Contemporary Issues in Marketing - Essay Example

Contemporary Issues in Marketing Table of Contents Introduction 4 Challenging the Definitions of Marketing 5 Definition of Marketing Outgrown Its Usefulness 5 Marketing Practice Vs Marketing Theory 6 Word Of Mouth Marketing Rediscovered In the Internet Age 7 The Impact(s) of Technology 8 Product 8 Price 9 Place 9 Promotion 10 Process 10 Physical Evidences 10 People 11 Ethical Considerations on Technological Improvement 12 Evaluation of the Principles of Marketing in the 21st Century 12 Marketing Ethics 13 Basic Concepts of Marketing Ethics 13 Ethical Evaluation of Marketing of Life-Threatening Products 14 Redefining of Marketing Ethics 16 Marketing Through Enhancing Positive Social Outcomes 16 Basic Concepts of Post-Modern Marketing 17 Postmodernism from the Perspective of Young Marketers 18 Conclusion 18 References 20 Introduction Marketing is a particular function of business that acts as an integral part of the development of business that deals with every aspect of business promotions, which leads to the attainment of the goals and objectives of the organisation. It is also important to note that marketing deals with setting of goals and objectives of a corporate organisation. The concept of marketing relates to the identification of the demands and needs of consumers, which subsequently leads to the development of products accordingly (Hackley, 2013). In the modern era of competitive business environment, it is evident that global marketing strategies and tactics have significantly evolved and are used intensively within the operations of the business. This is because of the increasing power of the consumers along with their ever-changing demands. This also signifies the evolution of the customers’ oriented business process. This particular approach is adopted with the intention to gain competitive advantages over rivals. In this regard, it is also evident that the technological developments such as the Internet have a major role in the evolution of the business process, thereby attaining competitive advantages (Hackley, 2013). In order to gain competitive advantages, it is notable that the corporate organisations execute several activities that are required for getting the desired level of performances. These activities are considered as ethically and morally valuable for the overall business operations in any sector. Eventually, it leads to social benefit, which indirectly benefits a corporate organisation (Tadajewski, 2004). In this context, the objective of this particular research essay is to consider all these aspects in a comprehensive or illustrative manner. The outcome of the research will subsequently aid the young marketers and others to attain professional developments and organisational growth at the same time. Challenging the Definitions of Marketing Definition of Marketing Outgrown Its Usefulness In the modern era of competitive business environment, marketing strategies and tactics of companies has changed significantly. This has considerably led to the evolution of marketing through the involvement of technologies. In this regard, one of the major technological developments in the modern era is evident from the onset of internet technology. Internet technology has led to the improvement of communication among people residing in different parts of the world. This has considerably supported and benefitted the corporate enterprises in gaining a better position for themselves within the marketplace. Through the onset of internet, Integrated Marketing Communication (IMC) has greatly developed. In modern era, internet technology has enabled corporate enterprises to communicate with the distant consumers in a two-way manner. Thus, it has significantly challenged the traditional marketing concepts and outgrown its usefulness immensely. This similar argument is also notable from the benefit of technology in the modern era that has increased the efficiency and effectiveness of the corporate enterprises (Hackley, 2013). Moreover, it is notable that the modern organizations are highly effective in reducing the cost of production or service delivery. This is prominently due to the introduction of several technological developments in the marketing field. This has further lead to the change in the conception of marketing, which has further outgrown its usefulness and importance within the contemporary era. Moreover, it is also evident that traditional concepts and definition of marketing has outgrown its usefulness in the recent times. This can be asserted by considering the development in the marketing concepts through the increasing consciousness among the business enterprises. In modern era of competitive business environment, majority of the corporate enterprises seeks to gain competitive advantages through their business processes and approach (Ellis & et. al., 2011). In this regard, the marketing strategies that any corporate enterprises undertake are majorly to gain competitive advantage and long-term sustainability. This suggests that the definition of marketing has outgrown its usefulness (Tadajewski, 2004). Marketing Practice Vs Marketing Theory In the modern era of competitive business environment, it is evident that marketing concept has significantly transformed primarily owing to the advancement of technology. This has also lead to the establishment of marketing concepts and practices, which is significantly different from the traditional concepts and