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Marketing Strategy class

The Learning Never Ends.

If you read the post “Who is Good At and Why am I doing this?” then you know that I am also in school at this time. I’m enrolled in Louisiana State University Shreveport’s MBA program with an emphasis in entrepreneurship. This is the most economical program which is accredited by the Association to Advance Collegiate Schools of Business (AACSB). This program has me taking 1 class every 7 weeks with a break in between. I love this set up because as long as I follow the program, it will end and I will have an MBA. Then, I will be done with formal schooling!! I honestly don’t want any more after this, it really more than enough. But I do want it, I want this degree and to know that I have it under my belt. My current class is Marketing Strategy, dovetails really nicely with my work to make Good At work.

One of the concepts that I’m learning about surrounds the Product Life Cycle and the type of consumers who purchase products within each of the Life Cycle phases.

The Product Life Cycle (PLC) has 5 phases: Development, Introduction, Growth, Maturity and Decline. Each phase has its own look and feel.

  • Development is the time where a product or service is being created with no customers knowing that it exists.
  • Introduction is where you finally tell people that you exists. In this phase, a company will probably not be making any money and having to spend a bunch in marketing to teach people about what they are all about.
  • Growth is when people know that you exist. There should be an increase in sales, revenue and even competition.
  • Maturity a company will start to see a plateau or a decrease in sales. In maturity, people know that you are there but you are no longer shiny and new. People may have lost interest or there are other options that pull customers away from you. A company can live in this phase for a long, long, long time.
  • Last is decline lose of sales, lose of market share, lose of customers. Sometimes your product is a trendy thing and getting to decline can come so fast.

For Good At is technically out of the Development phase, we are now in the Introduction phase. This is where I’m having to do the work of educating people on what this is about and spread the word. Here are the things that I plan to do for this:

  • Social Media – I’ve created accounts on Facebook, Twitter, Instagram and I added Pinterest. Then, I use a tool called Canva to create pretty graphics for posts and SocialBee to schedule everything. This felt like a lot of work to set up but now that I have a process and the tools needed to create and post in an efficient and easy way, it’s not that bad. It just takes some time.
  • Networking – I have challenged myself to attend at least 1 networking event each month. It was hard to admit to myself that I would have to do this but how else do I get the word out? And I have to take my own advice about getting out from behind the keyboard and ask for help. I went to my first event recently and it was not that bad but I was so nervous that I almost chickened out. And to make sure that I stick to my plan, I have the next two events scheduled.
  • Blog posts – I also have to start sharing more on the blog. I feel that this is important so that you all can see that there is a real person here trying to do something. That I am also willing to ask for help and that I’m trying to get good at new things. I am probably the best testimonial of how great Good At can be. My goal is to have a new post each week but no less than twice a month.
  • Thinking about a podcast or YouTube channel – This is something that I’m not 100% sure about yet. I like the idea of a podcast because it freaks me out to show my face on video (I’m shy) but I like that I can interview the instructors no matter where they are. These interviews would focus on introducing the instructors and showing people why they are awesome. I also like the idea of a YouTube channel because somethings can only be understood by seeing what is happening but this would mean more effort, logistics, equipment maybe. This might be a future wish. But for now I’m just not sure about doing either option. What would you advise that I do?

Well, that is one of the things that I’m learning from my MBA program, there is a Product Life Cycle and actions to be taken during each phase. I’m probably going to be living in the introduction phase for a while.

1 thought on “Marketing Strategy class

  1. […] In my previous blog post, I put down that I was thinking about either starting a YouTube video or a Podcast, and I have […]

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