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Marketing Value Assignment
This is a solution of Marketing Value Assignment which discusses postmodern individual in the light of shifting markets.
Question-1: Cova (1996) argues that the postmodern individual in the light of shifting markets and advances in technology ‘is both isolated and in virtual contact with the whole world electronically. Postmodern daily life is characterised by ego concentration, encouraged by the spread of computers’. With reference to examples discuss the opportunities for organisations to develop new products for this changing world.
Answer-1Example taken to justify the above statement: Online banking services.
With the spread of technology and advancements in the world, the world is changing rapidly. People hardly get time to think about their day to day transactions they make. Until something big matters to them for a longer time, people do not mind “financially” costly decision. With increasing purchasing power of people and technology becoming cheaper day by day due to increasing competition, amalgamation of these two have made people think less when they spend for buying products and services. This is the opportunity where companies have started endeavoring into. This is the wiser market gap the marketers feel to cater the needs (Payne et al, 1999).
To justify the above statement, we have taken the example of the Online Banking Services which every bank provides. It has rather become a kind of compulsion, at least to retain the current customer base, even though they do not wish to expand their customer base. In this information driven world, customers do not keep account and accounting transactions with one bank. Customers also seek for value addition services. They do contrast and compare these services with other competitors. Gone are those days when customer would stand in quos and pay the bill or withdraw money from a physical bank which may be 3 to 4 kilometres away. People prefer to do all things online. Be it bill payment through ECS, money transfer or money withdrawal through an Automated Transmitted Machine. Banks have clearly identified this laziness of consumers. In name of providing an ease to transact, they have made their business even better (Zikmund, 2003).
Let us consider an example of debit card services. Debit and credit cards are known as plastic money or virtual money. Compare two scenarios. Scenario one: When we go to shop for, say to buy garments, carrying a cash of $1000 as it is our financial budget. We are not carrying any credit or debit card, even though in our account extra $5000 are left and we are possessing a credit card which has a credit limit up to $2000. We have a cash and strict budget constraint. How much are we going to shop worth of? Exactly of $1000. Or say even saving at least as little as $100 and shop for $900.[Also Read Online Booking Project Management Assignment.]
Scenario two: This time we go to shopping mall, again for garment, having a strict budget of $1000 again. The only difference is, we are not carrying any cash this time and we are going to pay full by our plastic money. Observe, what are we spending for shopping? Is that as budgeted as 1000 bucks or as we put in the scenario, even lesser to $800? The answer is clear. It is more than $1000. If we consider the best case scenario, it will be at the edge of $1000.
How does this beneficial to banks:
- Fast moving cash: when there is a manual process of transferring funds and withdrawal system, the movement and transfer of the cash is slower. With the aid of the technology, this set back has easily been eradicated.
- Less expensive: both for the company and for the customer, this type of transactions are less costly as it saves upon buying of physical things like cheque book, slip book etc.
- An added advantage over the competitors: If the bank keeps on adding the value addition services to ease its costumers, this can be one of the great competitive advantages over the competitors.
- Attracts more customers: The customers always look for the ease and comforting themselves. They see those services which saves their transactional time and cost.
- Tackles the issue of accuracy: generally, the man driven systems are less accurate than the mechanical system driven work. The mechanical systems ensure a lot of accuracy in transactions so far as the manual transactions are concerned.
- Saves upon costs: for banks, making things as machine driven as possible reduces their cost of hiring more man power. Hence, more machines are better as far as the accuracy and cost control is concerned.
Banks will do better to cohort with an Internet banking emulsion provider (Tapp, 2001). The internet banking has not only the proficiency and skill to render their vision into an icy rim e-banking practice for the client, but also the prudence to demarcate precincts for security. With protection alarms sufficiently tackled, for the coming generation Internet banking is full of exhilarating potentials. Banks that grab the prospect may stumble on that Internet banking can be an instrument of distinguishing themselves from the industry competitors, rather than a just considering a cost biting tool. Evidently, endowing with a more commanding and cooperative e-banking custom, is the way to be taken for the better and easier future endeavours.
- ‘Sustainability is a tendentious catch-all term with a certain political flavour and its own contradictions’ – Hutchinson and Young (2005). Evaluate the extent to which a sustainable and green approach to marketing can add positively to the bottom line in an age of consumer confusion and possible indifference.
