Marketing Project Reflection

This project gave me a great insight into how a real marketing team would work in the business world. There were three main aspects of the project that I really learned from: working with others, team meetings, and the project itself.

Working with other people is a challenge in itself for obvious reasons; there is the possibility of conflicting views between individuals, challenging personalities, individual lack of initiative etc. What our group struggled with was mainly conflicting views. It took our group a long time to come to conclusions about what direction our project should take, and it hurt us time-wise. However, it was from that same diversification of perspective that our final product was well done and had so much substance embedded in it.

The team meetings were a real test of our group’s ability to coordinate schedules. Although facebook was the chosen method of communication with each other, I learned that one channel of communication is not enough. There were times members were confused about meeting dates or just were not aware of them whatsoever because a facebook message was the only notification they were given. A follow up text/call from an assigned coordinator would have been the best option for boosting morale.

Finally, the project itself called upon members to demonstrate their resourcefulness and creativity in a number of ways. The written projects showed us the importance of immersing oneself in their work so that quality remains high. As well, the video project required us to be confident, and taught us the significance of having excess time to edit and add new ideas.

All-in-all, the marketing project was a learning experience I will never forget and constantly apply to the business world in the future.

Market Research: Measure Before You Cut

It is absurd to expect a company to enter a market without any prior market research. Nowadays, with competition constantly on the rise, it is vital that some form of data mining must be employed in order to properly appeal to consumers. A business venture without any market research is like a ferrari with no gas; sure, you will look promising. But once you start moving, you won’t get very far.

Recently, Japanese clothing store Uniqlo caught wind of Bangladesh’s transition into a major global economic force and decided this would be a perfect opportunity to expand their company. They spent six months researching the market, and asking Bangladeshi women whether they found the clothes attractive or not. With only positive feedback, they moved in immediately and began selling their clothes.

Sales were going quite well at first. However, soon after opening, the company took a huge hit in sales. This came from the fact that Uniqlo provides Americanized clothing styles, yet when you take a look at Bangladeshi women, they all wear saris and traditional clothes.

How could Uniqlo have prevented this embarrassment and saved themselves a great deal of time and resources refurbishing their store to fit the needs of the Bangladeshi lifestyle? Simple: by asking the right questions. Uniqlo blundered because they did not fully equip themselves to sell in Bangladesh.

This shows the importance of making sure that the culture of the company matches the area it is selling in.

Links: http://blogs.wsj.com/japanrealtime/2013/10/02/uniqlo-finds-wealth-of-data-in-bangladesh-not-for-profit-venture/

http://www.grameenuniqlo.com/bd/