Marketing Success in a Free Market Economy

In my passion project, I explored the principle that institutions are the "rules of the game" that influence choices. In doing so, my research focused on marketing and how consumers behave in a free market economy. According to the principle, cultural values is a major factor that influence decisions. Living in a technologically advanced society, people of all ages are exposed to online advertising on a daily basis. In addition to online advertising, advertising in general has been an integral part of American society since the industrial revolution. The laws laid out by our government permits appropriate advertising to people of all ages (excluding things such as hard liquor and cigarettes where advertising has been regulated over the years).

Firstly, I analyzed how marketers meet the demands of their target markets in my second blog post. This includes defining strengths and weaknesses and gaining a competitive advantage to win over customers in a competitive free market economy. In my third blog post I researched the strategies that marketers use to zero in on a target market to maximize their profits. You must be able to have a target market as a marketer. It is similar to a sports team having an identity, and an idea of what they do well. Without an identity, it's difficult to be successful. A marketer needs to know who its products are targeted at in order to formulate a marketing campaign. In addition to selecting a target market, a marketer must observe changes in the economy and make decisions based on those changes on how to best market their product, as highlighted in my fourth blog post. Not only can the economy change, but psychographics change and society advances in many ways. In my fifth blog post, I researched the hallmark marketing strategies that successful marketing campaigns ultimately use after selecting a target market and outlining strengths and weaknesses. Taking advantage of the internet and social media is a big trend nowadays with marketers. Getting your name out there with cost effective strategies is a must, especially with newer companies.

Overall, my passion project was very successful, because marketing is around us 24/7 and being able to learn about what goes into a successful marketing campaign is something that would serve anyone well as they begin a career.