Marketing Fi
Transcript of Marketing Fi
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1) INTRODUCTION:-
This review gives a brief explanation of contemporary marketing theory,and it also elaborates literature review on. Is Marketing, Networking? The key
theme of this task, describes networking in relationship with marketing
concepts, and moreover marketing is not only 4Ps but also something more
than that, it then includes various theories like individualism, tribes, macro
trends, capitals, cool, and climate. And I also consider initial defining aspects of
contextual marketing which illustrates sociology, psychology, anthropology,
economics, and competitive advantage strategy.
WHAT IS ACTUALLY MARKETING?
2) SOCIOLOGY:-
It refers to collective behaviour, motivation, stratification (JDH,2009)
Dellbridge(1994) explained that in order to understand the economic world the
project of economic sociology has developed to make major contributions.
There is comparison betweenmainstream economics and economics
sociology the main point lies with the conception of the actor and of economicaction. Economics sociologists, the actor is defined in the terms of relations and
is socially embedded as a member of groups in society rather than the individual
of mainstream economics. Economics sociology includes a range of economics
action, in which rationality plays a key role. Marxian emphasizes the
contribution of sociologists to the empirical study of consumer behaviour.
3) PSYCHOLOGY: -
It refers to the customer behaviour (JDH,2009).The psychology is how
consumers think, feel, reason, and select between different alternatives(e.g.,
Brands, products);
The psychology is how the consumer is influenced by his or her environment
(e.g..; culture, family, sign, media)
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The purchase of the product depends on the psychology of the consumer and the
importance or requirement of the product. It also refers to the culture or trend of
the society in which the consumer is living. The ads show more impact on the
customer behaviour.
4) ANTHROPOLOGY: -
It refers to culture. (JDH,2009)Marketing culture is that firms overall culture
that refers to the pattern of shared interests and values that helps the employees
to understand and feel the market function. Marketing culture has defined as a
multifaceted construct that encompasses the importance placed on the service
quality, interpersonal relationship, organization, internal communication.
(Webster,1993)
5) ECONOMICS: -
It refers to the creation of wealth (JDH,2009).Skouras,Avlonitis,
Indounas(2005) Price is a main issue for both marketing and economics. The
importance of the price is not only important a company or customers but for
whole economy.
Transaction is basis on the price may be considered from three distinct sides
those of the buyers, the sellers and the wide industry and the economy.
Three distinct sides to a price transaction refer:-
Buyers response to price.
Firms determination of price.
Industry or economy wide role of price.
6) CORPORATE STRATEGY:-
It refers to the competitive market (JDH,2009).El-Ansary(2006) defined
corporate strategy is nothing but building an organization around the profitable
satisfaction of customer needs has helped firms to achieve high growth in
competitive markets. Market strategy is defined for our purposes as the total
sum integration of segmentation, targeting, differentiation, and positioning
strategies designed to create, communicate, and deliver an offer to a target
market. It involves the following steps.
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Understand customer behaviour.
Segment the market.
Select target segments.
Design the offer to fit target market needs;
Differentiate the offer. Position it in the customers mind.
7) CONTEXTUAL MARKETING:-
Carson et al (2002,2003) researched to develop and to some extent
operationalise much of the work in the field of contextual marketing. This
concept posits that a parallel paradigm of the marketing function exits alongside
that which is already known-however such a parallel and emergent paradigm
has yet to be fully understood and indeed appears within the marketing text used
with both the academic or small business development fields(decon,2002).It has
long been accepted that small firms approach marketing in a different way to
that of the target firm(Carson 1985,story 1994,carson at al 1995,Hill et al
1999,Stokes 2000a,Bjerke and Hultman,2002).
8) CONSUMERISM IN SOCIETY:-
Oshaughnessy(2002) expressed that a consumer society is defined as one of theaccumulation and consumption of material goods. The term consumer
society is used in pejorative sense; coming from the perception that such a
society will inevitably be hedonistic. It is the instant gratification that we
traditionally associate with hedonism.
