Question 1) Marketing has been criticized because it "makes people buy things they don't really need

Marketing Feb 01, 2021

Question

1) Marketing has been criticized because it "makes people buy things they don't really need." Refute or support this accusation.

2. What are the five different marketing management orientations? Which orientation do you believe Apple follows when marketing products such as the iPhone and iPad?

3. Define each of the four P's. Explain what insights might a firm gain by considering the four Cs rather than the four Ps.

4. Explain factors must marketers consider when setting prices

5. Discuss why a company would consider increasing its prices.

6. Describe the key functions performed by marketing channel members

7. Using practical examples, discuss the key challenges facing companies in the twenty-first century. Explain the actions might marketers take to ensure they continue to survive and thrive in the new connected world of marketing.

8. Discuss the benefits of a long-range plan. Explain the role it has when forces, such as e-commerce, are changing markets so rapidly.

9. Explain, with relevant examples, any two steps in how you would develop effective communication for your product.

10. Explain how the PLC concept might be a useful marketing-planning tool for a well know product you are familiar with.

11. You have recently been employed as a marketer. On your first day you're invited to a meeting to discuss pricing for new product. Outline five factors that must be considered when setting prices.

12. Giving reasons, consider which of the pricing strategies discussed might be most appropriate for a new brand of chocolate bar.

13. Explain, using examples, why marketing should have responsibility to society as a whole and not just the consumer.

Expert Solution

Marketing is believed to have this ability to persuade the end consumers to buy products and avail services which are otherwise unnecessary and of no need. This is true in my opinion because human beings have an ability to get attracted to things that are fancy, prominent, and that seem apparently comfortable. Most marketing firms cling to these behavioral weaknesses of the customers when marketing a product in a market segment. Marketing firms look into the aspects in an advertisement which highly attract end consumers by portraying mindsets and value systems that are favored by the people of a particular geographic location and culture. This helps manipulate the customers by getting them to buy a product which is of no or little use to the customer.
Following are the 5 basic marketing management orientations: Product Concept, Production Concept, Marketing concept, Selling concept and Holistic marketing. Management orientation refers to the various concepts which help create, produce and then market a firm's goods or services to the market. Apple.inc follows two marketing management concepts i.e. (1) Product concept and (2) Marketing Concept. Since Apple greatly focuses on the quality and new innovations in it's products in order to enter new markets, apple is said to observe the Product concept. Apple offers products that have unique and most advance features, giving them a competitive edge over others. Apple can be seen as market oriented as well because it utilizes it's team efforts into continuously innovating and improving its product's quality according to the customer's need and wants. Apple has a strong orientation and familiarity of its customers and the target market and is focused on coming up with newer technology day by day, catering to the needs of the customers.
Four P's of marketing mix are: Product (The goods and services produced by the firm to cater to the needs of the end customer), Price (It refers to the monetary cost that the consumer incurs for a firm's product or service), Place (refers to the placement of the final product in stores or areas where they reach the customers who wish to buy them), Promotion (included the marketing and advertising of the firm's products to introduce them to the market). By considering the 4C's i.e. Consumer, Communication, Convenience, Cost. The firm can have a better understanding of the environment and the scope of it's products in the market. Unlike the 4P's, 4C's actually focus on the consumer rather than the product. This helps in enhancing the product's sales because now the firm is more concerned about the needs and wants of the consumer, the cost that he/she incurs, the level of convenience in finding the products and the communication level with the consumer. All these factors help the firm understand the market better and cater accordingly.
There are external and internal factors that the marketers consider before setting the price: (a) The marketing mix: The 4Ps or 4Cs of marketing which include the product, price [The cost of the product is also to be viewed by the firm while setting price], promotion and placement are to be taken into account. (b) The marketing objectives: The goals set by the firm when promoting it's products. (c) Market: The market segment in which the firm wishes to introduce the product. (d) Competitors: The competitor firms who have similar products in the market, their pricing strategy is to be taken into account. (e) Environmental factors: Economic, Social, Technological, Legal factors are to be considered while setting the prices.
Prices are usually increased due to three main reasons. (1) Over demand: Due to an increased demand for a longer period the firm might be drawn to increase the prices of its products. (2) Cost Inflation: Cost-push inflation takes place due to inflation i.e. when the overall prices rise due to increased production costs. (3) Anticipatory pricing: When the firm increases the prices due to expected government pricing controls.
Gather and distribute market information, creating awareness and promotion of the products of the firm, Contacting perspective buyers, tailoring/matching the product offering to the buyer's needs and requirements, Negotiating and reaching a common ground for the buying and selling of a product, Physical distribution of the products i.e. transportation and storage of goods, Financing i.e. the acquisition and usage of capital to cover costs incurred, risk taking i.e. assumption of the risks involved in carrying out the channel.
Data hacking and breaches i.e. Whatsapp is one such company which suffered account hacking in the past where its users were hacked out of their accounts and it was a huge privacy violation and the company suffered many law suits for it. Negative customer experience which might deteriorate the image and standing of a company. The solutions to both these dire issues are to firstly take data and information security seriously by installing proper security protocols and programs which ensure the firm's important documentation is safe and out of reach. And secondly to create a positive customer experience and manage feedback mechanisms to ensure that the customers can communicate their queries and concerns through reviews and comments.
A long range plan helps the managers of the firm view the business from a different perspective and gives significant direction regarding the steps necessary for achieving the company goals and objectives. It makes the company managers and employees accountable for the company's missions and vision. They also help create long-term goals through forecasting and estimation of historical data, so the firm can grow in the long run. Long terms planning helps the firm in the changing business environment as most of the business industry has converted to electronic commerce.They make the firm create goals which are attainable, objective, relevant, measurable and timely. By having calculated goals, the firm can easily cater to the E-Commerce trends and market it's products accordingly.
First of all by identifying the target market that I wish to introduce my product to is significant to effective communication. And secondly designing my product offering according to the target market which easily and effectively communicates to the end user. For example if I offer a new water brand, I need to be sure of the market which would want to buy that bottled water i.e. mostly health conscious individuals. And also I need to make sure that the quality, appearance and design of my product are in congruence with the target market.
The product life cycle of Apple.inc's products are a good example of how they plan their marketing of the products. Because through the PLC Apple can easily identify the life span of their products which is interrelated to the functioning ans features of their products. And that gives the firm a good understanding of the features that are long-lasting and durable and can be promised to the general public by marketing them to the audience.
For setting the prices, following are some of the factors that need consideration i.e. Cost incurred by the firm for that product, The prices of the competitors for similar products as ours, the market segment in which the product is to be introduced, the legality and governmental laws and regulations relating to pricing in that specified geographic location and the economic factors i.e. Inflation etc.
For a new chocolate bar, the pricing strategy to use would be Value based pricing since chocolate is a luxury item and the individuals who wish to buy it would actually be paying for the value that the chocolate bar holds in the form of quality of taste and quantity. Secondly edible products if have a unique recipe to it then can be sold for higher prices as well. So depending on the value that my chocolate bar has and the quality it demonstrates would determine the price of the product. And since higher quality is evident for high costs, so the prices will be kept accordingly.
Marketing plays a major part in the society we live in today. It plays a huge role in shaping ideologies and perspectives of the viewers. These viewers are of all ages and origins and a single carelessness from the marketer's end can leave a negative impression on millions of people and specifically children. Such negative impressions can modify the personality of our younger generations negatively and can set bad examples for our youth. That's why Advertisements need to e extremely careful into not giving false messages like making fun of a particular gender in an ad etc.

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