Category: Chapter 6 – Understand Consumer and Business Markets

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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.

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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.

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Marketing Shipping

Shipping issues are impacting supply chains in every industry, increasing lead times, and causing companies to rethink their operations in order to get cargo to their customers. Companies have rushed to fill rising demands for imports, leaving ports and roads alike clogged with traffic worsened by labor shortages. In this environment, one business-to-business (B2B) industry, ocean shipping, is turning to airfreight options to ease its struggles.

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When Endorsements Go Wrong

Celebrities can attract new customers, boost sales, and be iconic in advertising campaigns. With increased importance placed on social media marketing, endorsements can also come from smaller scale stars like Instagram influencers. Consumers will buy a product or service because their favorite influencer raves about it on Tik Tok or to support their favorite actress’s new product line, regardless of the celebrity’s actual involvement in product creation. [i] Despite the enormous benefits to celebrity and influencer endorsements, marketers face equally great risks to partnering their brand or product with an individual. Scandal and controversy are difficult to predict and can damage a company’s reputation and sales.

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Radio: Sound of the Old World

In the world of Spotify, Pandora, Apple Music and Apple Podcasts, it would seem that radio is in trouble. The industry, which is heavily reliant on advertising dollars, experienced a 4% decrease in revenue over the past five years. Despite this decline, insurance and real estate companies still spent approximately $257.7 million on radio advertising in 2019. In 2020, Progressive launched the “Sounds of the Old World” radio advertising campaign, which may help prove that radio is not as dead as one might think.

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A Treat Among Tricks

For many, going out for dinner is a treat at the end of a long week of hard work. It’s a way to escape the hustle and bustle of everyday life, to spend time with the important people in their life and connect over a good meal. Since the Coronavirus pandemic has forced many restaurants to close their dining rooms, it seems the most common solution for many has become delivery. In a year where so much of business remains in flux, Uber Eats seems to have found a way to capitalize on the resultant discomfort.

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Quibi Quickly Bites the Dust

Just six months after launch, Quibi is calling it quits. The streaming service, whose name is derived from the phrase “quick bites,” was originally designed to fill smaller gaps of time, like waiting in line for a coffee or during your morning commute on the subway.[i] Just as the service launched, however, the coronavirus changed the everyday landscape of media consumption. This, combined with a number of other factors, led to service’s quick demise.

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Curiosity Marketing: What You Don’t Know Will Kill You

Curiosity marketing is related to scarcity marketing. It’s about leaving your audience wanting more – so much so that they perform a desired action. That action might be signing up for a newsletter, clicking a link to view your content, or even making a purchase. Marketers create curiosity in their audiences by creating a gap between what consumers know and what they want to know. They do this by providing information in small bits to maintain interest.

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Coca Cola glass bottle tops

A Coke is a Coke is a Coke

Mexican Coke, sometimes called “Mexi-Coke,” has become somewhat of a phenomenon in the United States. So, what makes Mexican Coke so much different than the fizzy drink bottled here? There are a few potential explanations, but the most popular explanations are the use of sugar instead of high fructose corn syrup and the return to the traditional glass Coke bottle.