Green marketing is the marketing of products that are presumed to be environmentally safe. Thus green marketing incorporates a broad range of activities, including product modification, changes to the production process, packaging changes, as well as modifying advertising.
The definition given above is the simple most definition. However, when one defines the term green marketing; a lot of complexities come into picture (Manning and Reece, 2007). It is never a flat simple task where number of ideas and meanings collides and contradictions emerge from one another. The classic reason to this is the ever changing and ever redefining definition to society, social environment as well as corporate social responsibility. Adding to this, there are some other similar terms used such as Environmental Marketing and Ecological Marketing. These terms are similar but having little variation.
Basically when we use the term Green marketing in business context, broadly, it must address two objectives: one is in environmental context and the other one is in customer context. Hence namely, they are as under:
- Improved environmental quality
- Customer satisfaction
So far if we talk about the company’s sustainability is concerned, one thinks for profit as company’s prime most motive for ensuring both long term and short term goals are concerned (Kotler & Keller, 2006)). Nonetheless, one may not neglect the fact that companies, as compared to a few decades ago, have become more socially responsible. It is again for the long term success and societal and customer retention. A company which endeavours itself in to Corporate Social Responsibility, puts an inerasable impact on customers’ mindset. Hence, social responsibility is one of the imperative strive a company needs to take.
All said and done, the bigger matter of concern is how we see the company’s motive behind being socially responsible or either considering itself for Green Marketing. Sometimes it so happen that such actions and marketing gimmicks add only confusion their buying decision (King et al, 2008). When we talk about Green Marketing, we talk of Triple Bottom Line concept, which is of People Profit and Planet, a part from 4 basic Ps of marketing. Researches in this field conclude that sometimes marketing too much about eco friendly products and services lead customers into confusion and there by dropping the idea of buying the product from the particular company. Hence, when companies wish to make an amalgamation of both environmental cautions as well as selling products, they have to adopt a flair green marketing strategy.
Contradicting product line with Green marketing: Sometimes, it is funnier to find that a company which is advertising itself for green marketing sells the product which is most harmful to the environment. For example, a company stresses upon buying their products as they provide products in paper bags and not in plastic bags. As against, the product it is selling is of Plastic taps or plastic bottles. Where is green marketing and how has it been communicated to the consumers and buyers.
Unacceptable complementary product: Sometimes if not products then the products complementary to it are environmentally hazardous. For example, we buy pulses and vegetables which are 100% organic. But the cost of carrying them may be very much environmentally expensive. This will add to consumer confusion of buying organic food or not. High price: sometimes the price to obtain the environmental friendly products is very high and hence, customers may not prefer to buy them due to cost constrains. [Read about Marketing Principle Assignment Help]
Cheaper substitute: the substitutes of the eco friendly products are generally cheaper than them. For example paper made products versus plastic products. Plastic made products are way cheaper than paper made products. Question on durability: Take the example of Plastic versus Paper. Durability of paper made products is relatively less than that of plastic made products. For example: Paper bags are less durable than plastic bags. These products are less protective than plastic products.
All discussed above, in today’s world of environmental risky and hazardous possibilities, the marketers should take the consideration of the evolving fashion as well as its hidden motto: when we consider Global Warming, this is the biggest and scariest threat of natural disaster (Hooley et al, 2008). Also the social terms and social pressure to company’s performance and product offerings are emerging and taking their own benches. Utterly modestly, it is befitting little to up to the standard for companies not to seize accountability for their own or for their customers’ carbon emissions and consumption. Hence, when customers go and make buying decision, they end up having much confusion which is the responsibility of the marketers to remove before a customer goes to buy your product and refuses to buy because of dilemma and flux of mind.[See Social Networking Assignment Help]
- J and Piercy,N and Nicolaud,B. (2008),Marketing Strategy and competitive positioning (4th Ed). England: Pearson Education Limited
- King,D. McKay,J. Marshall,P. Lee,J. and Viehland,D.(2008) Electronic Commerce: A managerial perspective 2008. New Jersey:Pearson Education.
- Kotler P. & Keller K. L. (2006),Marketing Management (12th Ed). Harlow : FT, Prentice Hall,
- Manning, G.L. and Reece, B.L (2007),selling today – Creating Customer Value (10th Ed), New Jersey: Pearson Education.
- Payne, a., Christopher, M., Clark, M. And Peck, h. (1999), “Relationship Marketing for Competitive Advantage” Oxford: Butterworth Heinemann.
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