- anintytabbartnappr
- Aug 15, 2023
- 6 min read
In Marketing 3.0, we talked about the major shift from product-driven marketing (1.0) to customer-centric marketing (2.0), and ultimately to human-centric marketing (3.0). In Marketing 3.0, we observed customers transforming into whole human beings with minds, hearts, and spirits. Therefore, we argued that the future of marketing lies in creating products, services, and company cultures that embrace and reflect human values. Since the book was published in 2010, many marketers have been adopting the principles of Marketing 3.0. The book was so universally accepted that it has been translated into 24 languages besides English globally.
Indeed, a lot has happened since we wrote Marketing 3.0, especially in terms of technological advancements. The technologies we are seeing today are not new. But they have been converging in recent years, and the collective impact of that convergence has greatly affected marketing practices around the world. New trends are emerging from this: the sharing economy, the now economy, omnichannel integration, content marketing, social CRM, and many other things.
Marketing 4.0: Moving from Traditional to 31
We believe that the technology convergence will ultimately lead to the convergence between digital marketing and traditional marketing. In a high-tech world, people long for high touch. The more social we are, the more we want things that are made just for us. Backed by big-data analytics, products become more personalized and services become more personal. In the digital economy, the key is to leverage these paradoxes.
In this transitional era, a new marketing approach is required. Thus, we introduce Marketing 4.0 as the natural outgrowth of Marketing 3.0. The major premise of this book is that marketing should adapt to the changing nature of customer paths in the digital economy. The role of marketers is to guide customers throughout their journey from awareness and ultimately to advocacy.
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services;[1][2] potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade shows and public events; design of products and packaging attractive to buyers; defining the terms of sale, such as price, discounts, warranty, and return policy; product placement in media or with people believed to influence the buying habits of others; agreements with retailers, wholesale distributors, or resellers; and attempts to create awareness of, loyalty to, and positive feelings about a brand. Marketing is typically done by the seller, typically a retailer or manufacturer. Sometimes tasks are contracted to a dedicated marketing firm or advertising agency. More rarely, a trade association or government agency (such as the Agricultural Marketing Service) advertises on behalf of an entire industry or locality, often a specific type of food (e.g. Got Milk?), food from a specific area, or a city or region as a tourism destination.
Marketing is currently defined by the American Marketing Association (AMA) as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large".[2] However, the definition of marketing has evolved over the years. The AMA reviews this definition and its definition for "marketing research" every three years.[2] The interests of "society at large" were added into the definition in 2008.[15] The development of the definition may be seen by comparing the 2008 definition with the AMA's 1935 version: "Marketing is the performance of business activities that direct the flow of goods, and services from producers to consumers".[16] The newer definition highlights the increased prominence of other stakeholders in the new conception of marketing.
Recent definitions of marketing place more emphasis on the consumer relationship, as opposed to a pure exchange process. For instance, prolific marketing author and educator, Philip Kotler has evolved his definition of marketing. In 1980, he defined marketing as "satisfying needs and wants through an exchange process",[17] and in 2018 defined it as "the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return".[18] A related definition, from the sales process engineering perspective, defines marketing as "a set of processes that are interconnected and interdependent with other functions of a business aimed at achieving customer interest and satisfaction".[19]
Besides, customers some definitions of marketing highlight marketing's ability to produce value to shareholders of the firm as well. In this context, marketing can be defined as "the management process that seeks to maximise returns to shareholders by developing relationships with valued customers and creating a competitive advantage".[20] For instance, the Chartered Institute of Marketing defines marketing from a customer-centric perspective, focusing on "the management process responsible for identifying, anticipating and satisfying customer requirements profitably".[21]
The "marketing concept" proposes that to complete its organizational objectives, an organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than its competitors. This concept originated from Adam Smith's book The Wealth of Nations but would not become widely used until nearly 200 years later.[25] Marketing and Marketing Concepts are directly related.
Consumer-to-business marketing or C2B marketing is a business model where the end consumers create products and services which are consumed by businesses and organizations. It is diametrically opposed to the popular concept of B2C or Business- to- Consumer where the companies make goods and services available to the end consumers. In this type of business model, businesses profit from consumers' willingness to name their own price or contribute data or marketing to the company, while consumers benefit from flexibility, direct payment, or free or reduced-price products and services. One of the major benefit of this type of business model is that it offers a company a competitive advantage in the market.[33]
Customer to customer marketing or C2C marketing represents a market environment where one customer purchases goods from another customer using a third-party business or platform to facilitate the transaction. C2C companies are a new type of model that has emerged with e-commerce technology and the sharing economy.[34]
Marketing research is a systematic process of analyzing data that involves conducting research to support marketing activities and the statistical interpretation of data into information. This information is then used by managers to plan marketing activities, gauge the nature of a firm's marketing environment and to attain information from suppliers. A distinction should be made between marketing research and market research. Market research involves gathering information about a particular target market. As an example, a firm may conduct research in a target market, after selecting a suitable market segment. In contrast, marketing research relates to all research conducted within marketing. Market research is a subset of marketing research.[9] (Avoiding the word consumer, which shows up in both,[56] market research is about distribution, while marketing research encompasses distribution, advertising effectiveness, and salesforce effectiveness).[57]
Positioning concerns how to position a product in the minds of consumers and inform what attributes differentiate it from the competitor's products. A firm often performs this by producing a perceptual map, which denotes similar products produced in the same industry according to how consumers perceive their price and quality. From a product's placing on the map, a firm would tailor its marketing communications to meld with the product's perception among consumers and its position among competitors' offering.[60]
The area of marketing planning involves forging a plan for a firm's marketing activities. A marketing plan can also pertain to a specific product, as well as to an organization's overall marketing strategy. An organization's marketing planning process is derived from its overall business strategy. Thus, when top management is devising the firm's strategic direction/mission, the intended marketing activities are incorporated into this plan.
Nearly 5.1 million Medicare Advantage enrollees are in a group plan offered to retirees by an employer or union. While this is roughly the same share of enrollment since 2010 (18%), the actual number has increased from 1.8 million in 2010 to 5.1 million in 2022 (Figure 4). With a group plan, an employer or union contracts with an insurer and Medicare pays the insurer a fixed amount per enrollee to provide benefits covered by Medicare. For example, some states, such as Illinois and Pennsylvania, provide health insurance benefits to their Medicare-eligible retirees exclusively through Medicare Advantage plans. As with other Medicare Advantage plans, employer and union group plans often provide additional benefits and/or lower cost sharing than traditional Medicare and are eligible for bonus payments. The employer or union (and sometimes the retiree) may also pay an additional premium for these supplemental benefits. Group enrollees comprise a disproportionately large share of Medicare Advantage enrollees in six states: Alaska (99%), Michigan (42%), Maryland (36%), West Virginia (35%), New Jersey (35%), and Illinois (30%).
Written as a short primer on higher ed marketing for higher ed leaders/executives, this book provides a solid overview of the current state of traditional and digital marketing for higher education. It is a short, 237-page intro, that provides firm marketing foundations, deep insight from an experienced VP of marketing and lots of useful examples. Highly recommended. 2ff7e9595c