Marketing and Technologies Discussion - Special Academic Support

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Introduction

This paper uses the Gibbs reflexive cycle model as it provides an opportunity for a comprehensive assessment of ones feelings from the experience and knowledge gained. It better reveals the positive aspects and gaps in the subjective understanding of the material and makes it possible to re-evaluate the implementation in practice. With it, two questions on six points were evaluated, which allowed the development of new exciting ideas for our company.

Question 1

Description

I have read the lecture on marketing planning using the SOSTAC model. In turn, this model is subdivided into the processes of aspect activities of any marketing campaign and provides many tools for monitoring and evaluating at each stage. The speaker touched on these tools superficially and gave a specific example at the end, where he briefly outlined possible goals, strategies, and tactics. Finally, conclusions were accumulated at the end of the lecture, summarizing the topic and following practical advice.

Feelings

This workshop lacked visibility, even though many categories and classifications are pretty simple and understandable to any listener. Tools such as SWOT and perceptual maps, are often presented in the form of drawings, which could be a reason to give specific examples for clarity with authentic brands. However, the speaker is pretty broad on the topic at hand, leaving room for potential further learning. By differentiating marketing into similar constituent components, each process in this area can now be turned into a more understandable scheme of action for the whole team.

Evaluation

The lecture gives many classifications but practically does not analyze their components. The decoding of SMART goals and examples of micro measurements in the control section should be given at least in the same brief manner. At the same time, there are no examples of the marketing mix marketing practitioners model. Although diversity opens up many opportunities for further self-education, individually and within group projects, it might be worthwhile to structure this workshop differently.

Analysis

Optimization of the organizational processes of our banking organization can be complex since adaptation to new conditions occurs due to the improvement of the technologies used, the deformation of processes, automation, and diversification of banking products for different segments of the client base. Each change, not just aimed directly at sales, requires a corresponding marketing update. Optimization helps to increase the potential for competitive advantage and a more attractive offer; therefore, these goals should be used as the basis for updating a marketing campaign. I see my contribution to adapting the new knowledge of the seminar to my own company in the direct diversification of products to become an innovator or pioneer in a particular segment of our developing market. For example, preferential mortgage offers for representatives of the IT sector to support this promising area; or family loans, when two or more family members provide a guarantee, reducing the risks to the bank.

Conclusion

Accordingly, the group contribution could be considered at a broader and more practical level for the company. Due to new products unique to our country, the banking organization would receive a new influx of customers providing short-term and long-term assets (Le, 2019, Lin et al., 2020). In addition, diversification always leads to short-term sales growth, even in specific areas such as banking, education, and medicine (Dagnino et al., 2019, Mehmood, Hunjra, and Chani, 2019, Ngozi and Emeka, 2022). Finally, adapting the SOSTAC model would probably be costly and time-consuming, but at the same time, it would facilitate much more thoughtful planning and sustainable growth (Naim, 2021, Reisenbichler and Reutterer, 2019, Ritz, Wolf, and McQuitty, 2019). As a result, this workshop benefits our team and the company with due understanding and well-coordinated teamwork.

Action Plan

When meeting this topic again, I will better understand the theoretical aspects through the prism of implementing tools in banking. Finally, due to the broad diversification of the proposed tools, strategies, and tactics, I need to update my knowledge since the companys development constantly depends on many external factors, sometimes quite far from the direct functionality of the organization.

Question 2

Description

In the second lecture on the categories of the technology adoption model, the Apple product line is cited as an example. The speaker considers the model through market segmentation groups, each of which can be the companys target audience. This workshop provides each example with a detailed and cited discussion of an Apple product that fits this audience.

Feelings

The detailed seminar was much more focused than the first one and illustrative. The examples are chosen perfectly, as the necessary associations are created, and there is enough philistine knowledge about Apple to understand what is at stake. Finally, each statement is supported by a quote from the scientific work of recent years, which emphasizes the relevance of the seminar.

Evaluation

The theoretical idea considered by the speaker is only one and is a model of technology adaptation. At the same time, it includes the concept of market segmentation, which the author analyzes using the term decomposition method. Practical implementations are specific differences in the theory under consideration for three reasons. Firstly, Apple is an exclusive and expensive brand, which imposes certain specifics on the adaptation model under consideration. Secondly, the practical example shows that the model is not unique, and its approaches cannot be copied. Finally, this method is not always focused solely on product promotion: sometimes, it may be possible to promote customer renewal, improve brand reputation, or be coupled with social or environmental responsibility activities (Chang, 2021, Martínez-López et al., 2020. Mukaromah, Teja and Anggraini, 2019, Wiedmann et al., 2018). Apples examples demonstrate each of these features.

