Marketing Fi

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1) INTRODUCTION:-

This review gives a brief explanation of contemporary marketing theory,and it also elaborates literature review on. Is Marketing, Networking? The key

theme of this task, describes networking in relationship with marketing

concepts, and moreover marketing is not only 4Ps but also something more

than that, it then includes various theories like individualism, tribes, macro

trends, capitals, cool, and climate. And I also consider initial defining aspects of

contextual marketing which illustrates sociology, psychology, anthropology,

economics, and competitive advantage strategy.

WHAT IS ACTUALLY MARKETING?

2) SOCIOLOGY:-

It refers to collective behaviour, motivation, stratification (JDH,2009)

Dellbridge(1994) explained that in order to understand the economic world the

project of economic sociology has developed to make major contributions.

There is comparison betweenmainstream economics and economics

sociology the main point lies with the conception of the actor and of economicaction. Economics sociologists, the actor is defined in the terms of relations and

is socially embedded as a member of groups in society rather than the individual

of mainstream economics. Economics sociology includes a range of economics

action, in which rationality plays a key role. Marxian emphasizes the

contribution of sociologists to the empirical study of consumer behaviour.

3) PSYCHOLOGY: -

It refers to the customer behaviour (JDH,2009).The psychology is how

consumers think, feel, reason, and select between different alternatives(e.g.,

Brands, products);

The psychology is how the consumer is influenced by his or her environment

(e.g..; culture, family, sign, media)

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The purchase of the product depends on the psychology of the consumer and the

importance or requirement of the product. It also refers to the culture or trend of

the society in which the consumer is living. The ads show more impact on the

customer behaviour.

4) ANTHROPOLOGY: -

It refers to culture. (JDH,2009)Marketing culture is that firms overall culture

that refers to the pattern of shared interests and values that helps the employees

to understand and feel the market function. Marketing culture has defined as a

multifaceted construct that encompasses the importance placed on the service

quality, interpersonal relationship, organization, internal communication.

(Webster,1993)

5) ECONOMICS: -

It refers to the creation of wealth (JDH,2009).Skouras,Avlonitis,

Indounas(2005) Price is a main issue for both marketing and economics. The

importance of the price is not only important a company or customers but for

whole economy.

Transaction is basis on the price may be considered from three distinct sides

those of the buyers, the sellers and the wide industry and the economy.

Three distinct sides to a price transaction refer:-

Buyers response to price.

Firms determination of price.

Industry or economy wide role of price.

6) CORPORATE STRATEGY:-

It refers to the competitive market (JDH,2009).El-Ansary(2006) defined

corporate strategy is nothing but building an organization around the profitable

satisfaction of customer needs has helped firms to achieve high growth in

competitive markets. Market strategy is defined for our purposes as the total

sum integration of segmentation, targeting, differentiation, and positioning

strategies designed to create, communicate, and deliver an offer to a target

market. It involves the following steps.

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Understand customer behaviour.

Segment the market.

Select target segments.

Design the offer to fit target market needs;

Differentiate the offer. Position it in the customers mind.

7) CONTEXTUAL MARKETING:-

Carson et al (2002,2003) researched to develop and to some extent

operationalise much of the work in the field of contextual marketing. This

concept posits that a parallel paradigm of the marketing function exits alongside

that which is already known-however such a parallel and emergent paradigm

has yet to be fully understood and indeed appears within the marketing text used

with both the academic or small business development fields(decon,2002).It has

long been accepted that small firms approach marketing in a different way to

that of the target firm(Carson 1985,story 1994,carson at al 1995,Hill et al

1999,Stokes 2000a,Bjerke and Hultman,2002).

8) CONSUMERISM IN SOCIETY:-

Oshaughnessy(2002) expressed that a consumer society is defined as one of theaccumulation and consumption of material goods. The term consumer

society is used in pejorative sense; coming from the perception that such a

society will inevitably be hedonistic. It is the instant gratification that we

traditionally associate with hedonism.

The term marketing is used by critics in this context, it is meant to cover all

the ways used by marketing to tempt the customers in buying the product. The

concept of marketing by critics rests on a purely outsiders view of marketing.

