Discussion responses

Article #1 – The Marketing Mix Revisited: Towards the 21st Century Marketing
     The 4Ps marketing mix framework is one of the few topics that has thoroughly divided and inspired the marketing schools of thought. The origins of the 4Ps Marketing Mix can be traced to 1964 when Jerome McCarthy reduced the 12 controllable marketing elements identified by Neil Borden that, properly managed, would produce a “profitable business operation.” McCarthy’s 4Ps boiled down to a simple four-element framework including Product, Price, Promotion, and Place.
      The current debate around the 4Ps comes about due to forward thinkers exploring new theoretical approaches to tackle particular marketing problems and broadening marketing theory. Milestones in the development of management theory include broadening the marketing concept, exchange transaction, advancement of relationship marketing, Total Quality Management, and information and communication technologies.
     Many authors propose various shortfalls of the 4Ps of marketing and suggest that it should not be the bedrock of Consumer Marketing management. The three main condemnations of the 4Ps are internal orientation, lack of customer interactivity and, lack of strategic elements. Many authors propose a unique structure, and still, others are proposing changed versions with added elements. Alternate approaches to the 4P’s marketing mix included Relationship Marketing, Consumer Marketing, Services Marketing, Retail Marketing, Industrial Marketing, and E-Commerce Marketing.
      The marketing landscape of the 21st century will continue to change, and the market will continue to reshape itself to meet these new demands, changing rules, and changing critical factors. These changes will continue to fuel the debate surrounding the 4P’s and their effects on the success and failure of marketing programs.
 
Article #2 – The Elements of Value
      Customers perceive value when debating whether to buy a product or serviceattempting to find out what customers value has been difficult for marketers to nail down and mentally complicated. In this study, there have been 30 elements of value identified and arrayed in four categories. These categories include functional, emotional, life-changing and, social impact. Thirty years of experience in customer research and observation led to these 30 fundamental attributes. Their model can be traced back to the psychologist Abraham Maslow and his “hierarchy of needs.”
      When attempting to determine what a customer may value, the challenge is difficult to pinpoint. However, it could be the emotional benefit gained through the purchase of a product or service. The 30 “elements of value” satisfy each type of need: functional, emotional, life-changing, and social impact. Knowing the value and determining value are two different things. There have been some patterns to value, and some elements score higher than others. It has been found that customers seem to believe that digital firms have a higher value because of perceived time and money savings over brick-and-mortar businesses. Those brick-and-mortar businesses still win in certain life-changing, value, attractiveness, and belonging elements, among others. Customers wishing to get help from employees in-store would instead frequent a brick-and-mortar establishment.
     Companies can capitalize on opportunities by improving new-product development, pricing, and customer segmentation. Firms currently use the term “hunting for value,” The hunt is done through focus groups conducting structured listening sessions and customer-centric design sessions. Specifically, firms should focus on New-product development, pricing, and customer segmentation. Managers can add value to their brands and products, and using the elements can give them a leg up with consumers.
 
Article #3 – The CEO of Levi Strauss on Leading an Iconic Brand Back to Growth
      In 2011, Chip Bergh became the CEO of Levi Strauss, one of the oldest companies in America. Before taking the reins at Levi’s, he spent the previous 28 years working for Procter & Gamble, the last six running the Gillett division. Bergh took the job as CEO, fully aware of the challenges that awaited him; after taking office, Chip took the road speaking to the company’s top 60 executives to understand better the problems Levi Strauss faced and looking for a way to right the ship. After roughly 33% of the interviews, Levi’s lacked an obvious strategy or direction, and to do better would require considerable change. Starting at the top, nine of the eleven top leadership members were replaced, and only one original manager remains as of this writing.
      The plan to bring Levi’s back to profitability was a four-part strategy devised to grow revenue and profits. The first part was to build the profitable core; 80% of Levi’s cash flow comes from men’s jeans and Dockers from sales in the top five countries and the ten wholesale customers. Second, expand for more, explicitly expanding sales in developing markets, including Brazil, Russia, India, and China. Next, Become a leading omnichannel retailer, grow sales in Levi’s brick-and-mortar stores and online retailers. Last, achieve operational excellence, cut costs, drive cash flow, become more data-driven, and financially disciplinedinvestment into technology and innovation, along with reducing debt. Levi’s can grow and become more than it ever was.
 
Article #4 – You Are the Product
      Facebook was the fifth most valuable company in the world when this article was written; it has since fallen to number six with an $839 billion market capitalization and a user base growing at 18 percent a year still. The amount of data that Facebook controls spans primary demographic data and includes geographic information and any added information to each user’s Facebook profile. With the explosion in using mobile devices, the amount of information available to Facebook and other technology companies has exploded to include personal behavior data, including every website visited, physical stores visited, and mobile apps used and how it was used. Through partnerships with companies such as Experian, Facebook and now also has access to your name and address even if you did not include it on your profile, income level, and your level of information and relationship status besides ALL the places that we have EVER paid for ANYTHING with a credit card. It is now possible to put all of that data together and package it for sale to anyone who might want to use it.
      Facebook offers products to two groups. The first is the users. They are offered a place to connect with other like-minded individuals and collaborate and share information. This product is provided free and only has the annoyance of targeted ads. The second product offered by Facebook is the actual cash cow, information. Businesses purchase all that personal and private data provided by the free users collaborating and sharing information. For most individuals, you cannot beat the product, and the price is free. Facebook is available on any desktop or mobile device, the optimal place for everyone to use it, and as of right now, Facebook needs little to no promotion. It seems to sell itself.
 
Conclusion
      All the articles reviewed here provided some interesting insights. For instance, I did not know that Levi Strauss was in such dire straits before Chip Bergh took over as CEO, and I found the Elements of Value especially interesting. HOWEVER, what I enjoyed most was the information provided by John Lanchester in “You Are the Product.” I was aware of the information controlled by Facebook and other technology companies to have the numbers broken down and how it is used was eye-opening once again.

 

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