Mastering the Art of Marketing Strategy Frameworks: A Postgraduate Perspective

Introduction

In the ever-evolving landscape of business, robust marketing strategy frameworks are the linchpin that propels organisations towards success. As postgraduates delving into the intricacies of the corporate world, it becomes imperative to grasp the key aspects of marketing strategy that can make or break a brand. This comprehensive guide aims to explore the fundamental elements of marketing strategy, providing insights rooted in academic rigor and real-world applicability.

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1. Understanding the Essence of Marketing Strategy Frameworks

1.1 Defining Marketing Strategy: A Holistic Approach

In the intricate tapestry of business, marketing strategy stands as the overarching framework that shapes an organization’s path to success. To truly understand the essence of marketing strategy, we must delve into its multifaceted nature and the interconnected elements that contribute to its effectiveness.

Strategic Integration Across Business Functions: Marketing strategy isn’t an isolated function; it’s an integral part of the broader business strategy. This integration ensures that marketing efforts align seamlessly with overall organizational goals. From product development to sales and customer service, every facet of a business should harmonize to deliver a unified and compelling brand experience.

Balancing Short-Term Tactics with Long-Term Vision: While tactical maneuvers are essential for immediate gains, the essence of marketing strategy lies in its ability to balance short-term objectives with a long-term vision. It’s about cultivating sustained growth and resilience against market fluctuations. This requires a delicate interplay of agility and foresight, allowing organizations to navigate the present while positioning themselves strategically for the future.

1.2 The Evolution of Marketing Strategy: Navigating Change

Historical Perspectives: Understanding the essence of marketing strategy framework necessitates a journey through its historical evolution. Traditional marketing was often synonymous with outbound techniques, where businesses broadcasted their messages to a broad audience. Over time, this paradigm shifted towards more targeted and customer-centric approaches.

Adaptations in the Digital Era: In the contemporary landscape, the digital revolution has ushered in a new era of marketing. The advent of social media, data analytics, and e-commerce has transformed how businesses connect with consumers. Marketing strategy, once confined to print and broadcast media, now embraces a dynamic, interactive, and data-driven paradigm.

1.3 The Symbiotic Relationship with Business Objectives

Alignment with Organizational Goals: The essence of marketing strategy lies in its symbiotic relationship with overarching business objectives. For a strategy to be effective, it must not only enhance brand visibility but also contribute directly to revenue generation, market share expansion, or other key performance indicators set by the organization.

Measuring Impact and Adjusting Course: An effective marketing strategy is not static; it evolves in response to market dynamics. This requires robust measurement mechanisms and a commitment to continuous improvement. Key performance indicators (KPIs) serve as compass points, allowing organizations to assess the impact of their strategies and make data-driven adjustments as needed.

Marketing strategy frameworks guides organizations through the dynamic landscape of business. It’s a holistic approach that integrates seamlessly with broader business objectives, adapts to the evolving digital landscape, and maintains a delicate balance between short-term tactics and long-term vision.

As postgraduate students aspiring to navigate the complexities of marketing, comprehending the essence of marketing strategy provides a solid foundation for the subsequent explorations into market research, segmentation, targeting, and positioning strategies. In the following sections, we will unravel the intricacies of these foundational elements, shedding light on their significance in crafting successful marketing strategy frameworks .

2. Market Research: The Foundations of Strategic Decision-Making

2.1 The Role of Market Research

Unveiling Insights for Informed Decisions – Market research stands as the bedrock of strategic decision-making, offering a systematic approach to gathering, analyzing, and interpreting information about a market, its dynamics, and its participants. At its core, market research seeks to unveil insights that empower businesses to make informed and data-driven decisions.

Types of Market Research: Quantitative Research: Involves the collection and analysis of numerical data. Surveys, questionnaires, and statistical techniques quantify market trends, preferences, and behaviors. This provides a numerical foundation for decision-making. Qualitative Research: Focuses on understanding the underlying motivations, attitudes, and perceptions of individuals. Techniques such as interviews, focus groups, and observational studies delve into the nuances that quantitative data may not capture.

Market Analysis Frameworks: SWOT Analysis: Examining Strengths, Weaknesses, Opportunities, and Threats provides a comprehensive view of both internal and external factors that can influence strategic decisions. PESTLE Analysis: Evaluating Political, Economic, Social, Technological, Legal, and Environmental factors helps businesses anticipate changes in the broader environment.

2.2 Consumer Behaviour Analysis

Navigating the Psychology of Purchasing Decisions – Understanding consumer behavior is a cornerstone of effective market research. It involves delving into the psychological, social, and economic factors that influence individuals’ buying decisions. Key components include:

Motivation: What drives consumers to make a purchase? Uncovering the underlying motivations helps businesses tailor their marketing messages and offerings.

Perception: How do consumers perceive a brand or product? Perception shapes purchasing decisions, and market research helps identify and influence these perceptions.

Attitude and Beliefs: Consumer attitudes and beliefs impact brand loyalty. Through in-depth analysis, businesses can identify and leverage these factors to build stronger connections with their target audience.

2.3 Incorporating Behavioral Economics in Strategy Formulation

Nudging Consumer Behavior – The field of behavioral economics introduces the concept of nudging – subtle interventions that influence decision-making. By understanding cognitive biases, businesses can strategically design marketing interventions that guide consumers towards desired actions.

Anchoring: The first piece of information encountered often influences subsequent decisions. Pricing strategies, for example, can leverage anchoring to shape perceived value.

Loss Aversion: Consumers tend to weigh potential losses more heavily than gains. Crafting marketing messages that highlight the potential loss of not choosing a product or service can be a persuasive tactic.

Market research serves as the compass that guides strategic decision-making. It unveils the intricacies of markets, consumer behaviors, and competitive landscapes, providing businesses with the insights needed to navigate complex terrain. As postgraduate students, mastering the art of market research equips us with the foundational skills required for effective strategic planning. In the following sections, we will explore the strategies of segmentation, targeting, and positioning, examining how market research forms the basis for these crucial components of a comprehensive marketing strategy.

3. Segmentation, Targeting, Positioning (STP) Strategies

3.1 Segmentation

Segmentation involves dividing a heterogeneous market into smaller, more homogeneous groups based on specific characteristics. This allows businesses to tailor their marketing strategies to the unique needs and preferences of each segment. Key aspects include:

Demographic Segmentation: Dividing the market based on demographics such as age, gender, income, education, and family size. This provides a foundational understanding of consumer profiles.