Identifying the actual /potential wants within a market or markets;

segmenting the market into want categories and selecting market

segments suited to the firms trust and core competences.

Determining the offering to match the want of each segment selected.

Making the offerings available.

Cooperating with others to secure resources and support marketing plans.

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9) INDIVIDUALISM:-

The economic policy is conducted when individualism economics behaviour is

consistent with the postulates of methodological individualism? Methodological

individualism has been proposed by Hayek as a method to study society. It

glorifies atomistic behaviour, putting emphasis on the idiosyncratic nature of

information and knowledge.

Hayeks mythological individualism as it is applied to individual action is

basically correct and it should be considered as an important alternative to any

economics paradigm at both micro and macro level. Hayeks has emphasized

only one aspect of it and, as this is presented and justified, contradicts even his

own methodology.

The study has three purposes:-

The approach of methodology individualism is presented as this has been

developed by Hayeks.

The implications of methodological individualism regarding

individualism economic behaviour are analysed.

The effectiveness of economic policy is considered from themethodological individualism point of view.

10) TRIBES:-

The Tribes are the communities of shared interest (JDH,2009).It need norms

and values in cooperation and co dependence. cova cova(2002) drew on

Maffesoli(1996) to introduce the idea of marketers that modern consumersociety can be tribal terms. The core point is that need for community and social

connectedness has become the priority over that of the material consumption

objects.

Tribes are held together by shared emotions and passions among networks of

people. The binding source is shared passions, not demographic labels such as

age, gender, and social class.

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The term tribe is closely aligned to another marketing term called brand

community. It is important to emphasise that the tribes are not necessarily

centred on a particular brand or typically associated with notation of brand

community. The Italian metro sexual tribe has a great range of products and

active range across skin and hair care, fashion labels and mode behaviour and

social participation.

Tribal members can adopt four rules:-

a member of institutions(association, religious sects);

a participant in informal gatherings(demonstrations, happenings);

a practitioner or adopt who has quasi-daily involvement in tribal

activities.

a sympathiser or fellow traveller who moves with the vogues and

trends and is marginally integrated into the tribes.

Tribal marketing can take aim at all the members of the tribes at once, or focus

on a cross section with a view to reaching the whole tribe.

It is the exchange of views of one another in which the qualities of the product

is discussed with various people probably this is possible in workshops. So that

various people with different ages, gender and cultures.

The emotions, feelings are shared such that a new idea is generated to launch a

new product or any modifications for the existing product. This helps the

company to promote good and quality products.

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Roles of tribe members

11) MACRO TRENDS:-

Macro trends are nothing but consumer trends, but majority forces that shape

our societies. Macro trends are the broad forces of change that create future

context of todays world. (JDH,2009)

According to Florin,Callen,Mullen and Kropp (2007) for Megatrends a Brandplays in consumers lives than on the product itself. By taking a broad view of

macro trends and how it influences the consumers the market is the good place

to begin.

Consumer behaviour has changed, there are different messages sent out into the

world.

High-Low Consumerism-Luxury is available for all, as is the uptake of

low cost goods.

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Individualism-As the days of mass market have gone. New technologies

have enabled consumers to customize products, create their own products

and approach the market place on their terms.

Choice overload-since two decades it may seem like a crazy dream.According to Joe Pine of mass customization fame said many years ago

Customer doesnt want Choice They just want whatever they want. For

companies the tough decision is to determine what the exact customer

choice is.

Gender Complexity-Roles have changed and are changing more. Men are

becoming more feminized, at least in terms of more traditional concepts

of femininity. Women are asserting themselves, working hard and

generally talking on attributes once considered masculine.

12) CHOICES:-

Choices play a key role in the today marketing. As each customer have different

choices. Individualised society causing choice explosion has shopping gone

mad the boring things have made more complicated and further know how

customer make choices. (JDH,2009)

The countries like India, china which has huge market have different cultures so

according to these consumer choices buying dependents. In this colour plays a

major role as the selection of the consumer liking and disliking depends.

