Reflective Review: MKT1112
Before entering marketing I expected to solely understand the requirements of consumers and the ways in which products and services are directed to the mass markets by developing commercial awareness, whilst gaining the skills which allow me to familiarize myself with ways of communicating my findings to others. As well as to further widen my knowledge from what I had attained during my Economics A-level which really sparked an interest towards the marketing industry.
From a young age I’ve always had a strong interest in regards with the business industry, specifically that of the technology sector. The technology market is one of the fastest growing industries to date. “Apple (AAPL) on Monday once again became the world's most valuable publicly traded company ahead of energy giant ExxonMobil”. Technology and media are used on a day to day basis and one of the most common forms of hand held devices is that of apple. It’s internationally expanded businesses such as apple that have provoked my interest in the technology sector.
What I find to be the most inspiring factor is that Apple are able to go global and deal with issues such as the difference in cultures and then adapt their products to suit the difference in needs.
In regards to what I found the most interesting piece of knowledge gained from the three lectures had to be the implications of bad marketing on a macro-economic scale especially that of a free market economy which may result in the existence of monopolistic competition. To some degree monopolistic competition can cause market failure as there are low barriers to entry and exit meaning that when a firm starts up it can enter a market obtain the highest profits possible and then just exit the market which to all firms the main objective is to obtain profit.
Furthermore, the fact that a free market may lead to “Unethical Practices and misplaced obligations” such as that of a black...