Developing Effective Communication Strategies for Marketing Segments - Assignment Example

Integration Paper By Randy R Casey A Paper Submitted in Partial Fulfillment RES499 Integration Portfolio Baker College December 2005 Marketing Strategies This was an interesting unit of study. The advent of a concept of goods or service and its journey to find the target consumer is very fascinating because of the innumerable factors that move it along the course. It has taught me to view marketing as a set of functions that include product development, packaging, pricing, and advertising, selling, distribution and customer service. It is also the process by which an organization determines its best opportunities in the marketplace based on its target and given its resources. I have understood how important the marketing mix is. It is the marketing process that comprises of designing and implementing various tactics to achieve its intended strategies. The “5 Ps”: product, place, promotion, price, and placement of the product often determine the make or break of the product or service. By anticipating potential competitive responses, we can develop effective marketing strategies for the long term. Prudently choosing marketing segments, adding a unique value proposition to the product on sale and developing effective communication strategies for marketing the product are the right things to be executed for achieving goals. Beyond all this, setting an appropriate price and selection of an apt channel for distribution of the product will ensure success of the marketing plans. With the advent of globalization, organizations have to decide whether they will spread their wings to the global arena as well and if so need to revamp their strategy to market to a different target segment as well. I am excited to take my knowledge, apply it to the real world of marketing, and try to make a success of an endeavor and learn valuable lessons from it as well. Organizational Psychology Organization psychology aided me in understanding that individual differences and personality often is a major factor that contributes towards organization efficiencies. How the individuals respond as a person and how they interact within the organization determines how motivated they are, how they respond to motivation incentives as well as how they lead or are willing to be led. Personnel selection, training, etc. are better achieved when the psychology of the person is better understood. Another important aspect is the personnel assessment and this is a systematic approach to gathering information about individuals. Motivation is the set of processes that moves a person toward a goal. I understood that it is not an easy task to increase employee motivation because employees respond in different ways to their jobs and their organization's practices. Factors that affect work motivation include individual differences, job characteristics, and organizational practices. Individual differences are the personal needs, values, and attitudes, interests and abilities that people bring to their jobs. Job characteristics are the aspects of the position that determine its limitations and challenges. I have understood that communication is a key factor that enables people to channel their views and the flow of information may be up, down or lateral. Most managers need to be aware that with the current explosion of communication devices, while they aid communication, they may also bring in new problems. It has become very important to understand which audience is the recipient of the information, whether the communication is tailored to reach them effectively and what would be the consequence of that communication. Report Writing Report writing was a very essential learning for me. This unit taught me the most important fundamentals, of why report writing is necessary, what to include, what to leave out and who my readers are and how to cater to a specific audience. In the practical world of business or government, a report conveys information and gives recommendations from a researcher who has investigated a topic in detail. People who need the information for a specific purpose will usually request a report. Whatever the report, I have understood that it is important to look at the instructions for what is wanted. A report like this differs from an essay in that it provides information that will be acted on, rather than be read by people interested in the ideas for their own sake. The sources for the report need to be analyzed and made sure that they are credible. Stealing someone’s intellectual knowledge without giving due credit is plagiarism and I think it is a crime to be condoned. Sound grammar and syntax are prerequisites for a good report. I have also understood that presentation is very important and breaking up the text with visual aids like graphs and charts and incorporating them appropriately improves the quality of the report. The ability to interpret work by others, to make personal observations and draw conclusions will constitute a great report. Accurately interpreting information and presenting it with clarity is a great virtue. Oral presentation of the report needs to understand the type of audience, their cultural diversity and focus the report to their interests as well. This course has prepared me to face reports and presentations with confidence now that I know what the expectations are. Cultural Diversity In my opinion this is a very relevant topic for the current period we live in. I personally believe that the USA became one of the most powerful and strong countries in the world due to the mixture of different cultures it consists of. Cultural diversity is the variety of human societies or cultures in a specific region, or in the world as a whole. An understanding of the issues that arise due to the differences between gender, age, religions, lifestyles, beliefs, physical capabilities, sexual orientation, and cultures ultimately brings out the best in all of