Marketing Strategies - Usain Bolt - Research Paper Example

?Reflective Learning Journal Introduction Marketing is a very crucial tool for any business that wants to succeed. It is faced with challenges that evolve each day and therefore, necessitating the adoption of newer marketing strategies. At the heart of marketing is an important element called technology. Technology has revolutionized the way marketing is done and individuals and businesses that fail to adopt technology have had a rough time competing with technology-savvy businesses. In this paper, an analysis of marketing of different businesses will be made. These businesses are faced with various challenges in marketing and each has adopted a different marketing strategy to succeed in the market. In each marketing strategy, technology has played an important role. Pre-Visit Research and Analysis Mr. Miikka Vaahtera, the CEO and founder of Malja Company, did the first presentation. During his presentation, he emphasized on the importance of agency’s roles. The choice of media as evidenced in the presentation was an important tool for the marketing agencies. For instance, electronic sponsorship such as smartphones and internet were going popularity across the board. In order to gain the market, the company made use of the marketing 4P’s (product, price, promotion, and place) through the agencies. The main problem facing the company was the use of traditional sponsorship (like magazines and radio) which were already going down. Therefore, event marketing became an important tool for the company. The second guest speaker was Mr. Noel Mooney, Marketing Manager of UEFA. Football is my passion and was interested to see how it is promoted and expanded in the international scene. The marketing strategy used by UEFA is sponsorship marketing and a big question was how they manage to compete in a world of ambush marketing. The greatest threat in sponsorship marketing is ambush marketing. For example, during the Summer Olympic Games in 2008, Usain Bolt showed his Puma branded shoes even though the official brand for the Olympic Games was Adidas. Sponsorship marketing is still an important tool of the organization. The third guest speaker was from Wieden Kennedy. The company is well known for promoting big brands like Nike. The presentation was particularly interesting because of the fact that the company has succeeded in viral marketing despite the challenges that face this form of marketing. The company has made use of all the forms of media to promote their client’s brands. For the company, successes lies within an integrated campaign, that is, going viral in marketing. Social media has found a big place in the heart of the company because of its popularity and use across all ages and nations. If one wants information to reach as many people as possible within the shortest time, social media is the solution. In any form of marketing, creativity is very crucial and I was intrigued by the fact that the company emphasizes more on creativity from its employees. Without creativity, viral marketing is not possible. On the other hand, the work should not offend the intended audience. The last presentation was from Expedia and the company works with various hotels to promote their products. I am an avid traveler and I was amazed by how the company is able to collect information about and promote it. The company links various hotels and travel destinations around the world and the client are able to get all information they need within a click of a button. From the presentation, it was clear that the company has realized the importance of technology in marketing, that is, it has employed powerful marketing. The company also assists the hotels to reach their customers across the world through the same technology. How that is possible, lies within the strength of powerful marketing and the use of technology. Discussion and Analysis Event marketing is simply doing the correct thing and making people understand that you are doing the correct thing. The biggest challenge in this case is knowing what constitutes the right thing and the best way to make people understand it. Events constitute creativity, enthusiasm, excitement and the creation of memories and experiences. Creative minds are required in marketing to generate interesting things and attract enough attendance and involvement. Event marketing entails the reduction of risk of a negative result using proper marketing techniques. In other words, making use of market intelligence to properly position an event in a competitive market and using proper communication to promote the event to the identified target audience (Preston, 2012). In the present day, advertising agencies face various media options. With the increasing use of Internet and wireless technologies, communication options now entail electronic billboards, gas station pumps, cell phones, blimps, and PDAs. The agencies come to the realization that an important objective is to use media to more efficiently target well-defined audiences and communicate instantly updated promotions and information. It is worth noting that the utilization of cross- and multi-media strategies is important to successful business communication (Pellow, Sorce, Frey, Olson, Moore, and Kirpichenko, 2003). Interaction for media is very crucial. Advertising managers are reaching their target markets through various media options that generate a force multiplier effect. Catalogs and direct mail ought to be linked with the web. Media is supposed to be adjusted based on preferences of and the degree of association with the target market. The choice of media is generally different when a company is creating loyalty with the current client versus creating awareness in a new market. With the advancement in technology, these agencies are beginning to change the media selection process to increase returns on the marketing dollar and closely draw the decision-making process and customer relationship (Pellow et al., 2003). Sponsorship marketing has been utilized as a tactic or a strategy to drive brand awareness and promote the name of a particular brand to the public through the affiliation with another brand and their products (Kunitzky, 2010). It is worth mentioning that sponsorship is a crucial section of an incorporated marketing plan. The impact of marketing mix elements such as sales, public relations, communications, advertising