Personal Reflection Report Essay Example

Personal Reflection Report Essay Example Personal Reflection Report Essay Personal Reflection Report Essay It had been a privilege for me to take part in this assignment. It was a great chance to put myself in the shoe of the marketers to carry out a Marketing Plan. Well, frankly speaking, it was never easy to design a good marketing plan. Before I got everything started, it was time-consuming for me to figure out and choose a company which authentically suited the product that I was going to introduce. After making up my mind to select Southern Lion as my company, I wade through all sort of information related with that company that I could obtain from the internet. I learnt the history of that company, the growing sales of the company and the concept or ideology that the company had followed all these while to be a distinguished one in the rat-race society. While designing my marketing plan, I was given the opportunity to apply those theories that I had been learned from MKT 203. I was required to carry out a situational analysis at the beginning stage of the assignments. Through this analysis, I did realize the importance of so-called PEST and SWOT to a company. It allowed people to learn the situation of the company internally and externally. Effective program and action can only take place if and only if we clearly discovered and understood the overall situation. Both of them had always been the critical issues that companies should pay attention to them. Neglecting any of these issues may lead to failure in conducting business. When came to figure out my marketing objectives, it was advisable to create them in a SMART way. SMART stood for Specific, Measurable, Achievable, Realistic and Time. If we dont make our objective SMART, it will be too vague and will not be realized. Remember that the rest of the plan hinges on the objective. If it is not correct, our marketing plan may fail.  It was of the utmost importance to detect our target market well. Generally, target market consisted of a set of buyers who shared common needs that my company decided to serve. Countless surveys had been carried out to detect the existence of our target market. Being understood with our target market, we are able to implement effective activities to appeal our new product to them. This stage did carry a heavy weight as determining the correct target market may stimulate our sales and in the long run gain profits to the company. When we talk about marketing, there is always a connection with the 4P. Basically, 4P is made up of Product, Price, Place and Promotion. According to the principle of marketing, they are defined as the basic marketing mixes. In this context, when we talk about product, we are actually looking into the quality, the brand, the packaging and the labelling of the product. Consumer will try to look into these aspects whenever they wish to make a purchase of a product. Being inundated with all kind of information from different sources nowadays, consumers tend to be very sensitive with the price of the product. They love to make comparison for prices of different products. Therefore, we have to be alert when we set our price before entering the market. Besides, choosing a right place to distribute our products is crucial as well. We have to discover the background of our distributors before allowing them to sell our product in the market. They have to be reliable as they are the one who will directly influence the image and reputation of our product. Promotion should be a word that most of us familiar with in our daily lifestyle. However, it is never simple to carry out promotion. Before you try to organise it, you have to come out with budgets. Do you have sufficient manpower? Are your people well-trained so that they are able to convince consumer to result in a purchase of our product? How about the objective of the promotion? These are the factors that we should take into account before we launch a promotion. Always remember that the main purpose that we hold promotion is to introduce our product to the public. Make our product appealing enough that it will become well-known among the consumers. Promotion has always been a great avenue for us to build up the image of our new product. Through this assignment, I also appreciate the chance given for me to briefly know about the implementation and control of a marketing plan. After the marketing plan was designed, we have to select those competent people to carry out the activities as planned. Its a matter of human resource. In this context, communication between colleagues does carry weight to ensure a successful teamwork. Besides, we have to make sure our target achieved on time.