us. The knowledge gained from our tolerance of cultures and peoples will empower us. Immigrants are always disadvantaged by the presence of inherent prejudices but it is up to us to understand that downplaying the conflicting zones is a distinct advantage for us. The USA‘s racial and ethnic history of the majority and minority groups has a lot of lessons for us. Discrimination and prejudices are not the way to go because it does not add value to anything we do. The minority groups which comprise of women, gays and lesbians, and the disabled and the aged need to be treated with respect for what they are and not stereotyped for reasons that they cannot control. Awareness of cultural differences does not have to divide us from each other. Cultural differences are present globally and the first step is to put an end to cross country conflicts by understanding and respecting every culture. Understanding these deeper philosophies widens our horizons and gives us a broader picture of what the world can offer us. For me, the ability to understand and communicate with people different from me gives me great confidence to combat any workplace challenges due to cultural diversity or personally, when I meet people as well. Management Styles & Strategy Being able to lead has become an important aspect in every occupation. Everyone wants to be a leader. Leadership characteristics carry a lot of weight and most organizations look for them when recruiting. This course has made me understand that good leaders are made, not born. If you have the desire and willpower, you can become an effective leader. Good leaders develop through a never-ending process of self-study, education, training, and experience. That is definitely heartening and something all of us can hold on to and work on. Leadership is a process by which a person influences others to accomplish an objective, directs the organization with a cohesive force and works towards achieving the desired goal. Though technically there are different leadership styles and models, I have realized that each situation demands a unique solution and no one style or model need bind us. Leaders carry out this process by applying their leadership attributes, such as beliefs, values, ethics, character, knowledge, and skills. What I have understood is that, I may be the boss, but the power does not make me a leader. Leadership differs in that it makes the followers want to achieve high goals, rather than simply being pressured to do so. Globalization has influenced leadership management in that there has been a deregulation of power to attain successful results. The dynamics of the changing organizational environment has leaders who encourage the widest set of participants to join in the leadership process. They spread the burden of leadership and entrust responsibility to others, rather than commandeering the troops and micromanaging. They even entrust their visions to others who, they sense, can expand the initial goals and grow in response to the challenge. In this way, they empower the team without losing central control and meet objectives with overall satisfaction. Accounting & Finance No organization can be a success without profitability. I learnt a lot in the unit on Accounting and Finance that the thankless jobs of tabulating are primary to the success of the company is a large way. In the current global settings, Accounting is looked at with a microscope especially after incidents like Enron, where creative accounting and accounting mistakes led to the fold up of the large Fortune 500 Company. I learnt that financial managers not only have the responsibility to record transactions, but also analyze, audit and make available clear and detailed financial reports and audit reports that provide financial information to the management, shareholders, lenders, tax and regulatory authorities. Planning for taxation, budgeting, and control over budgets were other areas focused on by financial planners. Forward looking financial forecasting is also required to plan the future growth of the company. I also understood the purpose of major financial statements like Profit and Loss account, Balance Sheet, Cash flow statements and Inventory statements. The importance of reporting various performance ratios of the company like gross profit margin, expense ratios, net profit margin, quality of income, asset turnover, cash return on assets, return on assets and equity, cash return to shareholders. Such ratios allow lenders, shareholders and the stock market extensively to compare the performance of the company against their competitors, market segment and high performing companies other industries. It was wonderful to learn that working capital management including reinvestment of profits, raising fresh capital from the market and risk capital for growth were key areas including short term and long-term financing. In short, accounts and finance are one of the major pillars of the organization. Environmental Science Man and environment have been affecting each other through the ages. Throughout history, humans have changed their environment through hunting, farming, mining, and deforesting due to their growing needs. In the twentieth century, population growth and modern technology increased human impacts on the environment. Preventing and finding remediation to counter those impacts is one of the greatest challenges we face today. We have exploited nature to a point where the effects have started to turn upon us. The natural resources that were thought inexhaustible, in a very short period since the Industrial Revolution, have been destroyed. Poor land management, the dramatic extension of deserts and the removal of large areas of forest - especially rain forest - are leading not only to the extinction of many species of plants and animals but also to changes in climate. Doing this unit has made me understand that this will not be sustainable forever. The abuse to the environment has to stop. It cannot go on at the