Psychographic Segmentation: Considering lifestyle, values, attitudes, and interests helps create segments with shared psychographic traits, enabling more targeted messaging.

Behavioral Segmentation: Analyzing purchasing behavior, brand loyalty, product usage, and other behavioral factors aids in grouping consumers with similar buying patterns.

Benefits of Segmentation: Targeted Marketing: By understanding the distinct needs of each segment, businesses can create marketing campaigns that resonate specifically with those groups.

Resource Efficiency: Resources are allocated more efficiently when marketing efforts are directed towards specific segments rather than a broad, undifferentiated market.

3.2 Targeting

Precision in Audience Selection – Targeting involves selecting specific segments to focus marketing efforts on. It’s about identifying the most lucrative and receptive audience for a product or service. Key targeting strategies include:

Undifferentiated Targeting: Appealing to the entire market with a single strategy. This approach is suitable when the product has broad appeal and little variation in consumer preferences.

Differentiated Targeting: Tailoring marketing strategies for different segments. This allows businesses to capture a larger market share by addressing diverse needs.

Concentrated Targeting: Concentrating efforts on a single, well-defined segment. This strategy is beneficial for niche markets where a specialized product can meet unique needs.

3.3 Positioning

Crafting a Distinct Brand Image: Positioning is about creating a distinctive and appealing image for a product or brand in the minds of consumers. It involves shaping perceptions to highlight unique selling propositions. Key elements of positioning include:

Value Proposition: Clearly communicating the value a product or service brings to consumers. This goes beyond features to emphasize the benefits and solutions it provides.

Brand Differentiation: Identifying and promoting aspects that set the brand apart from competitors. Whether it’s quality, innovation, or customer service, differentiation builds a competitive edge.

Perceptual Mapping: Visualizing how consumers perceive brands relative to competitors helps in fine-tuning positioning strategies.

Consistency Across Touchpoints: Consistency is crucial in positioning. Whether through advertising, customer service, or product experience, the brand’s positioning should remain coherent. This builds trust and reinforces the desired image in consumers’ minds.

The Segmentation, Targeting, Positioning (STP) framework is a cornerstone of effective marketing strategy. It transforms market research insights into actionable plans, allowing businesses to connect with specific audience segments in meaningful ways. As postgraduate students delving into the nuances of marketing strategy, understanding the intricacies of STP provides a roadmap for crafting compelling and targeted campaigns. In the subsequent sections, we will explore the dynamics of digital marketing in the 21st century, elucidating how STP strategies adapt to the ever-evolving landscape of online consumer engagement.

4. Digital Marketing in the 21st Century

4.1 The Digital Transformation and Marketing Strategy Frameworks

Shifting paradigms in consumer engagement. The 21st century has witnessed a profound transformation in how businesses connect with consumers, largely driven by the rise of digital platforms. Digital marketing encompasses a spectrum of online channels, tools, and strategies that redefine the way brands communicate, engage, and build relationships with their audience. Key aspects include:

Omni-channel Presence: Consumers seamlessly move between various online platforms. Successful digital marketing requires a cohesive presence across channels such as social media, search engines, email, and websites.

Personalization: Leveraging data and analytics, digital marketing allows for highly personalized interactions. Tailoring content, recommendations, and offers based on individual preferences enhances user experience and engagement.

4.2 Content Marketing and SEO Integration

Content marketing is at the heart of digital strategies, focusing on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience. This involves:

Storytelling: Crafting narratives that resonate with the target audience builds emotional connections and enhances brand loyalty.

Multimedia Content: Embracing diverse content formats such as videos, infographics, and podcasts caters to varied consumer preferences.

The Art and Science of SEO Optimization: Search Engine Optimization (SEO) is instrumental in ensuring that digital content is discoverable by search engines, thereby reaching a wider audience. Key elements of SEO integration include:

Keyword Research: Identifying and incorporating relevant keywords enhances visibility in search engine results.

Quality Link Building: Building a network of high-quality backlinks improves domain authority and search rankings.

User Experience Optimization: Ensuring websites are mobile-friendly, have fast load times, and provide a seamless user experience contributes to higher search rankings.

Digital marketing in the 21st century is characterized by a dynamic interplay of technology, data, and consumer expectations. As postgraduate students exploring the nuances of marketing strategy, understanding the intricacies of digital marketing provides a lens into the evolving landscape of consumer engagement. In the upcoming sections, we will delve into the realm of social media strategies, exploring how businesses can harness the power of social platforms to amplify their brand presence, foster engagement, and navigate the intricacies of the digital age.

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Art of Marketing Strategy Frameworks — ***Art of Marketing Strategy Framework***s

5. Social Media Strategies for Brand Amplification

5.1 Harnessing the Power of Social Media

Building Communities and Fostering Engagement – In the digital era, social media has emerged as a dynamic and influential platform for brand communication. Social media strategies go beyond mere presence; they aim to build communities, foster engagement, and amplify brand messages. Key components include:

Content Variety: Diversifying content types – from visually appealing images and videos to informative infographics and thought-provoking articles – ensures a well-rounded and engaging social media presence.

Consistent Brand Voice: Establishing a consistent brand voice across social platforms contributes to brand recognition and fosters a sense of authenticity.

Two-Way Communication: Social media is inherently interactive. Encouraging dialogue, responding to comments, and actively engaging with the audience build a sense of community and trust.

5.2 Influencer Marketing

Navigating the Landscape of Influencer Partnerships. Influencer marketing has become a powerful strategy within social media, leveraging individuals with significant online followings to promote products or services. Key considerations in influencer marketing include:

Relevance and Authenticity: Aligning with influencers whose values and audience align with the brand ensures authenticity and credibility.

Micro-Influencers: Partnering with influencers with smaller but highly engaged audiences often leads to more meaningful connections and conversions.

Transparency and Disclosure: Maintaining transparency about influencer partnerships builds trust with the audience and adheres to ethical standards.

