Webinar Discussion
Summary
The presented webinar gives a detailed analysis of the strategies vigilant companies undertake to improve their marketing processes and maximize profits. Since rivalry is a reality in different sectors or industries, leaders in such corporations will identify emerging threats and opportunities that have the potential to inform additional practices. This knowledge will support the development and implementation of evidence-based business models. To deliver positive or timely results, the concept of vigilance requires a credible, competent, and effective marketing leader. Such a professional will be knowledgeable and informed about the targeted strategic issues (Marketing Science Institute 2019). The firm will identify weak signals in the market and engage in continuous research and development (R&D). This kind of an initiative will eventually deliver a portfolio of applicable or relevant options.
The webinar goes further to present the examples of Mastercard and Adobe. These companies capitalize on existing weak signs and work swiftly to meet the emerging demands of the global customers. The speaker or lecturer identifies the issue of vigilance quotient as something critical in any given organization. When business managers and marketing leaders are aware of this strategy, chances are high that they will cultivate foresight and consider different signals that their competitors in the industry have ignored. Through continuous experimentation, any company that pursues this model will find it easier to manufacture superior services and products that resonate with the changes recorded in different markets. Those in charge will strive to improve the vigilance quotient ratios for their respective organizations and eventually deliver positive results (Marketing Science Institute 2019). This kind of practice is acceptable and capable of making guiding any business firm to achieve its objectives much faster and continue to fulfill the demands of its clients.
Application in My Business
The ideas gained from the studied webinar are applicable in different organizations. The selected company for this discussion operates in the steel industry. As a marketer in such a firm, I would begin by examining the current strengths and weaknesses that define its business model. All parties in the marketing department will identify the weaknesses of the identified rivals. For example, many companies in this sector mainly operate through the use of middlemen and wholesalers (Marketing Science Institute 2019). I will consider a new strategy whereby the company markets its products directly to the customers (Anusha 2016). Another possible adoption of the presented ideas revolves around the ability to produce materials that meet clients’ needs. The marketing team will have to conduct numerous studies to understand the unique steel sizes, densities, and lengths different customers require when pursuing their goals.
Product Observation and Analysis
The selected product for this personal exercise was a mobile phone using Android operating system (OS). This experimentation made it easier for me to have a clear understanding of the entire marketing process and the issues developers put into consideration before introducing various services or goods. After visiting the category, I realized that most of the products were designed for emerging and developed markets in different parts of the world. Specifically, the marketer of the smartphone appeared to target young mobile phone users below the age of 45. Members of this population are usually informed and willing to get the most from the Internet and communicate with their friends and relatives via social media networks, such as Twitter, LinkedIn, and Facebook (Robayo, Rojas-Berrio & Montoya 2017). The smartphones had similar apps that could meet the expectations of the targeted customers. Additionally, the company has been keen to consider the demands of older persons and those planning to pursue their health objectives. This is the case since the selected device is supported by Android operating system (OS). Such a feature makes it possible for different people to download various apps that promote better dietary practices, exercises, and personal hygiene.
Four mobile phone brands were identifiable from the selected category. The major ones observed included Samsung, Huawei, Oppo, and Life’s Good (LG). From this observation, it was quite clear that the users of such brands were on the rise in the targeted region. Personally, I decided to concentrate on the Samsung brand since it appeared more promising and reliable to me. This is a clear indication that producers and marketers of different mobile phones should begin by focusing on the demands of the identified customers. This knowledge will then inform the most appropriate procedures and innovations that have the potential to add value to them (Robayo, Rojas-Berrio & Montoya 2017). Such a strategy will make it easier for these clients to pursue their personal goals and engage in a wide range of economic activities.
From the undertaken picture in the shelf, it is possible to identify the points of differences (PODs) and points of parity (POPs) for each brand. The buyer will take the shortest time to pinpoint the PODs associated with these brands. The table below gives a detailed summary of such differential features that are many potential customers consider before making their final buying decisions (see Figure 1). The leading POPs for these products include: powerful devices for communication, retail distribution and presence, run on android OS, and online content and applications.
Table 1: PODs for four brands: Samsun, Huawei, Oppo, and LG.
The above attributes and PODs were instrumental in guiding me throughout the buyer decision-making process. As described above, the Samsung brand emerged as the best for me. Several reasons can be presented to support this choice. Firstly, the device appeared to have a better design than the other products (Anusha 2016). Secondly, the elegant brand had several phone types on display. Thirdly, I used to view Samsung as the leading challenger of the iPhone in the market. This was the case since it was presenting numerous features and excellent experiences to different customers.
With this kind of information or understanding, I would purchase the Samsung smartphone and understand how using android OS feels like. From the above analysis, it is agreeable that customers should be informed about the existing products in the market, their differences, outstanding similarities, and how to use them effectively (Marketing Science Institute 2019). Such aspects can support the presentation of the most appropriate decisions and empower more users to achieve their objectives. Similarly, manufacturing companies in different industries can monitor the above attributes in an attempt to understand the behaviors of the targeted customers. This knowledge or practice will guide such corporations to engage in research and development (R&D), implement sustainable marketing procedures, and eventually deliver superior services and products to their stakeholders.
References
Anusha, KS 2016, ‘Brand and marketing mix-a review’, Journal of Global Economics, vol. 4, no. 3, pp. 10-4.
Marketing Science Institute 2019, How vigilant marketers keep their companies ahead, YouTube, Web.
Robayo, O, Rojas-Berrio, S & Montoya, LA 2017, ‘Mobile marketing: conceptualization and research review’, Espacios, vol. 38, no. 61, pp. 1-26.