Marketing Reflections

1. Introduction

I am from team 4 and our marketing proposal involves marketing Pebble smartwatch into the Singapore market. The purpose of this report is to reflect on the challenges faced, as well as the major lessons and insights gained in the journey of both the marketing plans and tutorial lessons.

2. SWOT analysis

SWOT (Strengths, Weakness, Opportunities and Threats) analysis is a marketing technique to help the company understand its internal and external capabilities and limitations1.

2.1 Learning point from Team 1

Our tutor pointed out that some teams were not basing their recommendations on their SWOT analysis. She mentioned that marketing strategies and recommendations proposed have to be in line with the analysis; otherwise the SWOT analysis would be meaningless.

Team 1’s proposal involves introducing a product that is capable of wirelessly charging multiple electronic devices. Under SWOT analysis, this team has included “Concerns over effects of energy radiation on health” under ‘Weakness” and our tutor pointed out that weakness refers to the internal limitations2 of the company. After  a discussion with the class, I learnt that this point should have been under “Threats” as “the effects of energy radiation” is a factor that is external to the company.

3. Segmentation and Targeting

The segmentation process involves dividing the market into smaller groups with similar distinct needs based on geographic, demographic, psychographic and behavioural characteristics2. Segmentation can be done on a multiple level (eg by gender, age and then personality). The rationale behind segmentation is for better allocation of company’s finite resource3. Targeting involves evaluating the attractiveness of the segments identified and selecting the segments to target1. Based on the segmentation stage above, we select the best segment, which sees the most value in the product, and are willing to pay the most amount of money.

3.1 Learning Point from Tutorial

        For tutorial questions, our team based our answer strictly on the genre. For example, in Tutorial 7 which focus on channel management, our team jumped straight to applying the placing theories without first understanding the nature of the product(Ab toner) and segmenting the market. This resulted in our team targeting the general public without even understanding the product itself, making our answers incoherent and incomplete.

        From this, our tutor explained that the segmentation process is very important as it forms the base of every marketing plan. Every approach towards customer-driven marketing strategy must be sequential; beginning from the most basic step of targeting and segmentation before we can move on to the marketing mix. After segmentation and targeting, we must have a thorough understanding of the characteristics of the people in the target segment and their needs in order to help the company to device a marketing plan that best cater to the target segment4.