Marketing in the 21st Century

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Marketing in the 21st Century

Post by Laure PIQUEREAU on Thu Oct 18, 2018 4:43 pm

Hi,

I’ve chosen this subject: Marketing in the 21st Century

To introduce this subject, we talk about the concept of marketing.

Marketing include some activities in the organization and more largest marketing influenced by competitors or legislation. It’s an activity in constantly changing and evolving to reply needs of the market.
For many people work in Marketing is fascinating because you can influence the strategic on the organization and you can propose all the time new and innovative ways of doing things. In addition, marketing permit to increase the customer’s predisposition to purchase and the awareness of the brand.

The research worker has taken time to define marketing. But for Halbert (1965) explain that the reason is that marketing lacks any theoretical basis. In other words, the concepts, practices and ideas that form marketing haven’t coherent meaning.

However, the Chartered Institute of Marketing (CIM) define marketing in 2012 like: « The management process responsible for identifying, anticipating and satisfying customer requirements profitably. »
In consequences, it can be defined as satisfying customer requirements at a profit.

Another definition of marketing is important, the American Marketing Association (2007) announce: «Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. »
This definition introduces a new aspect, the value. Value in marketing refers to the benefit the customer receives about consuming a product compared to its cost.
From a marketing perspective, added value is associated with the total market offering. This means not only the benefits of the products but the organization own band and reputation. This will be determined by factors like technological characteristics, sales staff… And the way all of these contrast with competitors will lead to the consumer making decisions.

For resume, marketing is customer oriented, it aims to satisfy customers’ needs and wants. So, marketing is profit orientated rather than motivated by sales volume.
A study by Croissier (1988) into providing a comprehensive definition of marketing. To him, marketing represents a process where an organization markets its products. This process consists of several activities which encourage analysis of marketing opportunities, researching the market… From this perspective, marketing represents a structured and standardized approach to marketing management.


So, the next weeks we’ll finish this courses and talk about the marketing and ethics, the brand basics ans the international marketing in turbulent times.

Bye ! Smile

Laure PIQUEREAU

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Re: Marketing in the 21st Century

Post by Laure PIQUEREAU on Mon Oct 29, 2018 4:51 pm

Hi,

Today, we talk about marketing ethic, the origin of brands and her definition.
This part was very complete, so the post will be very long !!


Ethics is an important and growing consideration within marketing, from the perspective of both marketers and consumers.
The growth of fair trade and organic produce reflect customers’ willingness to spend more money for the same product if they perceive ethics have been applied to product sourcing.
Three ethical theories are commonly used in the consideration of marketing ethics: utilitarianism, deontology and virtue ethics.
Utilitarianism.
-Utilitarianism is concerned with the consequences of the decision. The quality of a marketing decision or action is assessed by looking at the consequences of implementing that decision. In deciding whether it is unethical the decision-maker will need to : assess the likely costs and benefits for each stakeholder, make a decision based on what action produces the greatest benefit for all concerned.
-Deontology is concerned not so much with the consequences of action but whether the underlying principles of a decision are right. According to this view ethically good decisions are made by adhering to key ethical principles such as honesty, truthfulness, respecting the rights of others, justice and so on.
- Virtue ethics views marketing ethics from the perspective of the moral integrity of the individual(s) involved in making the decision. A morally good decision is one that is based on the virtuous character of whoever is making the decision. Moral virtues include honesty, courage, friendship, mercy, loyalty and patience.


The origin of brands

Brands have a long history, with their origins traced back to marks or seals that were used to specify the ownership or origin of a product. For example, in 5000 BC men drew animals in caves, giving them symbols to identify their owners (McKinny Engineering Library, 2012).
By the end of the 19th century, the industrial revolution had brought an abundance and variety of organisations and products. With the emergence of competition it became increasingly important for producers to differentiate their products in the market. Consequently producers started attributing brand names to their goods to increase their consumer appeal (British Brand Group, 2012).
Brands became a way to communicate with consumers in the marketplace. The proliferation of self-service in the 1950s intensified the communicating role of the brand. It was important to have an appealing and distinct product that would stand out on the shop shelves. Complementing this, growing television ownership combined with increasing consumer sophistication resulted in the need for brand communications to become more pervasive and more complex.
This expansion took brands from a sign of ownership and guarantee of good quality to a way of communicating with the marketplace, making the role and use of brands core to the organisation’s marketing efforts.


Definition of the brand

The word ‘brand’ originates from the old Norse word brandr meaning ‘to burn’. It referred to the mark that cowboys would burn into their livestock’s skin to identify the owner (Keller, 2008).
The term ‘brand’ was transferred and applied to business brands and is now widely used in business jargon. The American Marketing Association (AMA, 2012) defines a brand as a:"Name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers. The legal term for brand is trademark. A brand may identify one item, a family of items or all items of that seller. If used for the organisation as a whole, the preferred term is trade name."

The AMA brand definition highlights the idea of identifying the product and making it distinctive. It also suggests the different levels of application of brands: single items, family of items or even the organisation.