5.3 Crisis Management in the Social Media Era

Proactive Measures and Damage Control – While social media offers immense opportunities for brand amplification, it also poses challenges in the form of rapid information dissemination and potential crises. Effective crisis management on social media involves:

Proactive Monitoring: Constantly monitoring social media channels enables swift identification of potential issues before they escalate.

Transparent Communication: In the event of a crisis, transparent and timely communication is crucial. Addressing concerns openly and honestly helps rebuild trust.

Learning from Incidents: Post-crisis analysis provides valuable insights for refining social media strategies and preventing similar incidents in the future.

Social media strategies are integral to brand amplification in the digital age. As postgraduate students navigating the complexities of marketing strategy, understanding the dynamics of social media allows us to harness the power of online communities, influencers, and effective crisis management. In the following sections, we will explore the critical aspects of measuring success in marketing, diving into the realm of Key Performance Indicators (KPIs) and data-driven decision-making.

Measuring Success: Key Performance Indicators (KPIs)

6.1 Defining Relevant KPIs

Aligning Metrics with Business Goals – Effectively measuring the success of marketing strategies requires the definition and tracking of Key Performance Indicators (KPIs) that align with overarching business objectives. KPIs serve as quantifiable benchmarks, providing insights into the performance of various marketing initiatives. Key considerations include:

Business Objectives: Identifying the primary goals of marketing strategy frameworks – whether it’s increasing brand awareness, driving sales, or enhancing customer loyalty – informs the selection of relevant KPIs.

SMART Criteria: Ensuring that KPIs are Specific, Measurable, Achievable, Relevant, and Time-bound ensures clarity and effectiveness in evaluation.

6.2 Data-Driven Decision Making

Incorporating Analytics into the Decision-Making Process – The advent of advanced analytics tools has revolutionized the way businesses approach decision-making. In the context of marketing, leveraging data analytics is pivotal for making informed and strategic choices. Key components of data-driven decision-making include:

Data Collection and Analysis: Establishing robust data collection mechanisms and employing analytical tools help transform raw data into actionable insights.

Attribution Modeling: Understanding how various touchpoints contribute to conversions allows for more accurate attribution of success to specific marketing channels.

A/B Testing: Conducting controlled experiments with A/B testing provides empirical evidence on the effectiveness of different strategies, enabling refinement for optimal results.

6.3 Adapting Strategies Based on Performance Insights

Continuous Improvement Through Iterative Analysis – Measuring success is not a one-time task; it’s an ongoing process of evaluation, adjustment, and optimization. Constantly adapting strategies based on performance insights ensures agility and relevance. Key aspects include:

Regular Reporting: Establishing a regular reporting cadence allows for timely assessment of KPIs and performance against benchmarks.

Benchmarking Against Competitors: Comparing performance metrics with industry benchmarks and competitors provides context and identifies areas for improvement.

Iterative Testing: Embracing a culture of continuous improvement involves iteratively testing new ideas, analyzing results, and incorporating learnings into future strategies.

Measuring success in marketing is not merely about tracking numbers; it’s about deriving meaningful insights that inform strategic decisions. As postgraduate students immersed in the world of marketing strategy, understanding the intricacies of KPIs and data-driven decision-making empowers us to navigate the complexities of the digital landscape. In the final sections, we will delve into contemporary challenges faced by marketing professionals and explore emerging trends that shape the future of marketing strategy Frameworks.

7. Challenges and Future Trends in Marketing Strategy Frameworks

7.1 Contemporary Challenges

Adapting to Dynamic Market Conditions – The fast-paced nature of the business landscape introduces a set of challenges that marketers must navigate. Staying ahead in the face of these challenges requires strategic foresight and adaptability. Key contemporary challenges include:

Rapid Technological Advancements: The pace of technological evolution introduces both opportunities and challenges. Marketers must continually assess and adopt emerging technologies to stay relevant.

Consumer Empowerment: Empowered by information and choices, modern consumers demand personalized experiences, ethical practices, and transparency. Meeting these expectations poses a challenge for brands.

Navigating Ethical Considerations in Marketing – As consumers become more socially conscious, ethical considerations in marketing become increasingly important. Balancing business goals with ethical practices involves:

Authenticity and Transparency: Authenticity in messaging and transparent communication build trust. Ethical marketing practices involve truthfulness in advertising and fulfillment of promises.

Social Responsibility: Embracing corporate social responsibility (CSR) initiatives and sustainable practices aligns with consumer values and contributes to a positive brand image.

7.2 Future Trends in Marketing Strategy Frameworks

Artificial Intelligence and Automation – The integration of artificial intelligence (AI) and automation into marketing strategies is a defining trend. Key applications include:

Data Analysis and Personalization: AI enables advanced data analysis, allowing for more granular customer segmentation and personalized marketing strategies.

Chatbots and Virtual Assistants: Automated customer service through chatbots and virtual assistants enhances efficiency and provides instant support to consumers.

Sustainability as a Strategic Imperative
As environmental concerns take center stage, sustainability becomes a key consideration in marketing strategy. Trends in sustainable marketing include:

Green Marketing: Emphasizing environmentally friendly practices in products, packaging, and operations to appeal to eco-conscious consumers.

Ethical Sourcing: Communicating responsible sourcing of materials and fair labor practices in marketing messages.

In the dynamic landscape of marketing strategy, challenges and trends are intertwined. As postgraduate students aspiring to master the art of marketing, understanding and addressing contemporary challenges while staying attuned to future trends is imperative. Navigating technological shifts, meeting ethical expectations, and embracing sustainability are integral aspects of crafting strategies that resonate with both current and future consumers.

The journey from defining marketing strategy and understanding market research to navigating digital marketing, social media strategies, measuring success, and addressing challenges and trends provides a comprehensive framework for postgraduate students seeking to excel in the field of marketing strategy. As we look towards the future, the ability to adapt, innovate, and integrate ethical and sustainable practices will be crucial in shaping successful marketing strategies in an ever-evolving business landscape.

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By understanding these key aspects, postgraduate students and aspiring marketers can equip themselves with the knowledge and skills necessary to navigate the complexities of the ever-changing marketing strategy frameworks. If you enjoyed reading this post, I would be very grateful if you could help spread this knowledge by emailing this post to a friend, or sharing it on Twitter or Facebook. Thank you.

