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.
Category: Chapter 2 – Marketing Foundations: Global, Ethical, Sustainable
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.
Take a look at your shampoo bottle or an item in your pantry. Is the packaging recyclable? Is it “naturally derived”? Does it come from a “sustainable” brand? Chances are, you are being misled by those labels. In order to meet increased consumer expectations for environmentally friendly products and services and reach net zero emission goals, companies have taken a less than ethical approach when advertising their products: greenwashing.
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.
The Power of the Corporate Pocketbook
Companies and organizations are starting to mimic consumers in leveraging the power of the pocketbook; many are placing ethics at the forefront of their financial decision making. Recently, the NAACP, the Anti-Defamation League, Color of Change, and Free Press launched a campaign titled #StopHateforProfit. The campaign centers around the spread of misinformation and hate speech on social media platforms – primarily on Facebook – and encourages companies to boycott the site.
The Value of a Value Chain
IKEA’s product line includes about 9,500 products, and each year they introduce about 200 new products to that line. So how do they do it? How do they provide quality home furnishings at an affordable price? The IKEA process has been a source of intrigue for business strategists for years. This is partially due to their transparency with their mission, vision, value chain, and democratic design.
Pride Month Steps Up Its Game
Pride month this year looks a little different. Due to the coronavirus pandemic, many celebrations have been postponed or even cancelled. Because of this, the LGBTQ+ community has had to find other ways to show their pride – something many of them are doing with their pocketbooks. Pride month offers a unique study into just how imperative it is for companies to take on Corporate Social Responsibility initiatives.