Marketing concepts and Group assignment

  


  This week, I tried to link what I have learned in the last 2 weeks on marketing together. However, the challenge was that the work should be done with a group that we never met and remotely!

This week, I learned about value, pricing, and product positioning. 

The pricing strategy of the 5 Cs linked many concepts that I learned earlier and economic concepts such as supply and demand, elasticity, competition, cost and others. Price is main factor for any product and it is connected to many factors.

I learned about product positioning which was new for me. Now, it is clear to me. I have read and discovered many product statements of different companies.  A positioning statement succinctly describes a product and its target audience, explaining how it meets a market need uniquely. This tool ensures consistent messaging across marketing and sales teams. I found an interesting article (Murphy, 2023)  that offers practical tips for writing a positioning statement. I found it a valuable resource for businesses seeking to create clear and compelling positioning statements that resonate with their target audiences and distinguish them from competitors.

Luckily, my group's members were committed. One of the group members took the initiative by sending an email to the group members. WhatsApp group was initiated for easy communication. A meeting was arranged and collaboration with the team was fantastic! Thanks to the technology that allows us to communicate from different parts of the world! The only challenge for me during the assignment was the live meeting. As I live in Saudi Arabia and most of the team members are located in the US, the time difference was challenging. We divided the tasks, worked on the tasks and will meet again to refine and finalize the submission. The assignment is creative and practical. It allowed us to think as CEO and try to figure out the problems and mistakes the company has made and what should be done using what we have learned. What a brilliant assignment! 

In conclusion, this week was productive and added to my experience significantly! 


University of Illinois Springfield. (n.d.). Products, services, and brands: Building customer value [PowerPoint slides]. Retrieved from Canvas.

Dhruv, G., & Michael, L. (2028). Pricing concepts for establishing value [PowerPoint slides]. University of Illinois Springfield. Retrieved from Canvas.

Murphy, M. (2023.). 12 positioning statement examples and how to write your own (free template). Retrieved from https://www.zendesk.com/blog/positioning-statement-examples/ 

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