apply the content to my full time job and my wife's online store. I have a lot more control over the marketing aspects of her store than I do at my work, but at work most of the marketing work is already being done and I have access to a fair amount of the results. It is very interesting to read through competitive analysis and market intelligence reports that pertain to my actual company as opposed to examples of others in the book.
Mission Statements
I've been in several organizations that have some kind of mission statement. In my experience, the value of a mission statement is in how it's applied to daily work. The large company in which I work probably has several mission statements (each division etc), but I couldn't find one in a 5 minute search. Also, I haven't heard about it specifically in the year and a half I've been in the division. That makes me think that it is weak. However, I do have a very good feel for what our mission statement would entail because of the way people talk and the initiatives that get focused on. That makes me think that the mission is strong. I know that we are all about providing solutions for retailers to help them empower their brands. We are very solutions oriented and not as much product oriented. This means that we will invest in whatever products lead to solutions for our customers--a very positive influence on our culture.
External Environmental Changes
The company that my wife and I run is very much affected by external environmental changes. My wife designs baby onsies that she appreciates and hopes other will too based on social/cultural trends. No one would buy a onsie that says "Muggle Born" if it weren't for the popular Harry Potter books. A key aspect that we need to think of is how do we keep innovating in line with what people will find value in?
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