Marketing
The purpose of the present business essay is to discuss fundamentals of marketing. As mentioned in previous posts, a future accountant must take several courses in order to complete all the requirements for a Bachelor of Commerce (BComm) or Bachelor of Business Administration (BBA) program. Introductory courses cover related subjects, such as finance, accounting, statistics and marketing, to name a few.
Introduction to Marketing covers fundamental concepts such as the marketing mix (price, product, place and promotion) and advertising basics. However, marketing is not only about sales and advertisement, and includes many other areas.
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| Isolement. Win lose situations may be zero-sum games. Image: Megan Jorgensen (Elena) |
Thus, to remain competitive, a firm must offer customers a product they value. Still, pricing a product depends on the nature of the offering. For instance, a luxury item, such as a Prada bag or a pair of Fendi shoes, may be priced well above available quality bags and shoes, but the designer premium is reflected in the prestige, status or fashion statement conveyed by the brand. Also, professional marketers emphasize that it is impossible to generate consumer needs, only to shape wants. After all, an individual may simply prefer less flashy (and much less expensive!) items, regardless of fashion trends.
Product life-cycle is also covered among the basics of Marketing 101. To illustrate, a product at maturity must add value in order to remain competitive, although what is perceived as valuable to the customer may differ from what the marketer sees as desirable features. Therefore, at least from a marketer’s perspective, beauty truly is in the eye of the beholder… Thus, the aim of the present paper was to discuss marketing at an introductory level.
Instead of naming the fields where they are used, it would be more intriguing to try to name a discipline without theories. The feat is impossible since a discipline is by definition full of them; an ideology is a collection of related theories. But what about the real world, where can the aforementioned be applied?
Individual fields such as marketing have their own managerial framework. Gummesson (2002) discusses marketing managerial theory.
An interesting alternative to the know what, know how and know why is presented. The Vedic variant divides knowledge into the methodology, researcher and result. The author also recounts personally experiencing the inaccuracy of marketing college and university material in depicting the non-scholastic world, and even casts doubt on the peer-review shortcomings of certain publications.
Nepotism and in-group favouritism have been encountered. General marketing theory appears to be stagnating. A strong network of connections for marketing professionals in the U.S. started expanding in the 1970, with the establishment of several associations, and has grown since. The development is very important if one recalls the significance that personal contacts have for sales, and even advertising. Traditionally, the US has been a marketing pioneer. An interesting point raised in the paper is the uncomfortable truth that sometimes scientists with better getting along skills get published over someone with higher quality material. Another problem with the academic methodology is that if all references are within the last decade, then old forgotten truths risk becoming the new bewildering discoveries.
The marketing mix, the 4Ps, consists of place, promotion (also called distribution), price and product. As you may recall, markets are influenced by a plethora of conditions of their surrounding: the legal, political, commercial, social and environmental. Indeed, today’s companies are very involved in environment protection and global long-lived welfare (the socio-environmental ethical perspective).
A basic concept is relationship marketing, which has as its goal to capture client lifelong value, the reason why younger generations are often the target audiences (as can be seen in this video of a Chrysler commercial with artist Eminem). The postulate is also explanatory for why ads running with the Super Bowl are likely to differ from those scheduled for Sunday afternoon Tele-Toons.
Another clever marketing strategy is reimbursements and reward points, such as the Air Miles, Guess and Optimum (Pharmaprix) client cards. What most shoppers forget is that on some occasions, the benefit must be claimed before a certain date or the accumulated gets automatically erased.
Some other marketing basics say that the target audience must not only be an interested, but a profitable clientele. Also, the immovability of needs; and thus, the necessity to concentrate on shaping them into wants, and brand loyalty.
As always in business, moral dilemmas can arise as in the case of TV show Skins. The US version is an adoption of the U.K. Skins, a highly controversial, accused of illicit pornography, show revolving around the lives (sex, drugs and rock ‘n’ roll) of teenagers. Condom companies have jumped at the opportunity, but the show and ads are now being pulled off.
