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Changes in Marketing
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Discusses changes over the last quarter century in the "4 P's" that make up the marketing mix: product, price, placement, & promotion.... More...
6 Pages / 1350 Words
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Paper Abstract:
Discusses changes over the last quarter century in the "4 P's" that make up the marketing mix: product, price, placement, & promotion.

Paper Introduction:
The dimensions of marketing that are given particular attention are product, price, placement, and promotion. This marketing mix serves to guide the thinking of the marketer, to channel energies into specific areas, and to address the needs and wants of the consumer. Today, we live in a customer-driven economy, and satisfying customer needs is the means to success. The marketing concept has changed over the years in response to shifts in the consumer base and in other economic factors. The marketing concept was first developed in the 1950s at a time of consumer growth after World War II, and at that time manufacturers were poised to dominate packaged goods industries. The emergence of the mass middleclass market with relatively homogeneous tastes and lifestyle aspirations served as an additional incentive for manuf

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* Worldwide shortening of product lifecycles was accompanied by massive growth in retail power, especially in Europe.Management that did not appreciate these factors produced higher operatingcosts and tended to reduce the effectiveness of the business systemoverall. A recent book on multicultural marketing refers to the story ofMadam C.J. Emotions rule; motives are unclear (Brookes and Stodin, 24).Some companies can be identified as market-oriented, and such a companysystematically commits its entire culture to the ongoing creation of valueto the customer. "Race to the Bottom Line: Multicultural Marketing Makes Its Mark." Black Issues In Higher Education (August 24, 1995), PG. "The New Service Relationship." Canadian Business Review (March 22, 1995), 24-27.Cappelli, Peter and Anne Crocker-Hefter. The marketing mix begins with the product--if you have a good product,this will serve the needs of the customer and make marketing easier. Vendors need to understand this mix just as do retailers. A market-oriented culture is based on three maincomponents: customer orientation, competitor focus, and the cross-functional team (Sellers and Furth 2 1). This marketing mix serves toguide the thinking of the marketer, to channel energies into specificareas, and to address the needs and wants of the consumer. Today, we live in a customer-driven economy, and satisfying customerneeds is the means to success. The marketing concept has changed over theyears in response to shifts in the consumer base and in other economicfactors. Placement is another important element. "Distinctive Human Resources Are Firms' Core Competencies." Organizational Dynamics (January 1, 1996), 6-22.Doyle, David. With such enormous market recognition, Coke'sbusiness strategy centers on maintaining its position and building on itscarefully developed image: Given its dominance, the Coke trademark is akin to a proprietary technology, and Coca-Cola's business strategy turns on subtle marketing decisions that build on the trademark's reputation. Pepsi changed the color of its packaging to make its productmore visible on the shelf as well, which again was effective for a time.Promotion involve a wide array of elements--advertising, contests, give-aways, whatever a product uses to make itself noticed and different. The seller must be aware of not only the customer'spresent market but also potential future markets. Similarly, creativity in marketing can be of great benefit toretailers, though it is not easy to make the mix effective in this area,either. First, retailinggroups were not as powerful and did not have as much influence in themarket as they do today (and in any case they did not have the managementskills to exploit the situation). (One of the reasons that "New Coke" was such a debacle, it can be argued, was that it broke away from the framework represented by Coke's tradition) (Cappelli and Crocker-Hefter 12).Management therefore must have a firm understanding for the trademark, andthe company seeks to build an employment system that both creates thoseskills and hangs onto them. Changes were broughtabout by the early 197 s for a number of reasons, among them the following: * Changes in consumer needs came about because of dual-earner households, more leisure time, and increased levels of real income. She distributedher products to beauty shops, made them affordable, published her ads inprestigious Black newspapers, and placed her picture on her products soconsumers would know they were developed by a Black woman. But marketing is messy: Companies try to respond to customers' wants and needs, and manipulate them simultaneously. Analysts state that inefficient marketing arises from inattentionto very basic concepts about handling the customer. The price of a product affects how wellthe consumer responds to it. From its early position as a price leader ("Twice as Much for a Nickel" ) to contemporary efforts at finding a "New Generation" of consumers, Pepsi cleans up