and sales promotions can be extended. This is only applicable in an environment where the consumers are more receptive and open therefore, making key messages more persuasive and relevant (Koekemoer, 2004). Sponsorship fits well in the marketing mix and plays a crucial part in the marketing plan (Koekemoer, 2004). Large-scale sponsorship across the markets is considered as cost-effective utilization of sponsoring sports. It is suggested that sponsorship is very useful in areas where the new markets are able to link the brand name and product category. This is an indication that sponsorship is useful in the extension of a brand line. Sponsorship can have an expanding role if it can be successfully combined with conventional advertising in market entry because it creates awareness for the brand (Cornwell, 2008). Ambushing is usually thought of as organizational efforts to link itself indirectly with an occasion in the hope of gaining similar benefits as the official sponsor. It is important to note that outrageous ambushing actually assists in the establishment of memory for the sponsorship and it contrasts the true sponsor from the ambusher. Sponsorship has led to more investment in indirect marketing behaviors. There is need to understand the different communication capabilities of ambient marketing, product placement, and sponsorship and other forms of indirect promotion (Cornwell, 2008). Viral marketing is not limited to the shape and nature of the business and it is not dictated by the type of business entity. B2B (Business-to-Business) body is a business that offers business-to-business individuals. Viral marketing for a business-to-business entity is a common exercise in the world of Internet (Allen, 2008). Consumers are showing growing resistance to conventional types of advertising such as newspaper ads, or TV. Therefore, making marketers turn to alternative strategies such as viral marketing (Leskovec, Adamic, and Huberman, 2008). Viral marketing makes use of existing social networks by inspiring consumers to share product information. However, there is need for greater understanding of the dynamics in which viral marketing strategy functions and the features of services and products for which it is efficient. This is very crucial because improper utilization of viral marketing can become counterproductive through the creation of unfavorable approaches towards products (Leskovec, Adamic, and Huberman, 2008). Others think viral marketing as form of distribution of information about a particular product and its embracing over the network. Social networks can be created by utilizing various information such as similar interests, age, and geographic similarity. Several factors influence the consumer’s willingness to actively share information. The moral hazard the information presents requires stronger ties in order to relay the propagation of information. It is important to note that in viral marketing, advertising is not restricted to small group or “pair-wise” interactions between individuals. Instead, consumers can share their opinions and experiences concerning a product with everyone (Leskovec, Adamic, and Huberman, 2008). Technology is at the center of diverse modern markets that range from commonplace consumer products and business (such as digital pets and fax machines) to esoteric products that possess diverse and fundamental applications (such as digital signal processors, extensible object-oriented databases, and routers). These are called technology intensive markets and they are very important in several aspects (John, Weiss and Dutta, 1999). Therefore, technology plays a very crucial role in marketing. The nature of marketing necessitates the use of technologies, for instance, Web 2.0 technologies are important tools in a company’s marketing tools. It is worth mentioning that there is need for responsible technology-based marketing, hence, balanced evaluation of the perils and promises of new technologies (Mohr, Sengupta, and Slater, 2010). Conclusion In the paper, the businesses adopted different marketing strategies such as event, sponsorship, viral and powerful marketing. The strategies were adopted based on the needs and challenges faced by the companies. In all the four marketing strategies, a crucial element was the use of technology to sell products and services to the consumers. Social media in particular, has played an important role in reaching most customer segments. The traditional methods of marketing through radio and newspapers are losing popularity. In the context of sponsorship, ambushing is a major challenge; however, it assists the consumer in distinguishing an ambusher from the real sponsor. For instance, in the case of Usain Bolt, it is clear who the ambusher is, and who the real sponsor is. In viral marketing, information is easily shared by individual to a thousand other people. The success in viral marketing has been attributed to the proper use of technology. Technology has proven to be an important tool in the marketing of products and services. References Allen, K. (2008). Viral marketing 100 success secrets- secret strategies, buzz marketing tips and tricks, and interactive marketing: 100 simple online campaign principles. Raleigh, NC: Lulu.com. Cornwell, T. B. (2008). State of the art and science in sponsorship-linked marketing. Journal of Advertising, 37(3), 41-55. John, G., Weiss, A. M. & Dutta, S. (1999). Marketing in technology-intensive markets: Toward a conceptual framework. Journal of Marketing, 63, 78-91. Koekemoer, L. (2004). Marketing communications. Cape Town, SA: Juta and Company Ltd. Kunitzky, R. (2010). Partnership marketing: How to grow your business and transform your brand through smart collaboration. Hoboken, NJ: John Wiley & Sons. Leskovec, J., Adamic, L. A., & Huberman, B. A. (2008). The dynamics of viral marketing. ACM Transactions on the Web, 1(1), 1-46. Mohr, J. J., Sengupta, S., & Slater, S. F. (2010). Marketing of high-technology products and innovations. Upper Saddle River, NJ: Pearson Education Inc. Pillow, B. A., Sorce, P., Frey, F., Olson, L., Moore, K., & Kirpichenko, S. (2003). The advertising agency’s role in marketing communications demand creation. Rochester, NY: Printing Industry Center. Preston, C. A. (2012). Event marketing: How to successfully promote events, festivals, conventions, and expositions. Hoboken, NJ: John Wiley & Sons. Read More