In principle, a brand is created when a marketer attaches a name or symbol to a product (Keller, 2008). Yet, in practice, and from a managerial point of view, brand management is much broader.

Brand management entails forming core bridges with the marketplace around awareness, image and reputation. Consequently, the term ‘brand’ also considers aspects related to the marketplace and customers’ perception of the brand. To capture this idea, the AMA (2012) considers the term ‘brand’ with a capital ‘B’ to define Brand and Branding:

A brand is a customer experience represented by a collection of images and ideas; often, it refers to a symbol such as a name, logo, slogan, and design scheme. Brand recognition and other reactions are created by the accumulation of experiences with the specific product or service, both directly relating to its use, and through the influence of advertising, design, and media commentary. A brand often includes an explicit logo, fonts, color schemes, symbols, sound which may be developed to represent implicit values, ideas, and even personality.


So, I hope that this point has shed light on some notions about marketing. This is a very theoretical subject, which is difficult to summarize because everything is interesting and useful.

I couldn't finish the course, so we'll meet again next week to conclude it.

Have nice holidays Very Happy

Laure PIQUEREAU

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Re: Marketing in the 21st Century

Post by Laure PIQUEREAU on Thu Nov 08, 2018 4:50 pm

Hi,

Today is our last course on marketing in the 21st century.

We will finish the part on brands and we will are conclude this subject.

So, there is a strong interaction between brands and consumers. We all buy particular brands and, for some products, we have a brand preference. To achieve this, organisations need to understand how brands are relevant to consumers.

-Easier identification
Brands help consumers to identify the products/producers they like, simplifying the buying process and reducing the perception of risk in buying a new product (Berthon et al., 1999; Berry, 2000).

-Brands as individual expression
Consumers often identify themselves with the symbolic meanings of a brand and develop a bond with certain brands that express their personality, self-image and beliefs. By consuming certain types of products/brands consumers convey who they would like to be, contributing to their self-identity (Ellwood, 2002; Keller, 2003).

-Brands as social expression
Very often, to be part of a social group, consumers need to share the attitudes and beliefs of that group and, ultimately, seek allegiance by consuming brands that the group likes. The symbolic meaning of a brand is affected by the social group with which the consumer interacts (de Chernatony et al., 2011).


To conclude this course, we can say that each brand has a very strong brand capital.
We can cite Coca-Cola or Nike as examples, which instinctively come to mind. scratch

But for a more academic theoretical contribution, Aaker (1991, p. 15) defines it as :
“the set of brand assets and liabilities linked to a brand, its name and symbol, that add to or subtract from the value provided by a product or a service to a firm and/or to that firm’s customers.”


To close this course, I present two issues that lead us to reflect on our consumption and the context in which we evolve :

-Marketing is concerned with satisfying customer needs but is it a positive activity for our societies?

-And, how price competition leads to lower quality and customer indifference?


See you next time with a new course Wink

Bye !

Laure PIQUEREAU

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Re: Marketing in the 21st Century

Post by Admin on Thu Nov 08, 2018 7:10 pm

Did you feel the course was worth doing?

From a knowledge point of view and from an English point of view?
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Re: Marketing in the 21st Century

Post by Laure PIQUEREAU on Fri Nov 16, 2018 5:03 pm

The course was really very good. Smile
I appreciated the knowledge that this brought to me.
It is interesting to see how marketing works today and on what values it is based.
The part for the brand was really good, generally the teachers give us concrete concepts, and it's good to have more theoretical notions to understand how it works in real life.
In terms of English, it was good. I had trouble understanding some specific words but in general it is rewarding to immerse myself in learning English.

See you wednesday ! Smile

Laure PIQUEREAU

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Re: Marketing in the 21st Century

Post by Laure PIQUEREAU on Wed Dec 05, 2018 10:20 am

Today, I begin a new course: exploring educational leadership

First, the notion of leader is essential. Many writings have clarified his role or how to be a good leader, but over time, many theories have been developed.
Educational leadership is special. It was in the 1980s that the concept was born in the field of education.

To understand the notion of leader, it must be brought closer to authority and power. Stephen Lukes (1974) developed the theory of power. For him, power is explicit in decision-making, visible to one part of the community and invisible to another, and shapes perceptions and preferences in the media, for example.

Max Weber (1956), on the other hand, dissociated the notion of authority and power. For him, power is obtained and exercised by coercion while authority is exercised by consent.

For example, the power exercised by our societal structures reflects normative expectations. We can do some things and others we can't. If we deviate from what we are allowed to do, we will have to justify our actions. It is through the judicial and educational structures that this normative power is established.

Other researchers such as Foucault (1977) believe that power is played out in everyday life. For him, power is not held by a certain group of individuals and rejects the hierarchical conception. So, power would emerge from interactions and relationships between individual’s contexts. In this context, leadership exists because the group gives it the power and legitimacy to do so.

After having explained all the notions of power and authority, next week all the notions around educational leadership will be discussed.

Bye !

Laure PIQUEREAU

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Re: Marketing in the 21st Century

Post by Admin on Wed Dec 05, 2018 12:33 pm

This one could be very interesting. I'm sure to have views if some kind Smile
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