2024 How did you find your Subject Matter Expert (SME)?, business and finance assignment help

How did you find your Subject Matter Expert (SME)?, business and finance assignment help

Business Finance Assignment Help 2024

YOUR RESPONSE IS LIKE YOU TWO ARE HAVING A CONVERSATION ABOUT WHAT THEY WROTE IN PERSON AND GIVE YOUR THOUGHTS AS IT PERTAINS TO WHAT THEY STATED

Unit 4:  Discussion

To be competitive in the same industry when launching a new product, market research needs to be conducted to determine customers’ needs and what the competition is currently offering.  Market research is a methodology used to collect data about potential customers and target market segments (Reh, 2016).  The change in consumer markets, advances in technology, and the increase of social media has changed how market research is performed (Patino, Pitta, & Quinones, 2012).  The key to reaching a larger audience to strengthen your product’s credibility and value is to partner with a subject matter expert (Brumitt, 2015).  A subject matter expert (SME) is an individual with extensive experience and knowledge in their particular field.  They have developed their expertise over an extensive period of time and are often involved in writing about or speaking about their area of expertise. (Reh, 2016).

1.  How did you find your Subject Matter Expert (SME)?  Discuss any difficulties and how you overcame them.

My subject matter expert (SME) was found by a friend who retired from Domtar.  Domtar is a company located in my area that is a leading producer of fiber based products such as packaging papers and absorbent hygiene products such as diapers.  My interview was with Paul Pritchard, Vice President of Marketing of Personal Care Products.  Mr. Pritchard provided insight on how Domtar uses internal sources to market their products since they have been in business for a long time.  His marketing team uses existing data from sales figures, inventory records, and balance sheets, which is usually enough information to develop new products and enhance current products.  The marketing team also monitors what the competition is doing so that they can develop strategies to keep their customers buying their products instead of the competitor’s products.  Fortunately, I did not have any difficulties finding a subject matter expert.

2.  As you asked your SME questions about the areas that you wanted to learn more about, what were the important points or areas of greatest learning for you?  Were there any surprises?

I was surprised to learn from Mr. Pritchard that market analysts are beginning to use social media, such as Twitter, Facebook, and other social media platforms to perform market research.  There has been an increase in consumers embracing the internet and social media to discuss their needs and concerns with certain products (Patino, Pitta, & Quinones, 2012).  Also, social media allows for multiple communication between consumers instead of one-on-one communication via telephone and emails as seen in the past.  I am interested in learning more about companies hiring internet and social media experts to perform market research since consumers are spending more time online.

3.  Did the interview results provide any new ideas for you to explore?

The interview enlightened me to explore market research via social media and the internet since this seems to be the wave of future marketing.  According to Patino, Pitta, & Quinones (2012), consumers are no longer interested in being marketed to; consumers now want to be part of the marketing process.

4.  What links were you able to see between the information you gathered and the marketing research information provided for you in the simulation?

The links that I was able to see in the marketing research information and the simulation are that consumer patterns are unpredictable and are constantly changing.  In order to launch new products and enhance existing products, organizations will need to continue performing market research to determine strategies to keep consumers interested in purchasing their products instead of their competitor’s products.  They also need to focus on performing market research through social media and the internet while remaining transparent and they need to be able to store data to protect consumers’ confidentiality.

References

Brumitt, M. (2015, July 7).  The key to growing your audience:  Partner with subject matter experts.  Retrieved from https://blog.husbspot.com/marketing/subject-matter-experts#sm.00014rr6arboodkcruv2bap4d9w4c.

Patino, A., Pitta, D. A., & Quinones, R. (2012).  Social media’s emerging importance in market research.  The Journal of Consumer Marketing, 29(3), 233-237. doi:http//dx.doi.org/10.1108/07363761211221800.

Reh, F. J. (2016).  Subject Matter Expert.  Business Management and Leadership.  Retrieved from https://www.thebalance.com/subject-matter-expert-2275099.