Category: Chapter 1 – Marketing in Today’s Business Milieu

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 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 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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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.

Chapter 13 - Promotion Essentials: Digital and Social Media Marketing by marketingmanagement4e
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Mental Health Marketing

Stigmas associated with mental health have been breaking down over the last few years, especially through the COVID-19 pandemic as stress, anxiety, and depression have risen to alarmingly high levels. While brands have previously either faced backlash for mental health in marketing campaigns or completely shied away from the topic, now consumers value brands that acknowledge and relate to their personal struggles.

Chapter 14 - Promotion Essentials: Legacy Approaches by marketingmanagement4e
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Super Bowl Sunday

Every year marketers and customers alike prepare for the largest advertising event in the United States: The Super Bowl. The famous sports event provides a unique mass marketing opportunity to utilize television advertisements to promote everything from chips to cars. This weekend is Super Bowl LVI, and everyone is wondering which of the multimillion-dollar commercials will flop and which will triumph. But why do companies willing spend huge portions of their marketing budgets for a 30-second ad? Super Bowl Sunday is the one time of year that people actually turn on the TV just to watch commercials.

Chapter 7 - Segmentation, Target Marketing, and Positioning by marketingmanagement4e
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Nikeland: Virtual Reality Retail

Virtual reality and augmented reality are poised to become the next phase of internet consumption. With companies like Nike and Roblox taking advantage of new forms of marketplaces, the possibilities for innovation in digital consumer experience are endless. Catering to the expectations and values of Millennials and Generation Z consumers will be key to the success of the virtual world, the metaverse. Nikeland on Roblox is a prime example of marketing personalized experiences to Gen Z consumers.

Chapter 13 - Promotion Essentials: Digital and Social Media Marketing by marketingmanagement4e
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Time is Ticking for TikTok

For many months now, TikTok has become the darling of the American public, logging more than 315 million installs in the first quarter of 2020 – not to mention the millions of installs since the initiation of mandated lockdowns. Many companies have tried to reach large follower bases on TikTok by paying creators to use specific songs, wear branded clothing, and directly promote products in their videos, but President Trump has issued an executive order banning the app in the US unless it is bought out by an American company. So, what happens to the community now that the platform may be disappearing in just a short month?

Chapter 3 - Elements of Marketing Strategy, Planning, and Competition by marketingmanagement4e
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Saving Lives: Your Watch is Smarter Than You Think

Wearable tech, such as smartwatches, Fitbits, and Oura rings, were already gaining traction as medical monitors even prior to the pandemic. When the pandemic bloomed across the globe, wearable tech as a medical monitor took on a new urgency. The US Navy wants to use wearable tech to monitor social distancing – and they’re not the only ones either; many companies have already launched systems incorporating wearable tech to aid with social distancing in the workplace.