theories of marketing. This is because of the prevalence of a varying business environment as compared to traditional time where business was done mostly with profit earning intentions. This varied business environment is because of the technological development in business across diverse industry sector. It is also because of the introduction of varied business sectors that have different objectives and goals that hardly matches with the traditional marketing theories. In this regard, according to the marketing theories and traditional marketing conceptions, the primary objectives and goal of business enterprises is to acquire maximum profit from any particular market (Hackley, 2013). However, in modern marketing practices, it is notable that organisations have different objectives and goals. This is prominently notable in majority of the FM radio organisations. The FM radio organisations that are subsidiary of large corporate organisations are notable as loss making concerns. It is also argued by experts that these organisations are deliberately continuing this subsidiary branch to get wider base of customers (Withey, 2013). However, it often said that this is so in order to incur tax benefit from the government. This significantly proves that modern marketing practices are highly different from the traditional concepts of marketing theories (Pike, 2012). Another instance of variance of marketing practice that differs within the traditional concepts of marketing theories is notable within the insurance sector. It is important to mention that majority of the insurance organisations have the initial objectives of gaining maximum market share and not the overall profit. This practice of insurance organisations is highly different from the traditional concepts and theories of marketing. This is primarily because such organisations have the initial objectives of enriching the reliability of the products from the perception of the customers (Govindarajan, 2007). Moreover, another such instances resembles with the modern trend of Corporate Social Responsibility (CSR), which is executed by several business enterprises. However, it is also worth mentioning that the execution of CSR in business process does not add directly to the profit of the organisations. Despite this, majority of the corporate execute their CSR in order to improve their goodwill within the market. Thus, it is notable that marketing practices in the modern era is significantly different from the traditional marketing theories and concepts (Burns, 2007). Word Of Mouth Marketing Rediscovered In the Internet Age Marketing in the modern era has significantly evolved owing to the development of technology. This aspect can be justified with the introduction of internet and Information Technology (IT) in marketing field. Social media is one of the major attribute of internet and online media, which is widely used by the marketers as a promotional tool. This is because of the fact that in the modern era internet and social media have penetrated in every segment of the market effectively. Moreover, it is also evident that the potential consumers are available for a significant amount of time in online media, which further creates opportunities for business units to attract wider customer base with the use of the same. It is also important to note that online social media platform is an excellent place for effective social communication of products and services. This encourages the marketers to use the marketing tool of word of mouth for promotional activities, which is highly effective from the perspective of the marketers. Thus, it is evident that the traditional concept of marketing is re-discovered in the modern era with the prevalence of technology (Kitchen & Uzunoglu, 2014). The Impact(s) of Technology The modern era of business has significantly developed from the prevalence of various technological developments. This has subsequently led to the change in the marketing approach of the business enterprises and industries. These changes are notable through the introduction of internet in the scene. The impact of internet technology on marketing is apparent through the study of marketing mix. The underneath subheads suggesting the 7Ps of marketing mix approach depicts a significant implementation of internet in the business activities especially in business promotions. It is also worth mentioning that the internet technology has led to the establishment of significant differences between the marketing environment in online medium and the traditional street marketing (Saha, 2013). These are also elaborated in the within the facts discussed hereunder. Product One of the major attributes of marketing mix is product. Traditionally product is considered as both the goods and the services. However, through the implementation of the Internet in the modern busies process, this definition of product has significantly changed. This is evident from the online purchase of eBooks. These books are virtual and do not have any tangible characteristics. However, it is believed that these books are considered as a service product despite of their practical visibility. Thus, it is evident that internet and technology have changed the definition of books from being goods to be a service product. Moreover, this aspect also signifies the difference between traditional street markets to that of online community market, wherein books do not have tangible characteristics (AmyPoh et al., 