Reflective Essay The purpose of this essay is to provide answers to marketing-related questions. It will also reflect on my comprehension and perspective of view on marketing. Many organizations, large or small, perceive marketing as an expenditure and want to reduce its cost as possible (Walls, 2020). Marketing is a vital core function of a business that generates value and is the most significant investment. Not only does it raise the value of a company's brand, products, and services, but it also improves sales efficiency. As business guru Peter Drucker says, "Because the purpose of business is to create a customer, the business enterprise has two – and only two – basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs." In order to grow a business, companies must see marketing as an investment in generating new customers and leads. The new technology revolution has swiftly expanded and has influenced many sectors of life and the economy. Faced with the significant change in the way people interact, buy, work, and entertain themselves, which is primarily dependent on the internet and new applications, it has significantly impacted the way businesses conduct business today. Recognizing the potential and difficulties of marketers in the time is critical to building effective marketing plans in the new age. The first advantage is that information transfer to clients and consumers is much more efficient than previously, and the cost is cheaper. Text, visuals, music, videos, and games, among other things, are used to deliver information that is varied and appealing. Secondly, networking is made more accessible. When social networking initially became popular, the objective was to increase social relationships. Sites like LinkedIn and others follow a similar business strategy. A more subtle and effective way to marketing is networking and then exploiting it to extend your company's relationships. According to Maslow's hierarchy of needs theory, it is only through addressing an individual's social needs that they may be connected (Prajapati, 2020). However, ever-evolving technology accelerates product development. Firms must either develop ways to extend the life cycle of existing goods to maximize profits or compete for product innovation. Copying or imitating technology has also become a more complex process, impacting firms' ability to capitalize on new value from R&D projects (Giachetti, 2013). To recapitulate, keeping up with technological advances is both a challenge and a competitive advantage. Marketing communications must be flexible, efficient with resources, and compliant with company strategic objectives in the digital era. References Giachetti, C. (2013). New Technology Imitation: Who Is Copied More Quickly? Springer Link. https://link.springer.com/chapter/10.1057%2F9781137374127_5 Prajapati, V. (2020). How Marketing Technology Benefits Businesses? Techprevue. https://www.techprevue.com/marketing-technology-benefits-businesses/ Walls, B. (2020). Is Marketing An Investment Or Expense? InTouch Marketing. https://www.intouch-marketing.com/blog/is-marketing-an-investment-or-expense Reflective Essay 2 1. On what main variables was the Western Sydney University focused in segmenting its market? Western Sydney University segmented the market based on demographic variables, dividing it into categories such as age, life-cycle stage, gender, income, education, and so on. Aside from the Demographic element, students are interested in the same fundamental product - education. This led to the creation by Western Sydney University of a website filled with survey questions about the future careers of students (“Unlimited,” n.d.). The school will then give them appropriate advice on which fields are suitable for them. The most important thing to consider when developing a website with these questions is to enable each individual to navigate their path and how it will help them get there. 2. Who would be its target customers/target audiences? According to Western Sydney University's Unlimited advertisement, the school's target audiences are prospective students who have talent, drive, confidence, and ambition, as well as those who have had a difficult start in life. 3. What was key message to target audiences? What would be its differentiation the university wanted to position itself in the customer mind? - "Unlimited" advertising campaign was the key message to target audiences. - From the videos of Western Sydney University's amazing alumni stories, I believe that the difference that the school wishes to create on the audience is "Always pursue your goals without limitations." Nothing is impossible when you set your mind to achieving your goals, no matter what your conditions or background may be at the time. 4. How did the university deliver the key message to the audience? Through the "Unlimited" advertising campaign, which included stories of successful former Western Sydney University students (“’Unlimited’ by Western Sydney ticks all the boxes,” 2015). Also, via inquiries on the students' career paths, "Find your Unlimited". References ‘Unlimited' by Western Sydney University ticks all the boxes. (2015). AdNews. https://www.adnews.com.au/campaigns/unlimited-by-western-sydney-university-ticksall-the-boxes Unlimited. (n.d.). Western Sydney University. https://www.westernsydney.edu.au/unlimited/home Winning ACES ad announced. (2016). AdNews. https://www.adnews.com.au/news/winning-aces-ad-announced