The term marketing is used by critics in this context, it is meant to cover all
the ways used by marketing to tempt the customers in buying the product. The
concept of marketing by critics rests on a purely outsiders view of marketing.
Identifying the actual /potential wants within a market or markets;
segmenting the market into want categories and selecting market
segments suited to the firms trust and core competences.
Determining the offering to match the want of each segment selected.
Making the offerings available.
Cooperating with others to secure resources and support marketing plans.
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9) INDIVIDUALISM:-
The economic policy is conducted when individualism economics behaviour is
consistent with the postulates of methodological individualism? Methodological
individualism has been proposed by Hayek as a method to study society. It
glorifies atomistic behaviour, putting emphasis on the idiosyncratic nature of
information and knowledge.
Hayeks mythological individualism as it is applied to individual action is
basically correct and it should be considered as an important alternative to any
economics paradigm at both micro and macro level. Hayeks has emphasized
only one aspect of it and, as this is presented and justified, contradicts even his
own methodology.
The study has three purposes:-
The approach of methodology individualism is presented as this has been
developed by Hayeks.
The implications of methodological individualism regarding
individualism economic behaviour are analysed.
The effectiveness of economic policy is considered from themethodological individualism point of view.
10) TRIBES:-
The Tribes are the communities of shared interest (JDH,2009).It need norms
and values in cooperation and co dependence. cova cova(2002) drew on
Maffesoli(1996) to introduce the idea of marketers that modern consumersociety can be tribal terms. The core point is that need for community and social
connectedness has become the priority over that of the material consumption
objects.
Tribes are held together by shared emotions and passions among networks of
people. The binding source is shared passions, not demographic labels such as
age, gender, and social class.
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The term tribe is closely aligned to another marketing term called brand
community. It is important to emphasise that the tribes are not necessarily
centred on a particular brand or typically associated with notation of brand
community. The Italian metro sexual tribe has a great range of products and
active range across skin and hair care, fashion labels and mode behaviour and
social participation.
Tribal members can adopt four rules:-
a member of institutions(association, religious sects);
a participant in informal gatherings(demonstrations, happenings);
a practitioner or adopt who has quasi-daily involvement in tribal
activities.
a sympathiser or fellow traveller who moves with the vogues and
trends and is marginally integrated into the tribes.
Tribal marketing can take aim at all the members of the tribes at once, or focus
on a cross section with a view to reaching the whole tribe.
It is the exchange of views of one another in which the qualities of the product
is discussed with various people probably this is possible in workshops. So that
various people with different ages, gender and cultures.
The emotions, feelings are shared such that a new idea is generated to launch a
new product or any modifications for the existing product. This helps the
company to promote good and quality products.
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Roles of tribe members
11) MACRO TRENDS:-
Macro trends are nothing but consumer trends, but majority forces that shape
our societies. Macro trends are the broad forces of change that create future
context of todays world. (JDH,2009)
According to Florin,Callen,Mullen and Kropp (2007) for Megatrends a Brandplays in consumers lives than on the product itself. By taking a broad view of
macro trends and how it influences the consumers the market is the good place
to begin.
Consumer behaviour has changed, there are different messages sent out into the
world.
High-Low Consumerism-Luxury is available for all, as is the uptake of
low cost goods.
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Individualism-As the days of mass market have gone. New technologies
have enabled consumers to customize products, create their own products
and approach the market place on their terms.
Choice overload-since two decades it may seem like a crazy dream.According to Joe Pine of mass customization fame said many years ago
Customer doesnt want Choice They just want whatever they want. For
companies the tough decision is to determine what the exact customer
choice is.
Gender Complexity-Roles have changed and are changing more. Men are
becoming more feminized, at least in terms of more traditional concepts
of femininity. Women are asserting themselves, working hard and
generally talking on attributes once considered masculine.
12) CHOICES:-
Choices play a key role in the today marketing. As each customer have different
choices. Individualised society causing choice explosion has shopping gone
mad the boring things have made more complicated and further know how
customer make choices. (JDH,2009)
The countries like India, china which has huge market have different cultures so
according to these consumer choices buying dependents. In this colour plays a
major role as the selection of the consumer liking and disliking depends.