2012). Price Another major attributes of marketing mix is the price of the products. Similar to the aspect of product design or context, internet and technology has major impact on the price of a product. It is evident that internet technology provides opportunity to the buyers and sellers to negotiate effectively as compare to the traditional marketing practice in the streets. It significantly enables both the parties in distant places to communicate and negotiate effectively, which is not as effective in the traditional practices. Moreover, it is also evident that the internet technology also supports the consumers to compare the prices of different products and goods effectively. This aspect of effective price comparison is not feasible in the traditional street market. Thus, it is asserted that Internet technology has a major impact on business processes (Lamb et al., 2012). Place One of the most notable impacts of internet technology in business process lies in the attribute place of product mix. Traditionally in the street market, there have been no evidences of online virtual world as a place. Market is defined as a place where both the buyer and the seller meet, which requires the presence of a land area in a street or other places. However, Internet and online marketing has significantly changed the way marketing activities are conducted. It is notable that buyers and sellers meet in a virtual world of online media. Hence, this virtual online media is also known as a market. Thus, it is evident that online media has significantly changed the means of a place in the marketing mix concepts (Lamb et al., 2011). Promotion Another important attribute of marketing mix is with regard to the promotion of a particular product or brand. In this context, it is also evident that internet and online media has significant impact on the promotion of a product. In the traditional practices of marketing, it was seen that promotions were mainly taken place with banners, hoardings, and others. It also includes promotion through television, radio, newspaper, and magazines among different other mass media promotional techniques. However, with the introduction of online media and internet sources, a significant form of promotional tool has arrived in the scene. This online promotion means in the modern day is highly effective as compare to the other street market promotional tools. This is because majority of the people in the modern day are available for operations through online medium (Lee, 2013). Process In the framework of marketing mix, process is also one of the decisive attribute. It is notable that traditionally in the street market service; there were three types of service processes. These include information processing, possession processing and people processing service. However, in the onset of internet and online media of marketing, there is hardly any scope for possession process. Moreover, there is no possibility of people processing service through online media. It is notable that service process that takes place through online media is often regarded as information processing service. Information is transferred from one party to another or more, which is again regarded as the process of delivering products and services to the consumers. Thus, it is evident that the internet technology has major impact on the process of a service industry at large (Shane, 2008). Physical Evidences Another major impact of internet technology in the business enterprises and industries is with regard to the physical evidences of service of the companies. In this regard, it is notable that the service industries as per the traditional approaches use several tangible receipts signifying the authority of the service delivery. However, in the modern day online business environment significant transformations have been seen in this regard. This is because it is not feasible or logical to use tangible receipts during the use of online internet medium. Thus, in order to resolve such issues, service business enterprises transfers virtual messages of the products to the consumers. This leads to the reduction of the cost of operations of the organisations. Thus, it is evident that the implementation of internet technology has significantly affected the physical evidences of service industry (Winer, 2007). People One of the major attribute of marketing within any sector is the involvement of people. Proper involvement and dedication of the human resource is extensively important in order to deliver service to the consumers as planned by the management. In traditional street marketing, services were delivered efficiently with the involvement of employees, consumers and others. However, in the modern day scenario, service delivery through internet and online platform, the involvement of employees or service provider is not required in several scenarios. This is because of the presence of Interactive Voice Response System (IVRS) service that does not require the presence of service providers. Moreover, online media also has the presence of software that comprehensively guides consumers to avail the service on their own in a more convenient manner, which is known as self-service. Thus, the elimination of the involvement of people in service delivery process greatly reduced the cost of operations for the companies. Thus, it is evident that the onset of internet technology within the service industry has a major influenced the marketing activities of the