Consumerism Effect on Culture

Consumerism and its Effect on Culture

Consumerism is the human culture that encourages consumers to purchase and acquire products in a bid to keep the trade alive (Apecsadmin, 2016). In a society that operates by consumerism culture, there are more adverts and competitive prices that are aimed to make the consumers purchase more products and create existent demand. Currently, the resources’ consumption is alarming. “About 59% of the world’s resources are consumed by 10% of the population” (Greentumble Editorial Team, 2016). This culture comes with a range of pros and cons. It makes the community to perceive purchasing and acquisition of materials as happiness rather than satisfaction of needs. The members can easily judge their colleagues on their materials such as fashion and automotive.

As a result, there is increased unnecessary purchase by those who have which in turn increases pressure on the existing natural resources. The consumerism behavior is more rampant in the US and the United Arab Emirates. Research has shown that if everyone’s consumption scale was equivalent to that of an average American, we would require 4 planets to sustain our lifestyle (Greentumble Editorial Team, 2016). As per this research, the consumerism causes more cultural harms than benefits (Shah, 2005).

Consumerism causes destruction to the environment in the long run. The human population has insatiable cravings for resources which makes increases the pressure on the natural and man-made resources. Whether the required resources are natural or man-made, there is a direct or indirect impact on the world resources. In case of food products, they are mostly derived from farms and where they are manufactured; there is environmental degradation that results from disposal of industrial waste.

There is increased cultivation of land to satisfy the demands and in the process sustainable farming methods are not practiced since the aim of the farmers is to make profit. Farming is accompanied by expansion and land clearance which is achieved via deforestation therefor causing climate changes. Other farming practices like livestock and poultry farming has also been associated with environmental degradation which also have negative cultural effects (Shah, 2005).

Consumerism Demand

Since some plants are more demanded than others, those whose demand is high are cultivated in expense of others leading to loss of plants diversity. It also leads to cultivation of non-food crops such as sisal and flowers which are in demand and therefore hunger is the long run outcome. Another example is where these animals consume a lot of water and also cause pollution to the water sources.

Most interestingly is the finding that some of these animals are fed with more grains while some poor persons are starving in some part of the world.The poor lacks any otherwise than to believe that money brings happiness making them to be willing to do anything to acquire financial properties. There is communal disintegration and loss of unity where some animals are valued by their owners, more than fellow human beings (Shah, 2005).

The culture is also one of the leading causes of poverty. The gap between the rich and the poor is widening as time goes by. The population now perceives and judges their colleagues on their material possession which is very evident from the dressing to gadgets possession. There is this mindset that exists to those who ‘have’ that the poor can use the resources to be rich too.

However, this is not applicable as there is resources inequalities between different regions and individuals. The widening gap between the rich and poor is so wide that when the rich are disposing the leftovers some have nothing to eat. A saddening case is where some spend their cash on relatively useless products such as ice cream while others cannot afford a basic lunch. However, this is perceived to be normal particularly in the US (Shah, 2005).

Cultural effects are also a function of health issues, joblessness and rural-urban migration. Consumerism causes health problem to the poor due to malnutrition and to the rich due to over consumption. Over-consumption health issues are those related to obesity and dormant lifestyle. The rich have a tendency of eating at wish and driving right from their door-step to their different destination. As a result, they have high chances of contracting lifestyle diseases such as diabetes and heart diseases. The rate of joblessness may increase due to reduced compensation rates and increased workloads as the poor compete for these opportunities to make their ends meet.

There is also increased rural-urban migration as most people move to the urban places to try their luck. This causes labor imbalance in the rural areas where there are productive farms as most people travel to the urban area. Food shortage is the outcome and as the law of supply and demand indicates, food prices rise as a multiplier effect of consumerism (Shah, 2005). To neutralize this effect, the people have to have a means of buying and acquiring these foods for their survival.

The rich got some high purchasing powers and may displace the poor from their native land. The likely outcome is that the rich may not use the land on productive manner such as food production but instead build an expensive home causing food shortage. On the side of the minority, they will be forced to migrate to other unfavorable places such as near wildlife increasing the cases of human wildlife conflict (Shah, 2005).

Environmental degradation and cultural effects are also caused by mineral and fuel excavation. Consumerism causes increased demand on automotive and electronics. With the emergence of industrious countries such as China, there is increased excavation to meet the demand for metals. Research has indicated that the current generation has broken the past consumption. Sustainability calls for use of resources without compromising the ability of future generations to meet their needs.

It is however clear that with the current consumption rates, the future generations’ abilities to meet their future needs are compromised by the consumerism and capitalism culture. One of the fueling factors of this culture is that the developed countries are the ones advocating for sustainability and minimal use of resources. These efforts are seen as neocolonialism as these developed nations already used resources to develop their states but they want to regulate other states. Worse still is the case of European countries who amassed resources from other countries to attain their status (Shah, 2005).

Consumerism culture has also led to exporting pollution from the developed states to the developing countries. Excessive consumption has increased the pollution rates from industrial wastes. Regulations are in place to regulate pollution where the firms are required to develop more efficient ways of processing their products when their emission exceeds a certain limit. Instead of improving their systems, some firms are opting to move some of their manufacturing branches to the developing countries where there are fewer regulations and lower pollution impacts.

Due to this, the developing countries manage to maintain serene environment in the expense of poorer states in the name of foreign investment. The culture also promotes some inhumane activities such as exporting potentially dangerous materials to be recycled in the poorer states such as computer monitors. These activities are hazardous to the local community and may lead to health problems. However, these countries of origin do not care about these as they are not concerned by the needs of others (Shah, 2005).

Consumerism has also triggered social injustices revolving around poverty, land control and ownership. The ideology has increased desire for wealth which causes some sort of jealous. Individuals want to be rich while others are poor so that they can control them. They are willing to make money even via unethical means. For instance, instead of preventing a disease outbreak, some want it to occur so that they can supply medicine to the affected region and make money in their private healthcare facilities. In all these cases the developed nations’ population is to blame (Shah, 2005).

Consumerism and Purchase Power

The emergence of purchase driven economy has also presented a risk to the consumers. The marketer already know that the consumers are purchase driven and therefore they want to come up with affordable products. In the process they may compromise quality for example in the health sector. The low quality electronics may cause health problems or disasters such as fire while poor quality health services may cause drug resistant form of diseases or deaths (Logan, 2016). The ideology is also associated with moral implications. This occur where the population perceive money as the source of happiness while this is not the case always.

