Role of Marketing in Business: Article Analysis
|✓ Paper Type: Free Assignment||✓ Study Level: University / Undergraduate|
|✓ Wordcount: 2211 words||✓ Published: 23rd Oct 2020|
Article 1: Commentary: Marketing and the Sharing Economy: Digital Economy and Emerging Market Challenges
In this article the authors are proposing two types of challenges faced by marketing in a shared economy. The first challenge the authors describes importance of a digital economy nature of marketing, this involves more of data and information about the market and the product rather than a crowdsourced marketing nature. The authors review the second challenge as a unique consumer and firm’s problems when sharing market in an emerging economy when compared to a developed market. In a shared economy, from a practitioner prospective these challenges changes the marketing in many important ways.
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The article also refers to the 2016 G20 summit in china and reference made during the summit that could impact the economy. According to the authors the summit highlighted the topics on factors that could impact production and significance of information data to drive the growth of productivity in an economical structure. The article shares the innovation and methodology used by ridesharing companies like Uber that depends and relies on usage behavior data from the customer. They refers the data to identify the demands and efficiency match for customer demands for the rideshare needs in the market. This kind of data was never an assessable information for any traditional rental car companies.
At the end of the article the (Chen & Wang, 2019) claims, when the future of share economy is considered it is important to include the challenges on the shared economy. Firstly when considering digital economy importance of including them in the shared economy needs to be analyzed. The whole industry is influenced by the stakeholders that includes consumers, society and different firms. The data that has been created by sharing different services can be evaluated to use it in favor of these stakeholders. The second important task is to open a business model that can be used to address every consumer needs and open the markets to help a serving user demands. For this to work, while considering a marketing studies the prospective of an emerging markets needs to be evaluated alongside with a developed market to understand the marketing environment changes needed to address the consumer demands.
Article 2: Advancing marketing strategy in the marketing discipline and beyond: from promise, to neglect, to prominence, to fragment (to promise?)
The articles represent the authors view on the advances that can be done in the field of strategic marketing within the boundaries on marketing discipline. Hunt, (2018) argues the when the disciplines of marketing is enhanced with better strategic vies the impact id beyond any expectations. The author reviews certain aspects of marketing strategies to attain more details from the history. The discussion in the article pertains more into the sources to find more history of marketing and the strategies used in the field marketing but the article itself is not for just finding the facts of marketing history. In fact, the article talks about the historical argument and the data concerning the five different Eras that marketing as gone thought for it advisement, “these five eras are: the area of strategic marketing (1) had significant promise when the marketing academic discipline was founded in Era I (1900–1920), (2) was neglected in Era II (1920–1950), (3) rose to prominence in Era III (1950–1980), (4) has become a ‘fragment’ in Era IV (1980– present) and (5) has prospects that area unit each promising and problematic within the future ‘Era V’ Finally, a tentative prognosis for strategic promoting and also the promoting discipline is recommended.”(Author, 2018)
The article also looks into different journal articles, promoting articles have in the past been compelling among non-marketing articles in view of their cutting edge took a shot of 'conventional' inquire about strategies. With that as the basic, details of different away at conventional research strategies are never again seen positively by showcasing the most irrelevance article. In this way, if the slide towards scholastic immateriality is to be turned around, showcasing's prominent articles needs to come back to distributing a cutting edge examine on traditional research strategies. The marketing strategies used by GE back in the days was very significance in the marketing research field and the article has review into different details on this strategy.
The article concludes with authors understanding, it is hard to imagine the marketing disciplines making the sorts of changes that would invert the slide towards academic irrelevance in any event as the control is as of now established. . For over 100 years, American marketing faculty, marketing departments, journals and professional associations have led the way in founding, developing and institutionalizing the discipline that has come to be called ‘marketing’. Perhaps Era V will see non-American marketing faculty, marketing departments, journals and professional associations assuming the primary leadership roles. The opportunity is likely to be there.
Article 3: Seeding as Part of the Marketing Mix: Word-of-Mouth Program Interactions for Fast-Moving Consumer Goods
The article evaluates the marketing mix strategies and methodologies in the current market. The authors discuss about seeded marketing campaigns that is used the many fast moving consumer goods companies. It is said that many companies used the online media and use it as an opportunity to market their products. The main medium in this marketing mix is seed agents and many micro influencers by making them discuss about the product in their circle and acquaintances. This creates a wave of marketing trend in the public and resulting in more advertisement to the product. Dost al, et, (2019), used empirical data from different companies and combines the promotional data and advertising strategies using several approaches. The analysis implies that seeded marketing campaigns may increase total sales by approximately 3% to 18% throughout the campaigns. The main tool used in seeded marketing campaigns are word of mouth(WOM), and this could actually make a major change than spending huge amounts for traditional advertisement marketing campaigns. To address indigeneity concerns, authors have collected additional external SMC data and population statistics and employed an instrumental variable (IV) modeling approach. The details and information review in the article enrich our understanding the emerging world of word of mouth tool in the marketing mix world (Dost al, et, 2019). If WOM programs are to become part of the marketing mix, we should understand their applicability to different types of markets and their interaction with other tools. The consistent results the authors have found multiple scenarios would be supporting the argument that at least for FMCG, one can definitely form expectations in the direction of the effects. The article concludes with the authors believing in such analysis can help FMCG firms, as well as other markets, continue to explore the opportunity of SMCs and manage them as another marketing mix tool used in the marketing plan.
