Mental Model Figure 1 Beginning of Semester
The mental model above depicts what I believe to be the market analysis. This is the way I see marketing at the beginning of my journey. There is a circle of concepts that flow in a clockwise motion. This model allows any business to begin their market analysis at any point. There are different business models and different industries. This model allows people to create a product at different starting points. These concepts are what ensures a successful product launch. The factors of research, testing, analyzing competition, and deciding target markets are key in showcasing the value proposition of the product, which I believe to be the most important.
Mental Model Figure 2 End of Semester
At the end of the semester my mental model was revised. I understand that there are more sections that go into a market analysis. Although I kept some sections the same I have added some as well. It is important to choose a market channel to use so the product will be successful and cost effective for the company. In addition positioning the product in the market is important to help differentiate it from competition. I also believe that contingency planning needs to continue after the launch of the product as well as proper pricing strategies and advertisement. This model will ensure the product is successful and captures market share.
Journey through Marketing 