Money is good but may not buy sleep, good health among other valuables (Apecsadmin, 2016). Poor working environment and compensation scale may arise as company owners attempt to lower the prices of they products to attract a bigger market. “The culture undermines the social cohesion due to internalization of highly destructive values of replacing everything with money” (Logan, 2016).

The common trend with this ideology is based on human psychology and sociology studies. Human beings are insatiable in their desires and therefore it is believed that demand will exist in the presence of supply. “Consumers were acting unwisely that consumer behavior perhaps did not solve to advance their standards of living or more general goals was generally dismissed as paternalist” (Goodwin, Nelson and Ackerman, 2008).

The extreme desire of acquiring properties will cause the consumers to go against some doctrines such as that that requires people to avoid coveting in the Christianity religion. Covetousness a may encourage some criminal activities such as robbery and interfere with the existing cultures. As a result, the moral standards are eroded and decay and turmoil of families, neighborhoods and the society (Teshome, 2017).

With all the above mentioned cons of consumerism, it also has some few pros. When correctly implemented, it may cause the consumers to purchase more and this is an advantage to businesses. It may reduce the costs of living due to the drop of commodity prices in the market. The increased demand will also call for more manpower and this may leads to increased employment opportunities. For these pros to be realized, consumerism has to be managed as contrary may happen for example increase of workloads instead of employing more personnel (Apecsadmin, 2016).

In my opinion, consumerism is not a good idea as its cons exceeds its cons. It leads to perceiving money as the source of happiness. It has contributed to the widening gap between the rich and the poor. There is significant degradation of environment due to inappropriate consumption of use of resources. It has caused rural urban migration as people move to try their luck.

Researchers have clearly indicated that our consumption exceeds the historical records and should we continue in the same way, we’ll definitely compromise the ability of the future generations to meet their own need. The ideology has also increased the health issues from malnutrition and over consumption. It also causes unfair competition where the rich continues to rich while the poor continues to be poor.

The possession own money among other resources make the owners feel a kind of superiority and despises the less fortunate. The ideology causes corruption of morals as the desire for wealth exceeds and the poor attempt to look for alternative means of acquiring wealth. There is resources inequality between the developed and the developing countries. The developed countries takes advantage of their position to transfer their waste to the developing countries.

References

Apecsadmin. “6 Pros and Cons of Consumerism.” (2016). This articles has been written organization site’s admin. It covers the various pros and cons of consumerism though in brief and therefore facilitated writing of this paper.

Goodwin, Neva, et al. “Consumption and the Consumer Society.” (2008). This reference is relevant as it elaborates the relationship between consumption and the consumer society. It reveals the rationale behind different consumption patterns. The paper’s subject is also covered by this source and from the fact that it is an academic article, its information is reliable.

Logan, T. Collins. “What are the advantages and disadvantages of consumerism?” (2016). This reference is very brief but direct to the point. In this source source, you will find the pros of consumerism.

Shah, Anup. “Effects of Consumerism.” Glabal Issues (2005). This article by Shah is a scholarly article that is very wide in scope. For instance, it has been cited in most parts of this paper. It has provided solution to various dimensions of this paper.

Team, Greentumble Editorial. “The Negative Effects of Consumerism.” (2016). This reference by the Greentumble editors is very relevant. It has concentrated on the negative effects of consumerism supporting the paper’s thesis statement. Compared to the other sources, this particular source is focused to the main topic.

Teshome, Mengisteab. “Culture of Consumerism Effects and Society.” (2017). This article by the Ethiopian Government Press takes a new perspective on the subject matter. It has analyzed the effects of consumerism in the society and how it is being utilized by marketers.

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Marketing Budget Ethical Considerations

The Marketing Budget and Ethical Considerations

Marketing activities, like all other parts of starting up a fast-food restaurant, take money. However, unlike most other investments in a restaurant, restaurant marketing has several directions although the abundance of the choices leads to difficulties in planning a decent restaurant marketing budget with it main directed at ensuring the effectiveness of the enterprise through avoiding wasteful mistakes (Cannon, et al, 2014). Hence, planning for the marketing budget requires precise and wise marketing priorities since it should be 3% to 6% of the sales. This is a general rule that requires which is mostly regarded as guidelines for a good reason for marketing (Cannon, et al, 2014). In spite of this notion, successful and struggling restaurants spending under 3% of their sales are mostly related to under investment while those above 6% are desperate hence put their eggs in one basket. In this regard, the restaurant marketing budget will embrace the moderate value between 3% and 6%.

Secondly, the marketing activity will be undertaken in two phases on a monthly basis thus adhering to the rule of timely marketing. For example, the marketing business will spend less on marketing in offseason and more during the peak seasons (Cannon, et al, 2014). This because one cannot change winter into summer without a proper and a genius marketing idea. As earlier stated, marketing approaches will be made through advertising through various internet platforms such as social media as well as through promotion.

Other than marketing in the social media platform, the marketing department will establish a suitable location to promote the products and services effectively (Cannon, et al, 2014). For example, in learning institutions, social gathering such as weddings as well as other prospective locations with the ability to purchase the products. In this regard, marketing advertising on the website is estimated at $18,000 while the ordinary promotion is valued at $7,500. However, in order to examine the Return On investment (ROI) on each approach, a survey as well as web transactional data and traffic data in the internet assessment on its contribution and also administer task-completion rates in assessing promotion related marketing strategy.

Marketing Budget and Enterprise

Every business enterprise is subjected to promoting its products and services especially to the vulnerable populations who comprise of the economically, mentally, and physically challenged as well as minority, underage and the elderly residents (Biere, 2020). In this regard, the fast food joints will have special places for people with disability from the ordinary citizens to accommodate their conditions. Similarly, the restaurant’s products will strictly adhere to health nutrition value of the foods for the elderly and the minority through including special meals (Cannon, et al, 2014).

Lastly, the restaurants will organize special days to cater for the community development such as offering free meals to the orphanages during celebrations. In observing the Corporate Social Responsibility, the enterprise will employ qualified chefs from the locale will also be adhered to improve life conditions of the local community (Gil, 2019).