around the wake left by the Coke trademark (Cappelli and Crocker-Hefter 12). Soft drinks may appearto be very similar, but the recent "Cola Wars," as competition between Cokeand Pepsi has been called, showed how even organizations with highlysimilar products can be differentiated by their business strategies. Technology at least obeys the laws of physics. The marketing concept was first developed in the 195 s at a timeof consumer growth after World War II, and at that time manufacturers werepoised to dominate packaged goods industries. (This is changing, however, as more electronic data interchange systems are being developed for small businesses) (Sellers and Furth 2 1).Creativity can do much to help close the resource gap. The company is highly centralized, and itslowly steeps its new employees in the company culture. Apoor product requires much more effort to attract any attention, and even,the, it more easily loses ground. Finance, however skewed by ego and fear, is girded by mathematics. The emergence of the massmiddle-class market with relatively homogeneous tastes and lifestyleaspirations served as an additional incentive for manufacturers to boostvolumes. Companies tendedto overemphasize the ability of advertising to "push" the product and toallow internal corporate issues to deflect managers' time, and this leftthe customer out of the process (Doyle 42). Rather, the decisions are highly constrained within a framework of past practices and reputation. This is not to suggest that running Coke's business strategy is easy. Works CitedBrookes, Donald and Nicholas Stodin. She had no formal business training, but she adhered to the four Psof marketing: product, price, placement, and promotion. The dimensions of marketing that are given particular attention areproduct, price, placement, and promotion. Second, mass television advertising madea lasting impression on customer perceptions as a medium that was to becomethe most powerful element of the marketing mix. She did this by targeting andaddressing the self-esteem and fashion consciousness of African-Americanwomen. Thisis the marketing mix, and how effective a campaign will be depends on howthese elements are respected. Pepsi sought to differentiate itself fromCocaCola in its early days by costing less, and while this was effectivefor a time, the power of the Coke product was strong enough to keep Pepsiin second place. * Rapid technological developments provided cheap computing power, enabling reduced set-up costs for many production lines and making shorter runs no more expensive than long runs. A recent study of a particular marketing situation shows how the fourPs can be utilized well by an established company to create a marketing mixthat is effective in staving off the competition. "Going Back to Basics in Marketing." Management Accounting (British) (November 1, 1995), 42-44.Perry-Johnson, Arlethia. With such an in-depthunderstanding, the seller can produce value by helping the customerincrease its market effectiveness and/or operating efficiency: Thorough research into the customer's market and operations is crucial to understanding the customer's "value chain." This is more challenging for smaller businesses since they have fewer resources than larger businesses. It was first marketed some 7 years before Pepsi and has been a part ofAmerican history and culture. Two other features contributed to this trend. Pepsi tries todevelop a slightly different marketing mix that emphasizes price andpromotion as differentiating elements: Perhaps the main point in understanding Pepsi is simply that it is not Coke. Pepsi has prospered by seeking out the market niches where Coke is not dominant and then differentiating itself from Coke. Coke and Pepsi,for instance, have battled for shelf space so the consumer can find each inthe market. * Shifting demographics were characterized by falling birth rates, a higher proportion of the population over 65 years of age, and a baby- boomer market reaching its middle-age. One area where this isevident is when companies show an improper blending of the elements of themarketing mix--the four Ps describing the key factors of tacticalmarketing, or product, price, placement, and promotion. Cokeis the older of the two and has the most recognized trademark in the world. Walker, the daughter of sharecroppers and a former laundress,who exhibited her enterprise and tapped the vital, yet under-utilized Blackeconomic market early in this century. If theseller is to create a business-to-business customer orientation, the sellerneeds to understand the customer's entire business, both currently and overa longer time frame. Marketing is a difficult art to master, and it involves a number ofunknowns which can alter the nature of the process itself in someinstances: Of all the disciplines that businesses must master, marketing may the hardest to grasp. She alsounderstood the role of public relations, philanthropy, and "good corporatecitizenship" so she donated to Black orphanages, schools, and other civicorganizations and also built her own block-long factory in Indianapolis.By 1911, Walker's company was grossing more than $1 , annually, andwhen she died in 1919, she left behind more than $1 million "and an evenricher marketing legacy that lives on today" (Perry-Johnson PG).

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