Reply to this discussion below with a substantive response (3-5 sentences). In your response, do one of the following:
· Ask a probing question.
· Offer a suggestion.
· Elaborate on a particular point.
· Provide an alternative opinion.
1-a.) I have learned various lessons from the marketing class. The lesson that I found to be the most interesting or unique has been on the eight demand states and the role of the marketer in relation to the type of demand. I had only thought of demand in a broader sense in terms of consumer action in purchasing products and services because of their desire for them. However, demand can be classified as negative, nonexistent, latent, declining, irregular, full, overfull, and unwholesome demand. This is relevant because marketers will need to determine what the underlying reasons are that caused the demand state, and then put a plan into action that will produce a type of demand that is preferable (Kotler & Keller, 2016). It also helps marketers to do demand forecasting, so that they can plan accordingly in relation to how much inventory the company stores (Bhasin, 2020).
1-b.) In chapter one of the textbook, Google’s mission and success is discussed. The aim of their business has been to take information from all around the world and structure it so that it can be conveniently used and accessed globally, and their products are designed to help users accomplish tasks more efficiently (Kotler & Keller, 2016). However, I find that oftentimes there are hindrances with accessing information, which causes more time to be used to complete a task. For instance, I like setting up folders in AOL more so than in my other email accounts- but I had difficulty with accessing AOL from the Google Chrome browser in the past. I felt that Google was restricting my searches. When I visit different websites, I also continue to get the tests that require I click on a box and select certain pictures to prove that I am not a robot.
1-c.) In order to gain greater marketing insight to strengthen my brand and win customer loyalty, it is essential to use automated text analysis. This type of methodology would allow me to measure textual data information as it unfolds naturally rather than having to use devised questions and other restrictive scales of measurement (Berger et al., 2019). By using a text analysis approach, I will be able to use data to predict and understand so that I can acquire insight into consumers, firms, investors, institutions, and society from which relevant information can be obtained since they are all receivers and producers of text; it also will help me to comprehend how people and organizations are impacted by the text they consume (Berger et al., 2019). This information will enable me to produce content and provide information that will reflect positively on the business and have the type of impact that will bring in new customers and help retain existing ones. The text analysis steps that would be used to help increase the performance of my company includes data preprocessing, using resulting data for text analysis, converting text for measurement, and assessing extracted text and measures for validity (Berger et al., 2019).
1-d.) The text analysis approach is a very elaborate process, involving many steps and techniques. For small business owners who do not have research and development departments like large corporations, how can they best conduct automated text analysis so that they are able to effectively utilize textual data information to grow their businesses? Textual data contains important attributes pertaining to communication (which is a critical aspect of marketing) between organizations and partners, businesses and consumers, and consumers with other consumers- and researchers can use these attributes or raw material from a communication to obtain valuable insights through analysis (Berger et al., 2019). What other approaches can be used to extract key information from communication that can be useful to marketers?
Suggestions and comments about this assignment: I appreciate delving into new topics and learning new information. However, I find it more helpful to focus on one or two topics for a discussion and deliver detailed information about those topics. I continued to do a word count throughout the time I was writing to not exceed the word limit. I wanted to be able to explain some of the points further and would have liked to have been given a higher word limit or an at least amount (e.g., at least 3 to 5 sentences), in which we could possibly write 6 sentences. I like that we were given a list of required readings that we could select from for our discussion.
Berger, J., Humphreys, A., Ludwig, S., Moe, W. W., Netzer, O., Schweidel, D.A. (2019). Uniting the Tribes: Using text for marketing insight. Journal of Marketing, 84(1), 1-25. https://doi.org/10.1177/0022242919873106
Bhasain, H. (2020, February 28). Different types of demand. Marketing91. https://www.marketing91.com/types-of-demand-2
Kotler, P., & Keller, K.L. (2016). Marketing Management (15th edition). Boston: Pearson Education.