This blog post is the reflection about our team assignment #3 (video) regarding our targeting company (ZARA)’s current environment summary and market mix analysis.

The purpose of the 3^rd assignment is to summarize ZARA’s current environment and market mix strategy, and critique the effectiveness of market mix strategy on ZARA’s current environment. Overall, I found it is an interesting and impressive video assignment providing me with theoretical and practical knowledge, which enables me to find drawbacks and make improvements accordingly.

Firstly, I learnt the importance of intersecting everything together after this assignment. When I went through ZARA’s current environment (assignment 1) and STP (assignment 2), I didn’t notice the connection and function of these assignments. When it comes to the 3^rd assignment, however, I realized the importance of previous assignments and the intersection between these assignments. Also, the way we made our whole project into a 7 minutes video is also impressive. I learnt the importance and role of sifting important points and combining content together.

Secondly, I learnt to coordinate with my teammates and utilize time-management and teamwork skills to accomplish assignments effectively and sufficiently. We have to overcome the time-conflict to find a suitable time-period to meet regularly. Also, we are supposed to discuss about the assignment efficiently and assign responsibilities to everybody equally. I was so surprised that we overcame difficulties and fulfill assignments excellently as a team. Furthermore, It was a lot of fun to work together with my wonderful teammates.

The improvement that I would like to make is to pay more attention to combine the content from textbook, class with our assignments. Even though we went through the whole assignment based on the content from textbook, I would like to add more theories and examples from textbooks to make our assignment more pervasive.

In conclusion, it is an excellent class and a wonderful assignment that help me make a big improvements on practical and theoretical knowledge.

      This post comments on Seth Godin’s blog about the importance of brand reputation.

Even though “Belief is more powerful than proof” is literally a very short blog, Seth Godin clearly indicated the use of proof is to have a shot at creating belief, whereas belief is more important towards companies.

I am favor of Seth Godin’s statement that Belief is more powerful than proof. In other words: perception is more important than reality. Belief is a feeling that is difficult to build and change. For every brand, it aims to build beliefs in customers’ heads and hearts the way it attempts to. McDonald positions itself to be fast and convenient, and customers believe so as long as they think of McDonald. However, it’s hard to build belief and brand it on customers’ hearts. Beliefs are created from customers’ perceptions and past experience. For new entrants, they ought to create demands for customers, prove their products’ excellence and seize the opportunities to create beliefs in customers’ hearts in term of its brand. Whenever beliefs are created, companies tend to have more probabilities to build long-term relationship with customers. Toyota satisfies and fulfills their target customers’ needs all around the world. However, the reason Toyota succeeds in North America attributes to its brand. Toyota builds a reliable image in customers’ hearts, which contributes to its success in North America.

From Seth Godin’s blog, I realize that companies create products to capture transaction, whereas brands create beliefs to seize sustainable relation. Belief, overall, is more powerful than proof.

URL:http://sethgodin.typepad.com/seths_blog/2013/11/belief-is-more-powerful-than-proof.html

http://nataliethecoach.com/2013/07/updating-your-beliefs/

The post is to make comments on Armstrong’s blog post about the importance of a focused target market.

Armstrong Fidele states that having a focused target market is the success of any business. By having a clearly defined target market means a more effective marketing strategy, and ability to quickly respond to changing customer demands. Also, He introduces Solarway, a solar power solutions company and how this company positions its target market. It says Solarway’s target market is people who have limitted or no access to power, which proves that having a clearly defined target market prior to other criteria when people decide to dive into an industry.

I am, firstly, in favour of Armstrong Fidele’s opinion regarding the importance of a focus target market. It is impossible to satisfy every customer’s every need. From suppliers’ points of view, it will definitely be costly and time-consuming to be outstanding in every criteria. Take cellphones for example. None of the companies will be able to position itself as doozers in processing speed, weight, screen and price. iPhone targets relatively higher class customers who want high speed, light weight and better screen while some companies target lower class customers who use cellphones as basic communication tools. From customers’ points of view, they will choose the companies that excel in typical criteria instead of companies with broad markets.

Also, as Armstrong said, to segment markets, can be based on values, interest and attitudes besides demographics. Different industries should base on different factors, and some companies take advantage of multi-segmentation variables to target their markets.

From Armstrong Fidele’s blog, I learnt what is focused target market and its importance to success of every company.

URL: http://www.free-power-point-templates.com/target-market-ppt/