The Real Essence of Marketing for company’s success

If I were to be asked what marketing is, well I would simply answer that it is about
advertising, promoting, and selling the company’s product or services. Though my
answer is correct, upon watching the video I was deeply enlightened of how important
marketing really is, it's not just all about promotion or advertising it is much more
complex, strategic, and all about considering customers. First thing that I learned is that
marketing is a way for a company to stand out in a competitive environment. At first
I was a bit confused, because I believe that all companies make use of marketing to just
let their product be known via posters, commercials, and etc. Later on, as I continued
the video I was struck with the phrase “market and customer orientation” I realized that
it really is indeed useful in a competitive environment because there are a lot of
competitors that could offer the same product/service, and with that every company’s
edge would be how effective their marketing strategies are in knowing their target
customers’ needs and wants.Furthermore, marketing managers will conduct numerous
research and developments, examine both external and internal factors, and conduct
analysis in order for them to arrive with the product or service that is valuable, could
exceed the customer's expectation, and at the same time cater their needs. The second
thing that I learned is how tedious the work of a marketing manager and the whole
marketing department is. Their decisions can make the marketing impact the
company either negatively or positively. With that, they would have to properly develop
strategies that are based on the company’s functions in order to attain their marketing
goals which could be psychographic or economic. Moreover, is to efficiently plan the
marketing instruments (4Ps) as this could help in sustaining success in the market by
evaluating the customer’s needs and vulnerabilities that must be managed in order to
be leading in the market. Lastly, I learned about the distribution and communication
policy which are both essential. Distribution policy can help the management to deliver
their products or service in an effective way, and this could be done by identifying the
right distribution channel or by designing the physical flow of the product. Whereas,
communication policy which should be coordinated in the whole company to address
the customer group, and in order to do this the right communication channel must be
identified. To sum it all up, effective marketing plays a major role in the company’s
success since it is not just about the company, rather it considers the customers as well.
Thus, making it essential. As an accounting student, the general knowledge that I
learned from this reflection is how important customer relationship is, as this aids in
communication and promotes higher profit. I am certain that no matter what my
profession is in the future whether in front desk or behind, I can always apply this
knowledge since it will help me coordinate effectively with the customer and even with
my colleagues, with that the work will much be easier.
 2. Write a maximum of one-page answer to this question.

Opening a business in the midst of a pandemic is a tough yet courageous act to do.
Well, the fact that face-to face classes are slowly happening gives a promising
opportunity. As an accounting student, the first thing that I would advise her to do is to
fix her finances and to calculate her expenses, as this could be an important factor to
see if the business she established is earning a return. Another, is to determine her
target customers, will it only be the students? or anyone of age?. The people should be
determined as this could help her formulate the 4PS. Leading me to my next advice,
she must utilize the Marketing Mix in order to build the starting point of her business and
give her an edge over her competitors. The first thing she must focus on is the place,
since she already has a place in mind she must make her coffee shop accessible to her
customers like walking distance from the campus, free from hazardous factors, and with
a parking area. Also, the coffee shop must stand out in terms of aesthetics and
ambiance since this is what most students are looking for. A place to relax, elevate their
mood to be productive for school, and feel safe. With regards to the product, since
students tend to stay in coffee shops, they should offer a wide variety of choices from
rice meals, pastas, drinks and desserts is a nice strategy, and this is a great way for
customers to come back. However, offering a wide range of products must be handled
with responsibility, they must always ensure that every product is available and of great
quality or else they might go to the competitors. In addition, the quantity of the products
must remain truthful similar to how it is advertised. Furthermore, aside from the tangible
products, intangible product or service should also be monitored. Building a positive
relationship will also help the shop gain its customers. As for the price, always consider
the main target market and that is the students. With that, prices should be suitable for
their budget. In order to know their budget, then research must be conducted so that the
business owner will have an idea what price ranges to set. Ofcourse, the quality of the
product must not be compromised.Moreover, determining what specific pricing
strategies (whether it be penetration,value-based,or economy pricing) is beneficial to
attract customers. Moving on to the last P which is promotion, a very much effective
way is the use of social media. Promotion can be done through Facebook, Instagram,
and Tiktok. Another one is through word of mouth, considering that I am her friend, I can
tell my other friends that there is a nice coffee shop that is about to open. Additionally,
giving discounts, creating promos like “buy one take one”, gift certificates, having a
unique feature such as giving a free picture taking or what I would personally
recommend is once a customer collected 10 stickers they can enter the shop’s unique
feature which can be a gigantic aquarium. Creating such “gimmick” is a nice way for the
customers to come back. However,as a new business my friend should be mindful of
several things to consider. Other than the 4Ps a lot of factors can either positively of
negatively affect the business like inflation,changes in trends, the availability of
products, and fortuitous events that is why she must be ready for any change that will
happen