"The Art Of Strategic Marketing: Market Learning, Sensing, and Intuition": Article Analysis Essay

Introduction

From the article, I learn that the first step in strategic marketing is to learn from the market about diverting consumer preferences and attitudes. Firms find out about consumer's preferences over others through methods such as direct observation and surveys. The type of feedback or information the firm collects during this session of learning is what determines the policies and strategies it adopts. The marketing managers employ these kinds of procedures as they fine-tune their plans and other strategies towards improving or attracting consumer preference. The article highlights market sensing as another strategic form of marketing. The approach of market sensing involves collecting and analyzing data after learning a market trend to come up with workable patterns.

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Market sensing, according to the report, also involves figuring and cracking out puzzles in the market trends by the marketing management team. The last stated factor in strategic marketing, according to the article, is market intuiting. Market intuiting involves combining data from market analysis to solved puzzles to come up with a pattern that can predict the market in the future. Market intuiting enables the marketing management to equip them and prepare for the future according to predicted records. This article opens up my mind on the first changing market trends in this century. More steps are required past collecting data on current trends for the acquisition of favor by the market and preparation for the future. Therefore, the article proposes three measures to strategic marketing, namely; market learning, market sensing, and market intuiting. The author also suggests that the three aspects can only achieve success if followed in the order of mention as it is only through learning that one can understand and even predict the future.

Market Learning

Market learning as a strategic form of marketing that involves thorough research on the market to get a better understanding of the current trends. During the quest to understand an exchange, the marketing management team targets its specific customers and makes observations through analysis or the collection of data directly from the customers. The direct association between marketing management and consumers is achievable through data collection methods such as surveys. Clients fill out short questionnaire forms regarding their preferences to other products over others and on their suggestions and direct opinions about the organization's product.

I find market learning to be a significant weapon towards competition by a firm. If a firm understands its consumers properly and gets close to them up to a level of acquiring their direct opinions about their products, that would act as a base for the company to determine their overall position in the market rank. The firm's management team would be able to understand appropriate methods or skills to use when marketing their products if they know their clients. An example is an organization whose primary customers are youths will use attractive youth methods of product promotion such as free vouchers or free gadgets. According to what we learned in class, a proper procedure on market learning should cover broad areas affecting a firm's products and factors affecting customer decisions on the product. All the little details concerning the consumers, especially their preferences and opinions, should be put together for analysis and a closer examination into the market. Understanding the market also equips a firm's management team towards any possible changes such that their strategies remain relevant in such cases.

Market Sensing

These are the procedures that follow after learning the market. A good demonstration is such cases where questionnaires were used to collect information during the period of learning to understand the audience. This information can be put together in a report, and further explained using charts and graphs. The critical part of the market sense is that it creates room for creative thinking by the marketing management team. They use the information at hand and link it with data from the past. This even broadens their understanding of the market trends. It is easy for a firm undertaking these strategies to outdo its competitors since these strategies refine the moves and procedures by these firms. A firm is now able to tell precisely why particular consumers are attracted to their products or similar products but by other competing firms.

Market Intuiting

Market intuition being the compiling of all current and data in the past to predict future trends gives firms priority to consumers over their competitor. Time patterns are essential, as history tends to repeat. If a firm's management team masters these trends, then it is unreachable at all costs by its opponents. An example is in the field of fashion or clothing. Some clothes from the past, utterly known as old-fashion or vintage, disappear and reappear in the market. Services also work with the time and mastery of time pattern could help, such as in the case of seasons. In some seasons, tourists tend to travel more than in others.

These constructed patterns, according to facts from the market, would serve as indicators or reference points to a firm's management. This is in the case of sure signs followed by a drop or a peak in season. The management would predict when correctly to invest less or be competent and convince clients to purchase products. This includes cases such as a drop in a country's economy due to various reasons, for example, being inflation. A firm would understand when to produce more commodities and expand its branches further.

Conclusion

In conclusion, this piece of research is essential in the field of management is that it enlightens managers on specific procedures to carry out despite creating marketing plans. Firm managers can collect information through the mentioned ways, which will help them make policies and plans towards outsmarting their opponents, knowing precisely what o expect or what they are dealing with. The management team can also be aware of when and where to compete according to the patterns created and predictions made. The management team can make better business objectives and refined product developments. The learning phase in the art of strategic marketing gives room for the management team to acquire first-hand information about their products or services from their clients. Therefore, this research is useful as it relates to instances in the management field, and a closer look at various strategies management team can apply to attain market dominance.

Reference

Managementstudyguide.com. (2019). The Art of Strategic Marketing: Market Learning, Sensing, and Intuiting. [online] Available at: https://www.managementstudyguide.com/what-is-strategic-marketing.htm [Accessed 21 Nov. 2019].