Example:-
In India, earlier consumer used to buy non-metallic cars but since last 6 years
trend is changed consumers preferring only metallic cars. This only due to
various range of colours available.
Marketing practitioners have often turned to colour consultants to help them to
determine product colours that appeal to the customers. Igloo Products
Corporation used a colour consultant to develop coloured coolers for the firm.
Igloo got 15% increase in their sales (lane,1991).Similarly other firms have
examined consumer colour preferences in order to determine their products
colour or colour range.
13) FOUR Ps OF MARKETING:-7
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The four Ps of refers to the product, place, promotion, price these are used to
meet the target marketing. The marketing mix would be developed within the
constraints of the internal and external environments; this is the managerial
approach by McCarthy (1960).
The introductory marketing texts usually suggest that all of the 4Ps are equally
important. udell(1964) found that business people considered product to be the
most important p which is denoted by promotion, price, and place.
Earlier in 1960, Kotler and luck were recommended a consumer behaviour
course and they recommended the development of the following courses.
Marketing intelligence
Marketing communications(promotion)
Marketing channels(distribution)
Kotlers recommended that a product management course includes. A capstone
marketing management course was also being recommended.
It is the study found that principle of marketing; its research, marketing
management, and consumer behaviour are by the most offered, marketing
courses.
14) CONCLUSION:-
In conclusion, it is true that marketing is networking by taking all the aspects
into consideration. The above review gives explanation why marketing is
related to networking? And hence it is also judged that networking in
relationship with marketing concepts; moreover marketing is not only four Ps
but also something more than that, the theories used in this review
individualism, tribes, macro trends, and choices explain about the consumer
choices, culture and expectations what the consumer actually expecting. Theinitial defining aspects of contextual marketing sociology, psychology,
anthropology, economics and competitive advantage strategy also helped to
prove marketing is networking.
In order to launch a product in the market company needs to establish network
with the other companies so that it can understand the employees, individual
requirements, to create the market demand. If the company fails to understand
the customer needs it cannot fetch in the market hence it need to understand the
situation of the other companies what new products are they launching. Regular
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feedbacks should be taken from the consumer so that they can improve their
standards.
15) BIBLOGRAPHY:-9
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DELLBRIDGE,R.(1994)The Handbook of Economics Sociology
European Journal of Marketing,vol.36 pp.738-740
(JHD,2009)J H DEACON INNOVATIVE MARKETING AND THE
FUTURE 2008 Marketing Futures-1
Webster, C. (1993), Refinement of the marketing culture scale and the
relationship between marketing culture and profitability of a service
firm",Journal of Business Research, Vol. 26 No. pp.111-31.
SKOURAS,T. AVLONITIS,G.J & INDOUNAS,K.A(2005) Economics
and marketing on pricing Journal of Product & BrandManagement,vol.14 pp.362-374
EL-ANSARY,A.I(2006) Marketing strategy European Business
Review,vol.18 no4 pp. 266-293
OSHAUGHNESSY,J. OSHAUGHNESSY,N.J(2002) Marketing,The
Consumer Society And Hedonism European Journal of Marketing,vol.36
pp.524-547
PAPANIKOS,G.T(1998) Methodological individualism, economic
behaviour and economic policy International Journal of Social
Economics,vol.25 pp.1342-1352
FLORIN.D,CALLEN.B & MULLEN.S(2007) Profiting from mega-
trends Journal of Product & Brand Management,vol.16 pp 220-225
GROSSMAN,R.P.WISENBLIT,J.Z(1999) What we know about
consumercolor choice Journal of Marketing Practice:AppliedMarketing Science,vol.5 pp 78-88
KELLERMAN, B.J.GORDON,P.J & HEKMAT.F(1995) Product and
pricing courses are underrepresented in undergraduate marketing
curricula Journal of product & Brand Management,vol.4 pp.18-25
carson,D91985),The Evolution of Marketing in small Firms, European
Journal of Marketing 19,5pp. 7-16.
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