References

Biere, N. (2020). Branding on a Budget: Marketing in the Nonprofit Sector.

Cannon, J. N., Cannon, H. M., Friesen, D. P., & Feinstein, A. H. (2014). Would You Take a Marketing Man to a Quick Service Restaurant? Modeling Corporate Social Responsibility in a Food Service Menu-Management Simulation. Developments in Business Simulation and Experiential Learning, 38.

Gil, E. L. (2019). Introducing information literacy into a marketing budget class assignment: A case study. Journal of Business & Finance Librarianship, 24(1-2), 1-16.

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Science Marketing and Art Marketing

Science Marketing and Art Marketing: Marketing research and branding

Science Marketing and Art Marketing: Marketing research is the processes through which the marketing managers collect relevant information about their product and the customers. It also involves an evaluation of the necessary strategies required to develop the correct product that will capture the attention of the customer. It provides the basis for the development of the correct marketing mix and the correct style of marketing. Branding, on the other hand, is the process through which a business develops and creates a unique image and name for a product in the customer’s perspective.

Branding incorporates information marketing research to create a brand that is attractive and present in the customers’ mind. The information from marketing research is important as it presents the customer’s expectations. In other words, branding is the art through which the marketing management delivers the customer’s expectations. It is the means through which the marketing management showcases creativity and ability to meet the customers’ expectation. Combining the two strategies creates a mix of art and science that delivers the right product in the eyes of the customer.

Market research

Market research is the process through which managers gather important information about the product from the consumer. It is a science because it involves a combination of processes designed to gather information and knowledge. The science of market research is objective because it aims at gathering relevant information about the customers. Its main objective is to determine the viability of the product from the perspective of the customer. Market research is the process through which the company identifies the possible market and the customer base for the product. It involves understanding the needs of the customers and the means through which the company can modify the product to meet the customer’s expectation. Also, market research involves gathering the necessary information about the customers’ purchasing power and the ability to purchase the product. Through market research, the company can determine the best marketing mix that would help maximize revenue (Burns et al. 2014). Also, the company can use market research to gather information about preexisting segments in the market. Hence, market research is also useful in market segmentation and product differentiation.

Market research is an objective process that involves the identification of the desired market and the development of strategies for information gathering. The management must also analyze the data collected to extract useful information (Burns et al. 2014). It involves the collection of qualitative and quantitative data concerning the customers. The company can either correct the data directly or through existing research. Therefore, the company has to decide whether to use primary or secondary data sources. Primary data refers to the type of data that has not been used in prior research and that the company collects through primary data collection tools. Secondary data, on the other hand, refers to information gathered in a prior research.

The use of prior research implies that secondary data collection involves another entity. When a company chooses to use primary data collection methods, the management has to decide on the objective of the research. The management can decide to collect answers to previously identified issues. Therefore, the management identifies areas of concerns and seeks to collect answers to the questions through market research. The management may also choose to identify new issues in the market. Using this route, the management seeks to collect an array of questions that the customers would like answers to. Whether the company chooses secondary or primary data, the main purpose of market research remains the same, the company seeks to fulfill a certain set of objectives.

Market research is mostly applicable or put into use when an organization seeks to venture into a new market. It is also necessary when the company seeks to rejuvenate its market competitiveness or brand position. Organizations may also opt to identify the characteristics and needs of a special group in its marker. Researching the market may also be necessary when the company seeks to introduce a new product in its existing market (Burns et al. 2014).

Based on the reason behind market research, every form of research will have different objectives and strategies for obtaining the required set of information. For example, a company seeking to venture into a new market has to conduct an investigation of the current interest for the product in the new market. In other words, the organization must collect information to justify the viability of the new product in the target market. Based on the outcome of the research and information gathered, the management can then decide on whether to actualize the plan. If the company establishes that the customers have a viable interest in the product, the move to invest in the new market becomes feasible. However, interest alone is not enough to make a decision to venture into the new market. The organization also has to investigate the price viability and customers’ ability to purchase the product. Hence, the management must develop a strategy that answers all the necessary questions

Branding

Branding is the means through which the management answers to the expectations of the customer by providing the product in a manner that the customers are likely to accept. It involves positioning the product in the mind of the customer and presenting the product in a likable manner. It is an art because it involves the use of knowledge and skills to develop a product. The art of developing a brand is subjective to the information gathered and the need to present a final product that meets the customer’s needs and expectations. Branding involves the development of the product and means to position the product in the minds of the customers (Latif et al., 2014). Therefore, the art of branding involves the physical aspect of designing and developing the brand in form of the product appearance and composition. The physical aspect of branding involves the development of an attractive and memorable product. The physical aspect of branding involves creatively designing the aspects of the company that relates directly to the customer. One is the physical appearance of the product. A good example of vigorous branding is the Fanta brand of Coca-Cola that continuously changes shape and appearance to capture the customers’ attention.

Similarly, physical branding involves the development of the company’s logo in a unique and appealing manner. The logo is the main identifier for any given organization. Its uniqueness determines the company’s ability to position itself in the market (Latif et al., 2014). Therefore, the company must design the logo uniquely and outstandingly. It also involves the development of a company slogan. The slogan must reflect the values of the company and appear in a manner that keeps it viable in the eyes of the customers. Like the logo, the slogan will most likely be visible to the customers at all times. Hence, the slogan must stand out in the market. Most companies identify by the brand. A well-established brand often appears to be similar to the company. Most customers consider the brand to be the same as the company (Latif et al., 2014). Even for companies that have a brand name different from the company name, customers often confuse the company with the brand.

The art of branding involves several aspects that define the company’s position in the market. Brand positioning is particularly important in marketing (Latif et al., 2014). It involves the setting up the brand in a manner that is noticeable and memorable. The brand position is a marketing strategy that is directed at creating a unique appearance to the customers. Other than the design of the logo and the slogan, positioning the brand may also include printing the brand name, logo, and slogan on the company products. The art of positioning has evolved to include online presence and ease of accessibility of information in social media and on the internet. The company can also improve the position of the brand by carefully placing the logo or the slogan in the customers’ daily activities. The Coca-Cola Company is usually very active in brand positioning. For example, the share a coke market campaign positions the company logo and slogan at the heart of summer celebrations. The company also uses promotional campaigns to position the brand in sports and other activities to keep the brand in the customer’s minds.

