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New perspectives on marketing1

Date post:17-Dec-2014
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  • 1. New Perspectives on Marketing Paul Puggioni

2. Marketing The management process responsible for identifying , anticipating and satisfying customer requirements profitably Philip Kotler defines marketing as: Satisfying needs and wants through an exchange process P.Tailor: Marketing is not about providing products or services it is essentially about providing changing benefits to the changing needs and demands of the customer These needs are changing faster now than ever before. D. Aaker & E. Joachimsthsler in Brand Leadership claim that the classic brand management system in marketing is out-dated and needs to be replaced by what they call the brand leadership paradigm. 3. Marketers embrace new approaches and philosophies As a result of changes around the world in: Economic conditions, Technology, Political-legal developments, Sociocultural and Competitive environments Kotler identifies 5 forces for these changes in marketing: Digitalization and connectivity Disintermediation and reintermediation Customization and Customerization Industry convergence New customer and company capabilities 4. The Science of Branding according to Hill & Rifkin: 1. The CEO must own the marketing function 2. Keep the marketing department small 3. Get out of the office & meet customers face-to-face 4. Use market research cautiously 5. Hire only passionate missionaries 6. Love and respect your customers 7. Create a community of consumers 8. Rethink the marketing mix 9. Celebrate uncommon sense 10. Be true to the brand. 5. Types of Modern Marketing Experiential Marketing Companies demonstrate the benefits of their products they must create & sell consumers an enjoyable experience (BMW) One-to-One Marketing Relationship marketing adds value by providing companies with feedback directly from consumers. It treats customers uniquely, by remembering specific dates or requests for customers. (AVON) Permission Marketing Is where consumers opt-in to receive messages from a company. It is more effective than interruption marketing (TV or Newspaper adds) because consumers are accustomed to them and it helps to develop closer relationships with customers in the long-term. 6. On Friday one customer commented on the Target Facebook page. She wrote: ''Dear Target, Could you possibly make a range of clothing for girls 7-14 years that doesn't make them look like tramps You have lost me as a customer when buying apparel for my daughter as I don't want her thinking shorts up her backside are the norm or fashionable.'' Target's Facebook page was flooded, the post received more than 44,000 likes with 2500 comments complaining its clothing line for is "age-inappropriate" and designed for "little hookers Target removed the post but it was not enough to stop thousands of angry parents calling on Target to stop selling children's clothing that makes young girls look like "tramps". Target spokeswoman Lynn Semjaniv told the Punch: Target is carefully meeting a need . Targets childrenswear team incorporates an in-house design function who identify the latest fashion trends from around the world. We use contemporary trend forecasting to identify the latest clothing styles, fits and colours for our range. We also take into consideration the success of ranges from previous seasons that have worked well. Over the past nine months, we have introduced customer feedback into product development and invite customers in various ways to touch, feel and share their suggestions on our products before they are approved for sale in our stores. It is important to us that customers have a wide variety of choice when it comes to selecting products for their children. 7. Implications of New Marketing Approaches From a Brand perspective Experienital Marketing, One-to-One Marketing & Permission Marketing assist in building brand equity and consumer to brand bonds. Traditional marketing approaches like product, price, place & promotion do not completely meet these new marketing methods, because consumers are more restricted in their purchasing power, location and time. (savvy consumers) These new marketing approaches are changing how companies devise products, pricing, distribution strategies, and remain attentive to customers needs. THE END

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