Analysis

However, four benefits and conclusions are particularly noticeable: first, the demonstrable success of using all five segmentation groups within a single company. In addition, work not only on products but also on the brand can also be carried out within the framework of this model. Moreover, the flexibility of this approach should be indicated, as well as its relevance even in the current conditions.

Conclusion

The most relevant development area for future research is adapting technology in concert with marketing. Given the rapid growth of technology, global crises constantly create conditions for change, and marketing must be equally responsive to these conditions (Eze et al., 2019, Kang, Diao, and Zanini, 2021). As a banker, I might look for a link between any organizational change in a business process for the better and a potential basis for a new marketing campaign offering a better deal.

Action Plan

In the future, if I have to face this model again, I will try to dive deeper into the issues discussed in the first workshop and how they relate so far at the theoretical level to the practical possibilities of implementing a technology or product adaptation model. The practical level should be comprehended when all the pitfalls in the literature, in theory, have been studied to avoid gross errors.

Conclusion

In this paper, various marketing approaches were analyzed through the prism of implementation in banking. Moving from more general categories to specific applications of one of the models with a detailed example within one company, one gets a superficial impression of the material covered, which requires further self-study. Nevertheless, with the successful group adaptation of the acquired knowledge, an essential effect of the companys sustainable development can be achieved.

Reference List

Chang, W.-J. (2021) Experiential marketing, brand image and brand loyalty: a case study of Starbucks, British Food Journal, 123(1), pp. 209-223. Web.

Dagnino, G. B., et al. (2019) Behind the curtain of international diversification: An agency theory perspective, Global Strategy Journal, 9(4), pp. 555-594. Web.

Eze, S.C., et al. (2019) Mobile marketing technology adoption in service SMEs: a multi-perspective framework, Journal of Science and Technology Policy Management, 10(3), pp. 569-596. Web.

Kang, J., Diao, Z. and Zanini, M.T. (2021) Business-to-business marketing responses to COVID-19 crisis: a business process perspective, Marketing Intelligence & Planning, 39(3), pp. 454-468. Web.

Le, H. (2019) Literature review on diversification strategy, enterprise core competence and enterprise performance, American Journal of Industrial and Business Management, 9(1), pp. 91-108. Web.

Lin, H. E., et al. (2020) Creating competitive advantages: interactions between ambidextrous diversification strategy and contextual factors from a dynamic capability perspective, Technological Forecasting and Social Change, 154, p. 119952. Web.

Martínez-López, F. J., et al. (2020) Influencer marketing: brand control, commercial orientation and post credibility, Journal of Marketing Management, 36(17-18), pp. 1805-1831. Web.

Mehmood, R., Hunjra, A. I., and Chani, M. I. (2019) The impact of corporate diversification and financial structure on firm performance: evidence from South Asian countries, Journal of Risk and Financial Management, 12(1), p. 49. Web.

Mukaromah, A. L., Teja, I. G. N. A. E., and Anggraini, N. P. N. (2019) The effect of green marketing, brand awareness and price perception on purchase decision, International Journal of Applied Business and International Management (IJABIM), 4(3), pp. 75-83. Web.

Naim, A. (2021) Applications of marketing framework in business practices, Journal of Marketing and Emerging Economics, 1(6), pp. 55-70. Web.

Ngozi, O., and Emeka, O. (2022) Impact of corporate diversification on sustainability of listed health care firms in Nigeria, Asian Journal of Economics, Business and Accounting, pp. 59-69. Web.

Reisenbichler, M., and Reutterer, T. (2019) Topic modeling in marketing: recent advances and research opportunities, Journal of Business Economics, 89(3), pp. 327-356. Web.

Ritz, W., Wolf, M. and McQuitty, S. (2019) Digital marketing adoption and success for small businesses: The application of the do-it-yourself and technology acceptance models, Journal of Research in Interactive Marketing, 13(2), pp. 179-203. Web.

Wiedmann, K. P., et al. (2018) The power of experiential marketing: exploring the causal relationships among multisensory marketing, brand experience, customer perceived value and brand strength, Journal of Brand Management, 25(2), pp. 101-118. Web.

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