Happy Wednesday! There hasn’t been much going on since my last post aside from getting adjusted to my new semester of classes, so I can talk a little more about that.
The first class I’m taking is Decision Models. Basically, we build excel-based models to address different types of business scenarios. So for example, in last week’s class, we built a marketing-related model to compare whether an in-store, on package rebate or an ordinary price cut would be a better decision to drive more sales volume and maximize profits. This is especially relevant to me, as I start my career in brand management at Unilever.
The second class I’m taking is Promotional Marketing, which is exactly what it sounds like. We learn about above-the-line and below-the-line marketing tactics that increase awareness and ultimately drive purchase. Some of the areas we cover are shopper marketing, price promotion, digital promotion, etc. Again, these are all topics that are very relevant to my future in brand management.
The third class is Customer Insights. Basically, this class is a marketing research class in which we learn how to obtain data, analyze it, and develop insights that can be turned into recommendations or implementation plans for a business problem. This class is very important because in today’s age, where there are so many ways information can be gathered about consumers and their consumption patterns, it is imperative that we know how to use that data effectively to make smart business decisions. A big question I’ve always had around data is when to use your “gut feelings” vs. marketing research. When is each appropriate? Can you use a mix of both? How do you know where to draw the line? The data can go on forever! This is a “hot topic” this class will cover extensively and is a big reason I enrolled in it.
Lastly, I am taking Pricing Strategy. This class is intended to teach us the different ways to price goods and services, considering both the supply and demand sides of the market. Some different approaches to pricing we’ve learned about are peak-load pricing, value-based pricing, bundling, price discrimination, etc. This class is a bridge between economics (what I majored in at my undergraduate institution) and marketing (what I am going into after graduation) and really focuses on how one can better understand the market to meet consumer needs, while fulfilling business goals.
That’s it for this week, but will be back in a few days for another update!