Contemporary Issues in Marketing (Research Paper Sample)

Contemporary Issues in Marketing
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Table of Contents TOC \o "1-3" \h \z \u Introduction PAGEREF _Toc414920591 \h 2Challenging the Definitions of Marketing PAGEREF _Toc414920592 \h 3Has the Definition of Marketing Outgrown Its Usefulness? PAGEREF _Toc414920593 \h 3Marketing Practice Vs. Marketing Theory PAGEREF _Toc414920594 \h 4Word Of Mouth Marketing Rediscovered In the Internet Age PAGEREF _Toc414920595 \h 6The Impact(s) of Technology PAGEREF _Toc414920596 \h 6Product PAGEREF _Toc414920597 \h 7Price PAGEREF _Toc414920598 \h 7Place PAGEREF _Toc414920599 \h 8Promotion PAGEREF _Toc414920600 \h 8Process PAGEREF _Toc414920601 \h 9Physical Evidences PAGEREF _Toc414920602 \h 9People PAGEREF _Toc414920603 \h 10Ethical Considerations on Change in Technology PAGEREF _Toc414920604 \h 10Evaluation of the Principles of Marketing in the 21st Century PAGEREF _Toc414920605 \h 11Marketing Ethics PAGEREF _Toc414920606 \h 11Basic Concepts of Marketing Ethics PAGEREF _Toc414920607 \h 11Ethical Evaluation of Marketing of Life-Threatening Products PAGEREF _Toc414920608 \h 12Redefining of Marketing Ethics PAGEREF _Toc414920609 \h 13Marketing Through Enhancing Positive Social Outcomes PAGEREF _Toc414920610 \h 14Modern, Post-Modern and Other Critical Approaches PAGEREF _Toc414920611 \h 15Basic Concepts of Post-Modern Marketing PAGEREF _Toc414920612 \h 15Postmodernism from the Perspective of Young Marketers PAGEREF _Toc414920613 \h 15Conclusion PAGEREF _Toc414920614 \h 16References PAGEREF _Toc414920615 \h 18
Contemporary Issues in Marketing
Introduction
Marketing is a particular function of business that acts as an integral part of the development of business that deals with every aspect of business promotions, which leads to the attainment of the goals and objectives of the organisation. It is also important to note that marketing deals with setting of goals and objectives of a corporate organisation. The concept of marketing relates to the identification of the demands and needs of consumers, which subsequently leads to the development of products accordingly (Hackley, 2013). In the modern era of competitive business environment, it is evident that global marketing strategies and tactics have significantly evolved and are used intensively within the operations of the business. This is because of the increasing power of the consumers along with their ever-changing demands. This also signifies the evolution of the customers’ oriented business process. This particular approach is adopted with the intention to gain competitive advantages over rivals. In this regard, it is also evident that the technological developments such as the Internet have a major role in the evolution of the business process, thereby attaining competitive advantages (Hackley, 2013).
In order to gain competitive advantages, it is notable that the corporate organisations execute several activities that are required for getting the desired level of performances. These activities are considered as ethically and morally valuable for the overall business operations in any sector. Eventually, it leads to social benefit, which indirectly benefits a corporate organisation (Tadajewski, 2004). In this context, the objective of this particular research essay is to consider all these aspects in a comprehensive or illustrative manner. The outcome of the research will subsequently aid the young marketers and others to attain professional developments and organisational growth at the same time.
Challenging the Definitions of Marketing
Has the Definition of Marketing Outgrown Its Usefulness?
In the modern era of competitive business environment, marketing strategies and tactics of companies has changed significantly. This has considerably led to the evolution of marketing through the involvement of technologies. In this regard, one of the major technological developments in the modern era is evident from the onset of internet technology. Internet technology has led to the improvement of communication among people residing in different parts of the world. This has considerably supported and benefitted the corporate enterprises in gaining a better position for themselves within the marketplace.
