Category: Third Edition

Chapter 1 - Marketing in Today's Business Milieu by marketingmanagement4e
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Building Brand Loyalty: Not to Be Overlooked

In modern marketing strategy, a large focus is placed on acquiring new customers. In fact, a recent research survey showed that 72% of small businesses planned to use the majority of their marketing budget to try to attract new customers as opposed to marketing new benefits and products to their existing customers1. However, expanding a company’s customer base does not always equate to business growth. Recent studies have shown that building loyalty with existing customers is equally important, as existing customers tend to be more profitable.

Chapter 4 - Understand Business-to-Consumer Markets by marketingmanagement4e
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The Balance Between Data and Privacy: A Fine Line for Digital Marketers 

One of the most powerful entities for a marketing department is data. For a business, having data on their customers and their prospective buying habits can impact how the business markets their products and services. Today, the constant advancements in technology have made it easier for companies to collect large amounts of data ranging from customer demographics to customer satisfaction.

Chapter 7 - Segmentation, Target Marketing, and Positioning by marketingmanagement4e
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Out with the New, In with the Old

The saying “out with the old and in with the new” no longer seems like a relevant turn of phrase as the past few years have seen a resurgence of repurposing old goods and bringing back old styles. For some consumers, secondhand goods are better than anything new. Everything from rare collectibles to couture gowns and one-of-a-kind purses are in high demand with apps like Depop, Thredup and, of course, local thrift stores fueling access to some of these items. These trends reflect generational preferences for sustainability, corporate social responsibility, and individuality that will be relevant to marketing strategy in 2023.

Chapter 13 - Promotion Essentials: Digital and Social Media Marketing by marketingmanagement4e
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Marketers Beware: Cryptocurrency Pitfalls

This week the SEC fined Kim Kardashian $1.26 million for illicitly touting a cryptocurrency on her Instagram. The SEC’s move sends a message to marketers and influencers that promoting cryptocurrency is not the same as promoting whitening toothpaste or a handbag. Understanding how digital assets can be marketed is still unclear to many, and Kim K’s settlement with the SEC highlights both the importance of being familiar with promotional regulations and the fluidity of the marketing field.

Chapter 14 - Promotion Essentials: Legacy Approaches by marketingmanagement4e
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Understanding Global Marketing

International expansion is a tricky path to navigate for even the world’s largest brands, requiring inconceivable amounts of time and resources to achieve, and despite their efforts many companies are still not successful. This can happen for a variety of reasons, anything from lack of sufficient market research to inadequate management style. Even the most experienced companies may struggle to develop a foothold in foreign markets. In marketing this is called the global experience learning curve: a process of developing multinational business expertise over time.

Chapter 13 - Promotion Essentials: Digital and Social Media Marketing by marketingmanagement4e
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Promotion Essentials: Content & Influencer Marketing

Influencers can be an integral part of marketing strategy, particularly for firms selling consumer products, but even B2B firms have successfully used influencer marketing to appeal to customers. When firms use influencers, they often showcase relevant product or service content through concise social media posts, videos, advertisements, or blogs. One of the best ways to inform customers about and promote products and services online is through a mix of influencer marketing and content marketing.

Chapter 3 - Elements of Marketing Strategy, Planning, and Competition by marketingmanagement4e
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What Does It Take to be a CMO?

The role of chief marketing officer is a juggling act of managing employees, understanding fast-paced socioeconomic, political, and technological changes, and driving measurable contributions to company profit, among other responsibilities that can affect a firm and its relationship with customers. This position provides leadership to marketing teams as well as strategic marketing direction for an entire firm. CMOs are always adapting, a trend that will likely continue into the future.

Chapter 13 - Promotion Essentials: Digital and Social Media Marketing by marketingmanagement4e
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Free Services! Low Prices! … Kind Of

Advertising can pose a challenge to marketers. On one side, they want to present their products and services in the best light to appeal to customers. On the other, high prices or flaws in quality may be an unappealing aspect of their products and services, causing potential customers to choose competitors instead. Marketers have to balance highlighting best qualities in order to attract customers and being honest about the realistic – and possibly negative – features of products and services. Because of this, some marketers fall into a trap of false or deceptive advertising.

Chapter 13 - Promotion Essentials: Digital and Social Media Marketing by marketingmanagement4e
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The Subscription Bandwagon

The relationship between brand and customer relies on the value that brands create. And marketers are always looking for ways to prove that their products and services are valuable enough to purchase. What do customers gain from my brand, and how can I show them we are worth the investment? Subscriptions allow brands to provide customers with their products and services on a regular payment and delivery schedule. Newspaper deliveries or streaming services like Netflix might come to mind when you think of subscriptions. But really, everyone from airlines to social media platforms are giving subscriptions a try.