Science Marketing and Art Marketing

Marketing requires a combination of science and art to achieve its objectives. The application of scientific strategies in marketing allows marketing managers to collect sufficient data. It allows managers to track marketing expenditure and effectiveness. According to Gross (2017), the ease of data collection and marketing research through digital marketing enables the success of marketing strategies. Such a scenario indicates the importance of data collection and market research. According to Gross (2017), the integration between science and art in marketing guarantees the success of any marketing campaign. The organization must find a balance between the art and science of marketing in order to achieve the objectives set. Strategic marketing management is the simply the development of strategies that combine the art and science in marketing. It involves developing the necessary skills and techniques that enable the company to achieve its marketing objectives.

Therefore, market research and branding are simple methods of defining a multifaceted and complex science and art marketing. The discipline involves developing a synergy between the science in market research and the art in branding. The data collected in market research is helping the company to design and develop a unique and lasting market brand. Other marketing strategies whether art or science come into play to make the processes successful. For example, marketing managers can employ strategic marketing to develop strategies for the implementation of research and branding. Similarly, the marketing managers can employ product design in branding as described above to position the brand on the products. By combining marketing science and art, marketing managers develop strategies to achieve marketing objectives. Therefore, the two forms of marketing must work together for the betterment of the marketing department.

References

Burns, A. C., Bush, R. F., & Sinha, N. (2014). Marketing research (Vol. 7). Harlow: Pearson.

Gross, J. (2017). Marketing: The Convergence of Art and Science. Forbes. December 1. 2017.

Latif, W., B. Islam, A. & Mdnoor, I. (2014). Building Brand Awareness in the Modern Marketing Environment: A Conceptual Model.

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Audi Global Marketing Communication

Title: Audi Global Marketing and Communication Strategy. Audi is an automobile manufacturer based in Germany that distributes, markets, produces, engineers, and designs luxurious vehicles. The manufacturer was founded in Ingolstadt, Bavaria, Germany and is part of the Volkswagen Group. Throughout the globe, vehicles that are Audi-branded are manufactured in nine production facilities. The organisation’s origin dates back to the early 20^th-century when engineer August Horch teamed with two other manufacturers in 1932 to form Auto Union. The mid-20^th century (the 1960s) saw the commencement of the modern day Audi when Volkswagen acquired Auto Union from Daimler-Benz (Audi, 2019). The Audi brand was relaunched in 1965 by introducing the Audi F103 series to the market. After the relaunch, Volkswagen decided to merge NSU Motorenwerke with Auto Union in 1969 to form the modern day structure of the organisation.

The organisation’s name is a German translation of founder’s surname – Horch. The Audi logo has four rings that signify each of the four automobile manufacturers who merged to establish the organisation’s predecessor, Auto Union. The company’s slogan “Advancement through Technology” implies that the organisation uses the latest technology to manufacture its car (Audi, 2019). In the United States, the organisation’s slogan was “Truth in Engineering” up to the year 2016 from the year 2007. Together with the Mercedes-Benz and the BMW, Audi is among the world’s most sold luxurious automobile brand. The key intent of this report is to look into the global, local and glocal strategies of Audi with regard to price and distribution; additionally, the report will select and discuss the primary target market of the organisation.

Audi marketing mix

Due to the element of globalisation, the concept of marketing has evolved immensely over time, and if companies are not able to keep up with the dynamism, they risk being overtaken by their competitors. One of the major dynamics in the marketing concept evolution is the Marketing Mix strategy that an organisation chooses to adopt (Svend, 2017). Audi being a major player in the automobile industry has managed to keep up with the dynamics in marketing by adopting different strategies in the local, international, and glocal market. It is vital to note that as Audi customers look for relevant and consistent experiences in the organisation’s products whenever and wherever they interact with them, the company is under pressure to find creative and innovative methods of marketing. Additionally, these marketing strategies are supposed to remain relevant locally while they maintain a sense of consistency in owning a global brand.

Glocal pricing and distribution at Audi

Audi recognises the fact that the digital marketing landscape is being taken over by glocalisation. As a result, the organisation has undertaken the initiative of strengthening the global brand of its products with a customised approach and flavour for the global market. However, the organisation faces a major challenge of ensuring that the global marketing campaigns of the organisation are in sync with the tastes and preferences of the local audience (Awan, 2014). In setting the prices for its products and choosing the distribution strategies as relates to glocalisation, the organisation acknowledges the fact that the major customer priorities with regards to these aspects differ from one market to another. Therefore, it is critical that these priorities are taken into consideration to establish an effective pricing and distribution strategy in the glocal market. To effectively penetrate the glocal market, Audi has incorporated hyperlocal and social geo-targeting in its overall marketing strategy.

In employing social geo-targeting in its pricing and distribution strategy, Audi can develop a deeper engagement with its customers, and it can get speedy feedback on its services, releases, and ideas. Through hyperlocal geo-targeting, the organisation can use the most recent mapping and communication technology to deliver the relevant content to their clients across the world. Therefore, this form of geo-targeting has opened up a new world for the organisation’s product pricing and distribution strategies. To ensure that the company’s brand identity is relevant while making certain of the effectiveness and relevance of the local campaigns, the organisation assesses its brand from the customer’s viewpoint, (Feurer, Schuhmacher & Kuester, 2018). This helps in ascertaining whether the company cars and other automobiles are in sync with the local demands. When the brand identity does not resonate with the local demands, the organisation takes the initiative to incorporate these demands in the local brand identity.

In ensuring that the glocal pricing distribution strategy of the organisation is successful, their staffs, working in both the local and the international sphere, has created a close association with the customers and the vision of the brand (Hinterhuber, 2017). The senior leadership of Audi is elevated within the automobile industry, and they are recognised as the face of the brand. Additionally, the staff of the organisation ensures that the local communities get the global concept of the demand, hence, making sure that they recognise with it. This way, Audi creates essential relationships with major local markets in the industry. The Audi brand has done a tremendous job in synching its global brand with local demands by using local ambassadors, sponsorships, and local partners.