Through the onset of internet, Integrated Marketing Communication (IMC ) (Percy, 2008) has greatly developed. In modern era, internet technology has enabled corporate enterprises to communicate with the distant consumers in a two-way manner. Thus, it has significantly challenged the traditional marketing concepts and outgrown its usefulness immensely. This similar argument is also notable from the benefit of technology in the modern era that has increased the efficiency and effectiveness of the corporate enterprises (Hackley, 2013). Moreover, it is notable that the modern organizations are highly effective in reducing the cost of production or service delivery. This is prominently due to the introduction of several technological developments in the marketing field. This has further lead to the change in the conception of marketing, which has further outgrown its usefulness and importance within the contemporary era. The improvement in production has led to more technological advances that assist marketers in carrying out their duties. The marketing concepts have therefore changed from the traditional ones to the more advanced ones. The definition has outgrown its usefulness because it initially, it only used to cover certain areas but presently it incorporates other concepts such as internet marketing. Moreover, it is also evident that traditional concepts and definition of marketing has outgrown its usefulness in the recent times. This can be asserted by considering the development in the marketing concepts through the increasing consciousness among the business enterprises. In modern era of competitive business environment, majority of the corporate enterprises seeks to gain competitive advantages through their business processes and approach (Ellis & et. al., 2011). In this regard, the marketing strategies that any corporate enterprises undertake are majorly for gaining competitive advantage and long-term sustainability (Tadajewski, 2004).
Marketing Practice Vs. Marketing Theory
In the modern era of competitive business environment, it is perceived that marketing concept has significantly transformed primarily owing to the advancement of technology. This has also lead to the establishment of marketing concepts and practices, which is significantly different from the traditional concepts and theories of marketing. This is because of the prevalence of a varying business environment as compared to traditional time where business was done mostly with profit earning intentions. This varied business environment is because of the technological development in business across diverse industry sector. It is also because of the introduction of varied business sectors that have different objectives and goals that hardly matches with the traditional marketing theories. The goals and objectives fail to match in various ways such as their modes of applications, intended markets, channels of transmission among others. It is also because the business sectors have different locations, markets, and goals (Withey, 2013). In this regard, according to the marketing theories and traditional marketing conceptions, the primary objectives and goal of business enterprises is to acquire maximum profit from any particular market (Hackley, 2013). However, in modern marketing practices, it is notable that organisations have different objectives and goals. This is prominently notable in majority of the FM radio organisations. The FM radio organisations that are subsidiary of large corporate organisations are notable as loss making concerns. It is also argued by experts that these organisations are deliberately continuing this subsidiary branch to get wider base of customers (Withey, 2013). However, it often said that this is so in order to incur tax benefit from the government. This significantly proves that modern marketing practices are highly different from the traditional concepts of marketing theories (Pike, 2012).
Another instance of variance of marketing practice that differs within the traditional concepts of marketing theories is notable within the insurance sector. It is important to mention that majority of the insurance organisations have the initial objectives of gaining maximum market share and not the overall profit. This practice of insurance organisations is highly different from the traditional concepts and theories of marketing. This is primarily because such organisations have the initial objectives of enriching the reliability of the products from the perception of the customers (Govindarajan, 2007). Moreover, another such instances resembles with the modern trend of Corporate Social Responsibility (CSR), which is executed by several business enterprises. However, it is also worth mentioning that the execution of CSR in business process does not add directly to the profit of the organisations. Despite this, majority of the corporate execute their CSR in order to improve their goodwill within the market. Thus, it is notable that marketing practices in the modern era is significantly different from the traditional marketing theories and concepts (Burns, 2007).
Word Of Mouth Marketing Rediscovered In the Internet Age
Social media is one of the major attribute of internet and online media, which is widely used by the marketers as a promotional tool. This is because of the fact that in the modern era internet and social media have penetrated in every segment of the market effectively. Moreover, it is also evident that the potential c...