My favorite class so far in the semester has been Marketing Management taught by Professor Jan Heide. As a marketer, I nearly cried in relief when I realized that Jan’s class doesn’t require a calculator or excel! Instead, I was challenged to think outside the box and come up with creative solutions to problems that businesses face every day. For example, our class was recently challenged to find a solution to a problem that many businesses face: a shift in demand and a limited budget. This was specifically in regard to the ever-changing beer market and, as a core team, we had to decide if we should enter the light beer market, how to target the consumer, and why it would be a financially viable solution.
With my core team, we were able to leverage each other’s strengths in operations, finance, art and brand management to come up with an even better solution than entering the light beer market. After running an analysis, we determined that entering the competitive and expensive light beer market was a losing battle given the limited budget and small market share. Instead, we proposed to create a new product for the company that would increase market share and overall profitability for the company. We determined the target consumer, positioning of the brand, product attributes, financial viability, promotion strategy, and retail locations for the new product to meet the growing market need.
While this project is hypothetical and we may never know if the new product would be successful, this was the first opportunity this semester for us to be innovative brand managers when challenged with changing consumer interests. I’m excited to see what solutions we can come up with next!