Q1: What changes for the role of marketing in society when a global distribution channels?
The American Marketing Association (AMA) states that “marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
The physical distribution channels are a key component of the marketing mix that helps the final product reach its consumers, through channels that reach the customers and entice them to buy the product.
In an example of a crisis like COVID-19, countries have placed bans on imports, exports, orders remain unfulfilled there are global shortages and panic buying; all indications of a broken system
Distribution Channels play an important role in the successful distribution and marketing of products. The rapidly growing markets and increasing complexities of distribution have increased the demand and requirement of the distribution channels.
Hence in a time where there is a breakdown I believe that the marketing department needs to rapidly adapt its strategies. The actual promotional component of marketing receives greater attention as firms will now try to retain their customers and keep them engaged in unique ways until they can physically access their products.
E commerce is adapted as firms use online platforms to create engagement and product familiarity.
Hence overall a lot changes for marketing overall. To successfully implement global marketing strategies, brands must ensure their promotional campaigns take into account how consumer behaviour is shaped by internal conditions and external influences.
(change wording) These factors are social, cultural, political, legal, competitive, economic, and even technological in nature. Ultimately, at the global marketing level, a company trying to speak with one voice is faced with many challenges when creating a worldwide marketing plan. Unless a company holds the same position against its competition in all markets (market leader, low cost, etc.), it is impossible to launch identical marketing plans worldwide. Thus, global companies must be nimble enough to adapt to changing local market trends, tastes, and needs.
Q2: With direct distribution channels through home delivery, and an increased time spent working from home, what type of new market segment can you identify emerging as a result of social distancing and self-isolation arrangements brought about by the COVID-19 pandemic?
Covid 19 has altered consumer buying patterns and purchasing habits. In such a time an emerging segment is the socially isolated individual, largely defined by his/her online presence and footprint instead of traditional metrics and demographics such as location or education levels.
As long as our segment has access to a computer and in internet connection, he is as connected as one can be in this pandemic.
So, it might look like firms cannot do much to help promote their businesses. However, this is completely wrong. Ecommerce plays a key role to pick up on changing consumer behaviour and engage with them, virtually in new ways. Customer relationship management and is an important component that would allow isolated customers to be involved with the product.
Real time data can be harnessed to remain relevant, this includes web tracking software’s and search engine marketing, it would be useful for firms to invest in digitization and start identifying their customers based on online tracking and shopping habits
The Attention Interest Desire Action(AIDA) model can be used to understand the steps a consumer takes before making a purchase. (EXPAND ON THE MODEL HERE)
This is where using web based strategies to address our new segment can prove helpful.
Q3: There are four elements of the marketing mix, and each element interweaves and overlaps with the other three components. With this in mind, for you as a marketing student, which of the four would you adjust first if you needed to make a major change in your marketing strategy? What ripple effect does this mix element have on the other three components?
A marketing mix is the set of marketing tools that a business uses to sell products or services to its target customers. They can be categorised into product, price, place and promotion. These decisions help a business develop its strengths limit its weaknesses, become more competitive.
Hence, I believe that the product is the most important component of the marketing mix the product as It is the very thing being sold. Additionally, the remainder components i.e., price, place and promotion are largely based upon the product itself. The product helps decide the channels used along with other marketing strategies.
The product life cycle is the stages a product goes through during its life. The very characteristics and demand of a product change and fluctuate through its life cycle. In accordance with the lifecycle fluctuations the product mix changes. Hence in the case of a marketing strategy change, it is best to work back a revaluate the product itself and then use the mix to plan from it.
In addition, the product component has multiple elements linked to the remaining marketing mix; design, product quality and branding need to be considered. Branding is also used to create cognitive shortcuts. These shortcuts, can only be designed if the product component is altered first. Designing a cognitive shortcut off the new product then helps transition smoothly to related questions arising including, where will these shortcuts be places? Near checkouts? Inside aisles? Who will be the target audience? Etc.
Altering the product would also mean altering packaging and hence involve shipping methods and logistical elements.
Hence the product proves to be the most important component to be adjusted first in times of a strategic change.
Q4: How do tools like marketing research, philosophies such as market orientation, and research domains such as consumer behaviour, enable marketing to provide businesses with a way to address the competing needs of their markets and their stakeholders?
- Help address overall issues
- Help do stakeholder research to identify their needs
- Market orientation is the focusing of delivering products that help the provide and fulfil the needs of the target audience in consideration. (add definition)
- Market research is a necessary component for successful decision making. (Add definition)
- The MR process is composed of five parts.
- (give examples, this will use up 50-100 words)
- Consumer buying refers to the buying habits of final consumers. (add definition)
- The behaviours is influenced by a variety of factors like social, cultural and psychological factors that impact a customer.
- (give example) 50-100 words
- Through analysing decision making patterns marketers can identify emerging markets, find gaps and work quickly to fill them. Funding can be allotted accordingly. a fully involved process with all departments will allow the company to achieve better success in the market