What is marketing
What is marketing?
The inappropriate presumption about marketing is that it consists of advertising or selling only (Pride, Ferrell, Lukas, Schembri, & Niininen, 2012). This can be traced back to the fact that, publicity and “PR” are the most publicized facets of marketing (Belch & Belch, 2012). Marketing can be better understood as the communication channel linking a product or service to the targeted customers. The prime objective of marketing is to identify the customer’s needs, and how the product or service can meet them (Lee, 2013, p. 169).
Marketing has become an indispensable part of any contemporary business (Maheshwari, 1997, p. 268). Modern marketing is an entirely different beast from traditional marketing. Contemporary marketing strategies consist of: revenue generation, marketing plan, strategic partnership, metrics to benchmark performance, comprehensive market database, website and mobile app, strategic positioning, tactics to funnel leads, production in large volumes and publicity before final delivery, leverage all forms of technology (McDuffee, 2014). Kotler et al (2008), in his book Principles of Marketing referred to promotion, price, product, and place as the key components of the “market mix” (Kotler & Armstrong, 2014). Kotler’s approach is traditional and fairly applicable for the basic strategies of most modern businesses, but fails to incorporate arising phenomenon, such as Apple’s “Cult Branding” (Schneiders, 2011).
Contemporary Marketing strategies are rapidly metamorphosing (Sinha & Foscht, 2006). The key to successful marketing strategy in today’s world is Reverse Psychology. Brands such as Apple epitomize this strategy, and insist its followers to look down upon people with any other product (Cult of Apple, 2014). The customer is spoon fed via media and information technology to enthrall a devoted line of clients (not customers), who will come back again and again irrespective of the product (Frugal Entrepreneur, 2011). The focus
The inappropriate presumption about marketing is that it consists of advertising or selling only (Pride, Ferrell, Lukas, Schembri, & Niininen, 2012). This can be traced back to the fact that, publicity and “PR” are the most publicized facets of marketing (Belch & Belch, 2012). Marketing can be better understood as the communication channel linking a product or service to the targeted customers. The prime objective of marketing is to identify the customer’s needs, and how the product or service can meet them (Lee, 2013, p. 169).
Marketing has become an indispensable part of any contemporary business (Maheshwari, 1997, p. 268). Modern marketing is an entirely different beast from traditional marketing. Contemporary marketing strategies consist of: revenue generation, marketing plan, strategic partnership, metrics to benchmark performance, comprehensive market database, website and mobile app, strategic positioning, tactics to funnel leads, production in large volumes and publicity before final delivery, leverage all forms of technology (McDuffee, 2014). Kotler et al (2008), in his book Principles of Marketing referred to promotion, price, product, and place as the key components of the “market mix” (Kotler & Armstrong, 2014). Kotler’s approach is traditional and fairly applicable for the basic strategies of most modern businesses, but fails to incorporate arising phenomenon, such as Apple’s “Cult Branding” (Schneiders, 2011).
Contemporary Marketing strategies are rapidly metamorphosing (Sinha & Foscht, 2006). The key to successful marketing strategy in today’s world is Reverse Psychology. Brands such as Apple epitomize this strategy, and insist its followers to look down upon people with any other product (Cult of Apple, 2014). The customer is spoon fed via media and information technology to enthrall a devoted line of clients (not customers), who will come back again and again irrespective of the product (Frugal Entrepreneur, 2011). The focus
Bibliography: Belch, G. E., & Belch, M. A. (2012). Advertising and Promotion : An Integrated Marketing Communications Perspective (9th Edition ed.). New York: McGraw-Hill Irwin. Cult of Apple. (2014, October 6). Cult of Apple. Retrieved November 26, 2014, from uncyclopedia.wikia.com: http://uncyclopedia.wikia.com/wiki/Cult_of_Apple Frugal Entrepreneur. (2011, July). frugalentrepreneur.com. Retrieved November 26, 2014, from Attention! Spoon-Fed Marketing is Around the Corner… And How it May Backfire: http://frugalentrepreneur.com/2011/06/attention-spoon-fed-marketing-is-around-the-corner-and-how-it-may-backfire/ Kotler, P., & Armstrong, G. (2014). Principles of marketing (15th Edition ed.). Boston, United States of America: Pearson. Lee, D. (2013, May 16). What is Marketing? Public Services Quarterly , 169-171. Maheshwari, P. R. (1997). Principles of Business Studies. India: Pitambar Publishing. McDuffee, B. E. (2014). knowledgemktg.com. Retrieved November 26, 2014, from Knowledge Marketing for Industry: http://s3.amazonaws.com/ppt-download/the6essentialcomponentsofmm2-131206151011-phpapp02.pptx?response-content-disposition=attachment&Signature=PDS%2Fi0jsnJGIGyqfwIireFzSNx0%3D&Expires=1417006573&AWSAccessKeyId=AKIAI6DXMWX6TBWAHQCQ Pride, W. M., Ferrell, O. C., Lukas, B. A., Schembri, S., & Niininen, O. (2012). Marketing Principles (Asia Pacific Edition ed.). South Melbourne, Victoria, Australia: Cengage. Schneiders, S. (2011). Apple 's Secret Of Success - Traditional Marketing Vs. Cult Marketing. Hamburg, Germany: Diplomica Verlag. Sinha, I., & Foscht, T. (2006). Reverse Psychology Marketing: The Death of Traditional Marketing and the rise of the new "Pull" Game. Palgrave Macmillan.