Article 4: Female entrepreneurial networking in the marketing services sector. Qualitative Market Research
If we are asked about what is the key of marketing the on the top of the list networking would be listed always. This article talks about the skill that are required to network and also share the qualification of the people who work in marketing sector are associated with feminine traits like relationship building. The author acknowledges the minimal engagement of female marketers in networking and the main ain of the article is to address the gap in the female services in the marketing industry and value networks over the lifetime of their business. In the marketing industry the products are marketed in different ways and the involvement of the people engaging in the process is differs from person to person. A male individual working in the working industry is considered to have more influence in the industry in terms of networking and they are expected to the very extent to make a successful outcome to the product or service. The analysis revealed two main themes which reflected the study’s research aim. Firstly, the types of support mechanisms with which the participants engaged in throughout the lifetime of the business, and secondly, the value these support mechanisms presented to the business. Within each of these overarching themes, further sub-themes emerged. Overall, all the women reported that they had engaged with several different formal and informal networks and support mechanisms over the lifetime of the business.
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In the end of the article, author conclude the quantitative research with the involvement of women in the industry and the more personal marketing strategies that they can initiate. The marketing mix strategy used by the female marketer have shown success in many terms and the study has several implications for practice (Carley & Clare,2018). The research demonstrates that networking activity changes over the lifecycle of the participants’ business. Self-employed women providing a marketing service, therefore, need to review and reflect upon the usefulness of their networking activity in line with the way their business evolves, ensuring it is continually “fit for purpose” and does not detract from revenue generation
Article 5: Letting the Computers Take Over: Using AI to Solve Marketing Problems
Along with all traditional marketing methods and new modernized multimedia marketing as show many successful marketing. Another potential marketing strategy is the use of artificial intelligence for product and service marketing. There have been many ongoing development in this field for using artificial intelligence for marketing product. The concept of AI have been in existence since many years and there are few main reason like cheap availability, emerging big data , computing power and development of advanced techniques are some of them. This article reviews the introduction of AI for marketing products and supporting the benefits of the AI technologies in the marketing field. The one major factor in this technology is the abundant data availability that is easily available now a day. The authors shows the example of using AI for marketing using text mining to understand the word of mouth information from the online medias. Overgoor, al, et (2019), believes with more research in the AI technologies can help to solve many marketing problems and they are truly successful. The managers can be better equipped with AI technologies to implement quick marketing decision according to the situations.
In the ending phase of the article the case studies performed by the authors that are significant advances in Marketing AI themselves and have elucidated a number of principles and concerns that marketing managers should address when carrying out Marketing AI projects.
From all the research on the topics related to marketing, it is clearer in what all way marketing plays an important role in business. If not properly marketed even a very best product or service might fail in succeeding. The referred article shows differed view points and approaches of multiple scholars along with their findings. Marketing mix in this social media driven society is the key of successful marketing and the product life cycle depends of the proper marketing strategies.
- Carley Foster, author, & Clare Brindley, author. (2018). Female entrepreneurial networking in the marketing services sector. Qualitative Market Research: An International Journal, (2), 182. https://doi.org/10.1108/QMR-11-2016-0106
- Chen, Y., & Wang, L. (Tarry). (2019). Commentary: Marketing and the Sharing Economy: Digital Economy and Emerging Market Challenges. Journal of Marketing, 83(5), 28–31. https://doi.org/10.1177/0022242919868470
- Cheryl Leo, author, & Nadia Zainuddin, author. (2017). Exploring value destruction in social marketing services. Journal of Social Marketing, (4), 405. https://doi.org/10.1108/JSOCM-03-2017-0022
- Dost, F., Phieler, U., Haenlein, M., & Libai, B. (2019). Seeding as Part of the Marketing Mix: Word-of-Mouth Program Interactions for Fast-Moving Consumer Goods. Journal of Marketing, 83(2), 62–81. https://doi.org/10.1177/0022242918817000
- Hunt, S. D. (2018). Advancing marketing strategy in the marketing discipline and beyond: from promise, to neglect, to prominence, to fragment (to promise?). Journal of Marketing Management, 34(1/2), 16–51. https://doi.org/10.1080/0267257X.2017.1326973
- Overgoor, G., Chica, M., Rand, W., & Weishampel, A. (2019). Letting the Computers Take Over: Using AI to Solve Marketing Problems. California Management Review, 61(4), 156–185. https://doi.org/10.1177/0008125619859318
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