current pace and still sustain itself for our future generations. I am very glad that there is sufficient awareness today than there was before. This awareness is the first step towards achieving a substantial effort to reverse the drastic effects on the environment created by the human population of the twenty-first century by selfishly addressing their needs. We must put in ecologically sound plans that anticipate the capacity of our habitats and try to balance it the needs of today. This is what conservation is all about. I am sure if we all work together, however small our contribution is, it will cumulatively yield great results. Global Economics The curriculum in international economics has provided me with a solid understanding of economic concepts and an understanding of how economics plays an important role in many issues of international affairs. This unit has provided me the initial knowledge to comprehend international matters in both the public and private sectors of international affairs. A sound conceptual awareness of the national and international economic environment is very important in preparing to make and implement financial decisions. I have gained enormous knowledge by following basic economic concepts that will help to comprehend the economic environment before committing to a decision. It has been interesting to understand the workings of the commodity markets and international capital movements. I have a basic idea of the various theories of trade and trade agreements. I have learnt about the World Trade Organization in particular. My knowledge of the foreign exchange markets and institutions has widened with improved understanding. I have realized that a methodological and analytical knowledge is necessary for analyzing the processes of international exchange, understanding of the changes in the international economic system and its institutions and adjusting to the workings of the multinational corporations within the framework of international economy. A variety of skills is necessary for a successful operation in the area of global economic relations on various levels, business level, national or international economic level or theoretical research level. This unit has opened my thoughts to the basics of international economics taking into account the changes in the business environment that are now more and more often related to globalization and competitiveness. Integration Paper The integration paper taught me the methodology of research. Any topic needs to be researched, understood and evaluated so that conclusions can be drawn and acted upon for further action. This enabled me to understand how to collect data and understand its logical progression. I understood how sampling techniques like surveys and questionnaires helped and in addition, how abstracts, indexes and databases can be employed. Mainly, I understood how bias has to be taken into consideration to achieve better results with the current data structures. Inferential statistical tools and methods of testing hypotheses were taught. Using all the sampling techniques hands on we were asked to undertake an integration paper using formal APA formats. I also learnt about the differences between descriptive statistical tools and inferential statistical tools. Ethical issues like plagiarism and copyright violations were discussed. Unintentionally wrong sourcing of the document may be still considered a violation due to the laws of intellectual property protection. Hence, it was imperative that this issue be comprehended adequately and adhered to diligently. This was a highly informative unit and greatly application oriented. Statistical analysis is a very important tool that is applied in so many different fields. By implementing quality learning techniques and basic statistical tools, individuals are able to chart their learning, evaluate their work and take responsibility for their learning and work processes. I am sure that I will be able to improve my learning process by identifying, defining and overcoming the barriers that stand in my way. These tools and techniques form a strong foundation for me to build on. Conclusion What I enjoyed most about this course was the diverse nature of the subjects. This broad spectrum of business-oriented areas specifically contributed to developing my knowledge from a very different perspective but which cumulatively contributed a lot. The study of environmental sciences was sobering because I understood the responsibility we all have towards our environment in the twenty-first century. The management styles and strategy unit taught me what the requisites for a good leader are. While international economics enlightened me, marketing strategies streamlined my thoughts and induced clarity in the marketing scenario. Report writing taught me essential report writing skills that will find many useful applications in the future. Cultural diversity and organizational psychology courses have supplied me with an insight into the factors affecting people and the better way to communicate with them and sidestep the differences to have a working relationship. This will benefit me personally and professionally, since whatever we do, wherever we are in all lifestyles, we always deal with people. Being able to keep the lines of communication has no par. Overall, I am happy to have done this course and have imbibed a lot from it. I also enjoyed the interactions with my professors and my classmates and tossing ideas across has given me valuable insight. I am a more knowledgeable and confident person who has groomed myself towards accepting more responsibility in the company. I feel this course has offered me a distinct advantage over my colleagues in the company and has proved that I am ready to learn and widen my knowledge and given me, a better chance to be promoted. Above all, the whole learning process has been so enjoyable that I would love pursue another course very soon towards more specific interests. Read More