Social reception is important; offensive content is restricted. An advertisement that was banned (in Europe?) featured a child throwing an inexcusable tantrum at the grocery store, while a tall young man stands embarrassed and confused. Then, a line across the screen reads something about the foresight of using preservatives.
Global warming and environmental crises have been a threatening yet popular topic of discussion for decades. The ozone layer perforation started taking place in the 1970s. The Kyoto Protocol and quotas on pollution production have been put in place in many industrialized nations. Catastrophe movies, such as 2012, have show-casted the disastrous consequences of a cataclysm as vigorous as complete meting of the ice caps. Corporations have now become ecologically aware, and so has marketing. Marketing professionals now pay attention to fabricating marketing campaigns respectful of, and sometimes in a crusade for, the ecology.
Reference:
Instead of naming the fields where they are used, it would be more intriguing to try to name a discipline without theories. The feat is impossible since a discipline is by definition full of them; an ideology is a collection of related theories. But what about the real world, where can the aforementioned be applied?
Individual fields such as marketing have their own managerial framework. Gummesson (2002) discusses marketing managerial theory.
An interesting alternative to the know what, know how and know why is presented. The Vedic variant divides knowledge into the methodology, researcher and result. The author also recounts personally experiencing the inaccuracy of marketing college and university material in depicting the non-scholastic world, and even casts doubt on the peer-review shortcomings of certain publications.
Nepotism and in-group favouritism have been encountered. General marketing theory appears to be stagnating. A strong network of connections for marketing professionals in the U.S. started expanding in the 1970, with the establishment of several associations, and has grown since. The development is very important if one recalls the significance that personal contacts have for sales, and even advertising. Traditionally, the US has been a marketing pioneer. An interesting point raised in the paper is the uncomfortable truth that sometimes scientists with better getting along skills get published over someone with higher quality material. Another problem with the academic methodology is that if all references are within the last decade, then old forgotten truths risk becoming the new bewildering discoveries.
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| An office. Illustration by Elena |
A basic concept is relationship marketing, which has as its goal to capture client lifelong value, the reason why younger generations are often the target audiences (as can be seen in this video of a Chrysler commercial with artist Eminem). The postulate is also explanatory for why ads running with the Super Bowl are likely to differ from those scheduled for Sunday afternoon Tele-Toons.
Another clever marketing strategy is reimbursements and reward points, such as the Air Miles, Guess and Optimum (Pharmaprix) client cards. What most shoppers forget is that on some occasions, the benefit must be claimed before a certain date or the accumulated gets automatically erased.
Some other marketing basics say that the target audience must not only be an interested, but a profitable clientele. Also, the immovability of needs; and thus, the necessity to concentrate on shaping them into wants, and brand loyalty.
As always in business, moral dilemmas can arise as in the case of TV show Skins. The US version is an adoption of the U.K. Skins, a highly controversial, accused of illicit pornography, show revolving around the lives (sex, drugs and rock ‘n’ roll) of teenagers. Condom companies have jumped at the opportunity, but the show and ads are now being pulled off.
Social reception is important; offensive content is restricted. An advertisement that was banned (in Europe?) featured a child throwing an inexcusable tantrum at the grocery store, while a tall young man stands embarrassed and confused. Then, a line across the screen reads something about the foresight of using preservatives.
Global warming and environmental crises have been a threatening yet popular topic of discussion for decades. The ozone layer perforation started taking place in the 1970s. The Kyoto Protocol and quotas on pollution production have been put in place in many industrialized nations. Catastrophe movies, such as 2012, have show-casted the disastrous consequences of a cataclysm as vigorous as complete meting of the ice caps. Corporations have now become ecologically aware, and so has marketing. Marketing professionals now pay attention to fabricating marketing campaigns respectful of, and sometimes in a crusade for, the ecology.
Reference:
- Gummesson, E. (2002). Practical value of adequate marketing management theory. European Journal of Marketing, 36 (3): 325-349.
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