Global pricing and distribution

In the global market, Audi cars are considered luxurious by all of its clients. Hence, in cashing its brand in the international market, the organisation uses the premium price strategy. Note that the automobile industry is quite competitive with Audi getting major competition from brands such as BMW and Mercedes-Benz (Sonderegger, 2011). Therefore, the pricing in the company’s marketing mix strategy is majorly founded on the competitive pricing of other manufacturers of premium cars. The company has high brand equity, and all its showrooms are filled with a variety of high-quality automobiles.

To enable customers to buy their products with ease, the organisation has a global and innovative financing option referred to as Audi Finance. Here, the clients pay for the cars using debt financing but at a cheaper rate. Additionally, the organisation has optional pricing strategies whereby its existing clients in the international market can purchase car accessories such as navigation and sound systems, and Audi Bang separately. Note that, the global prices of the organisation are also depended on the economic conditions of a particular country and geographic locations of certain markets.

In understanding the distribution and placement strategy of the organisation, it is vital to note that Audi is one of the largest automobile brands that provide luxurious cars in the world. Although the headquarters of the organisation are in Germany, its production facilities are situated in nine places across the globe. In distributing its products, the organisation explores other markets that have not been discovered by other major players to increase its customer base. As a result, the organisation has made major investments in countries such as India and its market presence in Asia has grown exponentially over time.

The brand’s presence has been established and maintained by putting up an exclusive dealership network and centres that provide after sale services (Steenkamp, 2017). The distribution channel used by Audi in the international market involves producers who supply to distributors who sell to wholesalers than to dealers and finally to the customer. Since the organisation is driven by the urge to satisfy the requirements of the customers, its production proves uses the latest forms of technology. The global vision of the organisation is to become the most successful premium brand.

Local pricing and distribution

In the UK a new Audi A1 costs roughly 14,000 GBP whereas the same car costs 19lac rupees in India; this indicates that the local pricing strategy employed by Audi is the skimming price strategy. Although the price is high, it is justified by the quality of the cars manufactured and the organisation’s brand image. This pricing strategy in local markets is particularly important for effective brand positioning of Audi (Svend, 2017). The reputation of the organisation is good in the international market, and it is reflected on by the number of cars that are produced annually. However, in recent years, the company has experienced poor performance in some local markets, and this is majorly attributed to the increase in rates of foreign exchange.

The local distribution strategy of the organisation is to establish dealerships in various locations. Taking the case of India, Audi has twenty-eight dealerships in eleven states, and this has increased its sales exponentially over the years (Talke, Müller, & Wieringa, 2017). For instance, there was an increase in sales by 81% in 2014 in comparison to 2013. By establishing connections with local dealers, the organisation can push its brand to local customers, and this has enabled it to achieve some of the set long-term objectives.

Audi Target Market

Of the four common bases of market segmentation, Audi utilises three of them, and they include psychographic, demographic, and geographic segmentation. In geographic segmentation, the organisation’s decisions are based on which cars to sell and in which location (Xia, Xiao & Zhang, 2012). For instance, the organisation’s market research shows that Canadians drive larger cars as compared to Europeans. Thus, the cars sold in Europe are smaller in size as compared to those sold in Canada. With regards to countries like India, the organisation geographically segments the market into urban and rural areas. People in rural areas are more likely to purchase the Audi A3 model more than the new Audi A8.

With regards to demographics, the organisation segments its market into age, gender and income. With regards to age, the younger generation is more likely to buy the Audi A8 because it is flashy while the older generation gives little concern to the make or level of technology used in manufacturing the car.

By gender, some Audi models are more preferred by either gender because of their make or design. Income is a major determinant of whether one can afford an Audi car or not due to its prices that are considered to be high; therefore, the organisation has taken the initiative to produce cars for various individuals of different income classes (Xia, Xiao & Zhang, 2012). Finally, psychographic segmentation groups buyers according to personality traits, lifestyle and social status. As an organisation, Audi acknowledges the impact of these aspects on the purchasing decisions that are made by individuals. Since the organisation is famed for making luxurious cars, the major target market based on psychographic segmentation is the upper middle class to high-class individuals.

Conclusion

This report aimed to look into the global, local and glocal strategies of Audi with regard to price and distribution. Also, the report intended to select and discuss the primary target market of the organisation. From the essay, it has been established that Audi was founded in Ingolstadt, Bavaria, Germany and is part of the Volkswagen Group and its slogan is “Advancement through Technology.” Being a major player in the automobile industry, Audi has managed to keep up with the dynamics in marketing by adopting different strategies in the local, international, and glocal market. To effectively penetrate the glocal market, Audi has incorporated hyperlocal and social geo-targeting in its overall marketing strategy.

In the global market, the organisation uses the premium price strategy to keep up to speed with the competitive pricing set by its key competitors. The distribution strategy of the organisation in the global market involves producers who supply to distributors who sell to wholesalers than to dealers and finally to the customer. In the local markets, the organisation uses the price skimming strategy. This strategy helps the organisation in growing and establishing its brand in the market. Locally, the organisation distributes its cars by establishing dealerships in various locations. Finally, with regards to target marketing, the organisation segments its market into psychographic, demographic, and geographic groups.

References

Audi. (2019). About Us.

Awan, M. (2014). International Market Segmentation: Exploring automobile Market of Young Adults. International Journal Of Trade, Economics And Finance, 5(2), 151-154.

Feurer, S., Schuhmacher, M., & Kuester, S. (2018). How Pricing Teams Develop Effective Pricing Strategies for New Products. Journal Of Product Innovation Management. http://dx.doi.org/10.1111/jpim.12444

Hinterhuber, A. (2017). Implementing pricing strategies. Journal Of Revenue And Pricing Management, 17(1), 1-2.

Sonderegger, S. (2011). Market Segmentation with Nonlinear Pricing*. The Journal Of Industrial Economics, 59(1), 38-62.

Steenkamp, J. B. (2017). Global Brand Equity. In Global Brand Strategy (pp. 243-273). Palgrave Macmillan, London.

Svend, H. (2017). Global Marketing. England: Pearson Education M.U.A..

Talke, K., Müller, S., & Wieringa, J. E. (2017). A matter of perspective: Design newness and its performance effects. International Journal of Research in Marketing, 34(2), 399-413.

Xia, Y., Xiao, T., & Zhang, G. (2012). Distribution Channel Strategies for a Manufacturer with Complementary Products. Decision Sciences, 44(1), 39-56.

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