Example:-

In India, earlier consumer used to buy non-metallic cars but since last 6 years

trend is changed consumers preferring only metallic cars. This only due to

various range of colours available.

Marketing practitioners have often turned to colour consultants to help them to

determine product colours that appeal to the customers. Igloo Products

Corporation used a colour consultant to develop coloured coolers for the firm.

Igloo got 15% increase in their sales (lane,1991).Similarly other firms have

examined consumer colour preferences in order to determine their products

colour or colour range.

13) FOUR Ps OF MARKETING:-7


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The four Ps of refers to the product, place, promotion, price these are used to

meet the target marketing. The marketing mix would be developed within the

constraints of the internal and external environments; this is the managerial

approach by McCarthy (1960).

The introductory marketing texts usually suggest that all of the 4Ps are equally

important. udell(1964) found that business people considered product to be the

most important p which is denoted by promotion, price, and place.

Earlier in 1960, Kotler and luck were recommended a consumer behaviour

course and they recommended the development of the following courses.

Marketing intelligence

Marketing communications(promotion)

Marketing channels(distribution)

Kotlers recommended that a product management course includes. A capstone

marketing management course was also being recommended.

It is the study found that principle of marketing; its research, marketing

management, and consumer behaviour are by the most offered, marketing

courses.

14) CONCLUSION:-

In conclusion, it is true that marketing is networking by taking all the aspects

into consideration. The above review gives explanation why marketing is

related to networking? And hence it is also judged that networking in

relationship with marketing concepts; moreover marketing is not only four Ps

but also something more than that, the theories used in this review

individualism, tribes, macro trends, and choices explain about the consumer

choices, culture and expectations what the consumer actually expecting. Theinitial defining aspects of contextual marketing sociology, psychology,

anthropology, economics and competitive advantage strategy also helped to

prove marketing is networking.

In order to launch a product in the market company needs to establish network

with the other companies so that it can understand the employees, individual

requirements, to create the market demand. If the company fails to understand

the customer needs it cannot fetch in the market hence it need to understand the

situation of the other companies what new products are they launching. Regular

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feedbacks should be taken from the consumer so that they can improve their

standards.

15) BIBLOGRAPHY:-9


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DELLBRIDGE,R.(1994)The Handbook of Economics Sociology

European Journal of Marketing,vol.36 pp.738-740

(JHD,2009)J H DEACON INNOVATIVE MARKETING AND THE

FUTURE 2008 Marketing Futures-1

Webster, C. (1993), Refinement of the marketing culture scale and the

relationship between marketing culture and profitability of a service

firm",Journal of Business Research, Vol. 26 No. pp.111-31.

SKOURAS,T. AVLONITIS,G.J & INDOUNAS,K.A(2005) Economics

and marketing on pricing Journal of Product & BrandManagement,vol.14 pp.362-374

EL-ANSARY,A.I(2006) Marketing strategy European Business

Review,vol.18 no4 pp. 266-293

OSHAUGHNESSY,J. OSHAUGHNESSY,N.J(2002) Marketing,The

Consumer Society And Hedonism European Journal of Marketing,vol.36

pp.524-547

PAPANIKOS,G.T(1998) Methodological individualism, economic

behaviour and economic policy International Journal of Social

Economics,vol.25 pp.1342-1352

FLORIN.D,CALLEN.B & MULLEN.S(2007) Profiting from mega-

trends Journal of Product & Brand Management,vol.16 pp 220-225

GROSSMAN,R.P.WISENBLIT,J.Z(1999) What we know about

consumercolor choice Journal of Marketing Practice:AppliedMarketing Science,vol.5 pp 78-88

KELLERMAN, B.J.GORDON,P.J & HEKMAT.F(1995) Product and

pricing courses are underrepresented in undergraduate marketing

curricula Journal of product & Brand Management,vol.4 pp.18-25

carson,D91985),The Evolution of Marketing in small Firms, European

Journal of Marketing 19,5pp. 7-16.

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Cova, B. and Cova, V. (2002), Tribal marketing: the tribalisation of

society and its impact on the conduct of marketing, European Journal of

Marketing, Vol. 36 No.5/6, pp. 595-620.

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