business (Schmid, 2005). Ethical Considerations on Technological Improvement Although, it is evident that modern organisations have significantly adopted technologies in their business process, still a major concern prevails with regard to the ethical consideration in this era of technological developments. In this regard, it is notable that majority of the organisations have developed marketing techniques that effectively attract customers (Weber, 2006). However, it is important to note that there is no concern for major population of the world that are below the poverty line, who do not have clean water to drink. In this regard, it is also important from the perspective of the corporate organisations that the overall development of the customers takes place. This would lead to the subsequent development of the organisations in the end. This is because the increase in the purchasing power of the consumers that would lead to the subsequent development and growth of the corporate organisations. In order to enhance the standard of living of the consumers, it is widely notable that the corporate organisations execute CSR activities within the business process. This not only benefits the consumers, but also improves the goodwill and brand image of the organisations. Subsequently, it also assists the organisations to attain competitive advantages (Rendtorff, 2009). Evaluation of the Principles of Marketing in the 21st Century Modern era has evidently been quite inclined towards technological development in the field of business. However, several scholars and marketers argue that proper use of the marketing principles is among the primary aspects that influence the growth of the organisation. In this regard, it is also argued that the development of an organisation and the attainment of its objectives take place through effective implementation of marketing strategies. It is also evident that the implementation of effective marketing strategies is based on the marketing principles and theories which are prevalent within the business domain. Thus, it is asserted that marketing strategies based on principles and theories are among the major contributor to the growth and development of a corporate organisation. This is considerably significant than the technological developments involved in business processes (Ellis et al., 2011). Marketing Ethics Basic Concepts of Marketing Ethics The importance of marketing ethics is widely prevalent throughout the world within the business domain. This is done in order to attain competitive advantages through earning goodwill and superior brand image among the customers. Marketing ethics is widely known to be followed by the implementation of CSR by the enterprises in their business process. Moreover, it is also notable that organisations also consider marketing mix approach to analyse and evaluate its marketing strategies, which would further ensure little hamper upon any ethical values of business. In this regard, it is also notable that organisations undertake feedbacks from the customers with regard to ethical concerns. They also accumulate suggestions from the government of respective nations and the international organisations like World Trade Organisations (WTO) to align the business process in ethical terms. Besides these aspects, corporate organisations also have the scope of taking suggestions from the experts, who have high experiences in marketing ethics. The best way to respond to several ethical issues related to business of a corporate organisation is by self-judging the situation and hence, adopting necessary and appropriate steps to resolve the same (Rovatti, 2005). Ethical Evaluation of Marketing of Life-Threatening Products In several situations, it is arguable that marketing is an unethical practice for certain products or services that can affect the society in a negative manner altogether. This is evident from the business enterprises that markets products, which can negatively affect people. The most commonly available product that affects people is tobacco products, which includes cigarettes and cigars as the most widely sold items. Thus, selling and marketing of such products is also regarded as unethical practices. Hence, government of several nations have attempted to ban tobacco products and others that can cause health issue amid people (Andreasen, 2001). It is observed that not only government demands for ban of such products, but several Non-Governmental Organisations (NGOs) are also continuously seeking to intervene into such issues. Thus, it is asserted that tobacco affects health of people in a significant manner, which further puts ethical concerns over the marketing of such products amid the companies (Pride & Ferrell, 2008). On the contradictory note, it is also argued that the organisations which sell life-threatening products directly communicate to the consumers regarding the prevailing side effects associated with the same. It is widely notable that tobacco products manufacturing organisations do sell these harmful products, but at the same time, they also depict the negative consequences associated with the same. These organisations along with some of the marketing experts argue that the tobacco manufacturing organisations and others do not deceive the consumers to buy the same. In majority of the nations that permits the sale of tobacco or other life-threatening products, there prevail mandatory policies regarding the effective communication to its