HONB 200 Reflection

What we have learned so far about marketing can be summed up in one word, Value. The entire goal of marketing is to create value for a product so the product can be sold which creates revenue for the firm. From this, we have learned several concepts relating to marketing and the idea of creating value. In order to understand marketing we must first define the word value as well as the similar term of utility . Value is the result of an evaluation of the cost and benefits of a product. If the benefits heavily outweighs the costs then the product appears to have value. In order to buy a new computer a consumer has to determine a few factors. The cost will play an important role as well as deciding if their current computer has become outdated. Additionally, a consumer has to think about what else they could be doing with that money. These are referred to as trade-offs with the next best opportunity being called the opportunity cost. Utility refers to the value or benefit that a consume...

Week 8 Dan Cushing 3/11/2018 Over the past week, we were introduced to several concepts revolving around the idea of customer discovery. First we can look at the Marketing Research Process. This is a three step process utilized by a firm to solve problems with the assistance of collected data. The first step is to determine what the problem is. To do this, the firm will collect information through either primary or secondary research. These two collection methods will be discussed in a later paragraph. Next, the firm will analyze the gathered information. A common method to do this is through cross tabulation, which refers to the comparison between gathered data responses and additional responses from other questions. The third step to this is to report the findings from the research. By doing this, the firm will also present the best solution to the problem available. Relating this back to my AP Statistics class, we can look at the mathematical side of this concept. My partner and...

Week 7 Reflection Dan Cushing Week 7 was devoted to learning about the Product Life Cycle, differentiating goods between business and consumer, and steps to develop new products. The Product Life Cycle is a model that attempts to display the four stages a product will go through from introduction to discontinuance. The four stages are Introduction, Growth, Maturity, and Decline. Introduction stage occurs when the product first enters the market. The business's activities in this stage revolve around raising awareness, maximizing profits, and either trying to recuperate research and development costs or keeping prices low to attract customers and discourage competition. The customers in this stage are known as early investors. In the Growth stage, the investments made previously begin to pay off. As a result, the market share of the product and profits both increase. However, competition begins to enter the market so product differentiation becomes important. The Maturity stage...