Week 9: Reading Reflection (Chapter 10)

1). As a marketing major, I expected everything in this chapter to be an overview at a basic level. The most interesting section to me was the chart comparing conventional marketing to entrepreneurial marketing. Entrepreneurial marketing requires that additional effort of sustainable competitive advantage, even more creativity, and a much more proactive approach to be as innovative as possible. This distinction was unique because it set entrepreneurs and their ventures apart by making them take that extra step to push themselves. I particularly liked this section because it was different from my expectations.

2). The most confusing section to me would have to be the pricing section. It is difficult to pick the perfect price to make the most money while pleasing your customers, meeting demand, and realizing where your product is on the product life cycle. The book broke it down well, but I think it is a complex principle to be applied in the real world if I had to price my own product.

3). My first question would be how to make guerilla marketing as effective as possible? Marketing and advertising is becoming more and more original and unconventional, so how do entrepreneurs make their ideas stand out among products and services that are trying to do the same thing. In addition, with guerilla marketing, it is important to remember that it is more than just a reaction that a company is trying to promote. If you remember the advertisement but not the brand name, than it wasn’t effective after all. My second question would be why didn’t you choose to include children (under 20 years old) on the chart describing priorities within the family life cycle? Children actually have a significant pull with their parents when determining what brands to buy such as their clothing or cereal brand in the grocery store. I think their preferences grow and change like all other members of the family, so I would be curious why the author chose to omit the lowest cohort.

4). I do not disagree with any section, but I do think the social media section could be updated slightly. Social media is now much more than ads on Facebook. It encompasses Instagram, Snapchat, Twitter, etc. so I think the next edition of the textbook could elaborate more on advertising and marketing through the modern social media outlets.