consumers about the harmful effects of such products. Thus, it is widely evident that the marketers do sell the life threatening products through communicating its consumers regarding the product’s side effects, which further protects there ethical responsibility in considerable manner altogether. Thus, considering the absence of deceiving attitude or activities in the marketing strategies of the marketers while selling tobacco or other life threatening products, marketing practice cannot be termed as unethical (Delener, 1995). Moreover, it is also important to note that consumers consume such products at their own will. The marketers do not provoke the consumers to consume these products, which is again an ethical approach. This is evident from the fact that most of nations in the world put bans on the promotion of tobacco or other life threatening products. Thus, from such viewpoints, it can be asserted that the marketing of tobacco or related products, which can kill consumers, is not unethical to an extent (Fernando, 2009). Redefining of Marketing Ethics Despite the strong contradictory arguments that suggest selling life-threatening products as ethical, still seeking for a better and healthier society, it is the responsibility of every individual to eliminate or reduce the use of tobacco and other harmful products. Establishing a healthier society is one of the prime attributes of ethics and morality. In other way, attempting to destruct the society is unethical in nature. This is regardless of the will of the consumers and the absence of deceiving activities of the marketers (Proctor, 2000). Thus, suggesting the marketing of products that kill people as an ethical practice is highly confusing. Moreover, it is also important to note that killing or harming people is an offensive crime irrespective of the will of the victim. Hence, it can be asserted that harming health of people through selling life-threatening products is a crime irrespective of the approach and thinking of the consumers. Thus, it is unethical to market products that can harm people considerably. Based on these arguments, further arguments can be generated regarding the redefining of marketing concepts in order to align with ethical and moral values. This also signifies the higher importance of moral and ethical values as compare to the temporal customers’ satisfaction. This would lead to the prevalence of a healthier society and would retain ethics in the business process. This ethical conduct within any business would lead to the increase in the reliability and trust among the consumers. Eventually, it leads to the growth of the corporate organisations (Ranchhod, 2007). Marketing Through Enhancing Positive Social Outcomes Marketing ethics has become one of the integral parts of marketing activities in the modern era. It is highly important in enhancing the social outcomes and development of the overall society. This is highly evident from the prevalence of different CSR activities conducted by majority of the corporate organisations throughout the world. In this regard, it is noted that CSR activities include supporting education for the children in the society. It also includes supporting people financially at the time of crisis and others. Thus, with due consideration to the high CSR activities among different corporate organisations, it can be asserted that marketing has led to the attainment of positive social outcomes (Brown, 2001). Furthermore, it is also the responsibility of the people to work in an ethically valued organisation. This would encourage the corporate organisations to maintain ethics within their business process (Ranchhod, 2007; Ozuem, 2004). Modern, Post-Modern and Other Critical Approaches Basic Concepts of Post-Modern Marketing Post-modern marketing is one of the marketing concepts that derived from the post-modern philosophical movements. In this regard, it is notable that majority of the cultures have tendencies of suspicion towards other cultures. This resists in the development of global culture. In the modern marketing era, the marketers that execute business process globally also use similar marketing concept. This is highly evident in the period after the World War II. In this regard, marketers use all the attributes of marketing mix that aligns with the local culture and traditions. This significantly supports marketers to penetrate new geographical market (Blythe, 2009). Moreover, this concept of postmodern marketing highly contrasts with modernism concepts of marketing. This is because the concept of marketing modernism suggests of the effectiveness of global culture in the business process that leads to its success in the global market. Modernism also suggests of the global outlook of the products or the brands that significantly attract the customers. Thus, it is evident that the concept of post-modern marketing is highly contrasting to the concept of marketing modernism (Baker, 2012). Postmodernism from the Perspective of Young Marketers From the perception of young marketers, the concept of postmodernism is highly important. This is because the concept of postmodernism has been highly effective, and it is evident that the majority of globalised organisations in the modern era are adapting the same in their business processes. This is also important from the perspective of the young marketers as it creates opportunities for the same to establish strategies relevant to the postmodernism concept. It is important