Marketing Reflection

Before taking this class, I always thought Marketing is just something related to advertising such as creating some colorful posters, offering customers coupons, or holding some sale events. However, I was wrong. Actually, Marketing is a challenging and interesting field which offers plenty of job opportunities. In this class, I have learned many new concepts in not only Marketing but also in other aspects. There are some major concepts that we should keep in mind when doing any business in the future. Using PharmaSim simulation, we were able to apply these concepts in managing "Allround", a market share leader in the over-the-counter (OTC) cold and allergy remedy market. In order to successfully operate Allstar, we have to make right decisions on 4Ps of Marketing, which are Product, Price, Place and Promotion. Wrong decisions can lead to substantially decrease in stock price, therefore, looking at Market Update and Market Research is very important. We have learned how to stimulate customers' purchases, how to create an efficient supply chain with multiple channels, and how to measure our performance through reports. After each period, we had to figure out what we did wrong in the previous period to correct it. Even when our stock price increased, we still tried our best to make it as high as possible. The most important thing I have learned is comprehensive thinking skill since we had to consider many source of information to come up with a decision. Finally, I found this class very helpful for my future career, no matter what field I will be in. It provided me with knowledge and valuable skills that are essential in both starting a new business or being employed by a company.