Essay on Marketing : Marketing, And Finance Class

Essay on Marketing : Marketing, And Finance Class

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In the business world, outsiders from other companies may jump in and help a company get back on its feet by introducing new concepts. In my Entrepreneurship, Marketing, and Finance class, I completed a project which implemented this concept. The project involved taking on the role of a magazine company “Pechaitis Marketing”. Classmates were paired up by the luck of the draw and were instructed to blindly pick an envelope which contained a magazine. Each group had to take on the role of representatives from Pechaitis Marketing. Their goal was to help the magazine by creating a SWOT analysis, customer analysis using market segmentation (demographics, geographics, psychographics and behavior components) and customer profile. My group selected “Good Housekeeping”. Other groups chose the following magazines: “People”, “Your Choice”, “Woman 's Day” and “Good Homes and Gardens”.
Before beginning work on this project, our class took a few days copying down notes from lectures, PowerPoint presentations, and handouts. These notes pertained to either the SWOT analysis or market segmentation . An easy way to think about market segmentation is by dividing a market into smaller and more specific groups to establish a rough estimate of the target market. A SWOT analysis is one way to determine risks and rewards. The acronym SWOT stands for strengths, weaknesses, opportunities and threats. Strengths and weaknesses are internal factors, while opportunities and threats are external factors of the business. An example of an internal factor may be answered with the following questions. What are some factors that help the business “Make the Sale”? and What could you improve? Opportunities and threats are external facto...

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...e which was to be presented in an artistic manner. This was supposed to look like a poster that could potentially be hung in the office of the magazine company chosen. Being someone who is not that artistically inclined as were my group members, we took to the internet researching ideas for a magazine collage. We brainstormed a few ideas after the google search. The artistic piece was a large part of our grade so it needed to be visually appealing and encompassing who the target market was through artwork.
Groups were also graded on a good performance. This meant that group members and the group as a whole acted in a professional manner. Through the performance group members needed to be prepared and creative. In addition, group members needed to be active members who participated equally in the creation of the pieces and parts as well as the presentation.

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