to note that the concept of postmodernism is highly similar to the concept of market segmentation. In the modern era of competitive business environment, segmentation is a very important strategy that segments the products according to the needs and demands of the different segments of customers. This is similar to the concept of postmodernism, which segments markets, based on cultural segmentations. Thus, from the perspective of the young marketers this concept of postmodernism is highly important to attain professional excellence, organisational growth and competitive advantages (Bartal, 2015). Conclusion From the analysis of the overall study, it is evident that corporate organisations of the modern day have significantly evolved in terms of marketing. This has led to the alteration of the modern concept of marketing as compared to the traditional viewpoints and theories. These changes in the modern marketing concept are largely because of the technological impacts and the concern for customer oriented business process. One of the major technological developments evident in the modern era is the prevalence and development of internet. The impact of technological development upon business process is evident from the study of 7Ps of marketing mix. It is evident from the study that internet technology has major impact on various attributes of marketing. From the study, it is also evident that marketing ethics is one of the major attribute of business process. In this regard, the study also revealed that executing CSR activities is one of the most popular ethical and moral practices of the corporate enterprises. Majority of the organisations considers CSR as an integral part of business process that subsequently leads to social development. It is also notable from the study that modern organisations face several challenges in maintaining ethics in business process. In this regard, redefining of ethical marketing is highly recommended. Furthermore, the study also revealed the importance of post modernism in business process, wherein the business operations of the global enterprises are inclined towards local cultures and traditions. This significantly attracts customers. The comprehensive study of the contemporary issues in marketing perhaps supports scholars and researchers to develop better comprehension with regard to marketing. The study would lead to the professional development of the young marketers, which would eventually leads to organisational growth. Thus, it can be concluded that marketing has significantly changed in the modern era through the prevalence of technology. However, it is also recommended that the corporate organisations should consider ethical and moral values while implementing the technology. References AmyPoh, A. L. et al., 2012. Deriving Consensus Rankings Via Multicriteria Decision Making Methodology. Meiji University, pp. 1-18. Andreasen, A. R., 2001. Ethics in Social Marketing. Georgetown University Press. Baker, M., 2012. The Marketing Book. Routledge. Bartal, O., 2015. Postmodern Advertising in Japan: Seduction, Visual Culture, and the Tokyo Art Directors Club. Dartmouth College Press. Blythe, J., 2009. Key Concepts in Marketing. SAGE. Brown, S., 2001. Marketing - The Retro Revolution. SAGE. Burns, 2007. Marketing Research. Pearson Education India. Delener, N., 1995. Ethical Issues in International Marketing. Psychology Press. Ellis, N. et al., 2011. Marketing: A critical textbook. Sage. Fernando, A. C., 2009. Business Ethics: An Indian Perspective. Pearson Education India. Govindarajan, M., 2007. Marketing Management. PHI Learning Pvt. Ltd. Hackley, C., 2013. Marketing in Context: Setting the Scene. Palgrave Macmillan. Kitchen, P. J. & Uzunoglu, E., 2014. Integrated Communications in the Postmodern Era. Palgrave Macmillan. Lamb, C. et al., 2011. Essentials of Marketing. Cengage Learning. Lamb, C. et al., 2012. Essentials of Marketing. Cengage Learning. Lee, I., 2013. Trends in E-Business, E-Services, and E-Commerce: Impact of Technology on Goods, Services, and Business Transactions: Impact of Technology on Goods, Services, and Business Transactions. IGI Global. Ozuem, O. F., 2004. Conceptualising Marketing Communication in the New Marketing Paradigm: A Postmodern Perspective. Universal-Publishers. Pike, S., 2012. Destination Marketing. Routledge. Pride, W. & Ferrell, 2008. Marketing. Cengage Learning. Proctor, T., 2000. Strategic Marketing: An Introduction. Psychology Press. Ranchhod, A., 2007. Marketing Strategies: A Contemporary Approach, 2/e. Pearson Education India. Rendtorff, J. D., 2009. Responsibility, Ethics and Legitimacy of Corporations. Copenhagen Business School Press DK. Rovatti, S., 2005. Marketing Ethics in the Knowledge Economic Era. Effe Elle Editori srl. Saha, S. K., 2013. B2B Marketing Mix Impact on Asia Pacific Region. International Journal of Scientific & Technology Research Vol. 2, Iss. 12, pp. 65-71. Schmid, V., 2005. The Impact of Technology on Marketing Strategy. GRIN Verlag. Shane, S., 2008. The Handbook of Technology and Innovation Management. John Wiley & Sons. Tadajewski, M., 2004. The Philosophy of Marketing Theory: Historical and Future Directions. The Marketing Review, Vol. 4, pp. 307-340. Weber, L. J., 2006. Profits before People?: Ethical Standards and the Marketing of Prescription Drugs. Indiana University Press. Winer, 2007. Marketing Management. Pearson Education India. Withey, F., 2013. CIM Coursebook 03/04 Marketing Fundamentals. Routledge. Read More