Discussion

Week 5

BUS 330

Principles of Marketing

Upon successfully completing this week’s work, you will be able to… •  Relate importance of marketing management

and marketing analytics

•  Assess the impact of customer relationship management (CRM) on overall marketing strategy

•  Identify 21st century emerging marketing trends

•  Explain the importance of green and social marketing

•  Discuss the relevance of marketing ethics

Week 5 Learning Objectives

Principles of Marketing •  Chapter 9: Managing the Marketing Effort

•  Chapter 10: Responsible Marketing

Week 5: Required Resources

White, S. (2012). Principles of marketing. San Diego, CA: Bridgepoint Education.

Processes and technologies that enable marketers to evaluate the success of their marketing initiatives •  Multiple data inputs: traditional media,

web analytics, social media, etc.

•  Multiple business metrics, including return on investment

What Are Marketing Analytics?

(“Marke(ng  Analy(cs,”  para.  1)  

Marketing analytics consider all marketing efforts across all channels over a timespan. •  Vital for sound decision making and

effective, efficient program execution

•  Single channel, point in time analyses can yield misleading results

Marketing Analytics vs. Channel Analytics

(“Marke(ng  Analy(cs,”  para.  1)  

It is 50% easier to sell an existing customer than to gain a new one. •  Why companies are focused on customer

relationship management (CRM) strategies

ü  Turning one-time sales into loyal and repeat customers

•  Companies collect data via loyalty programs and leverage it to enhance marketing efforts

•  Companies incentivize customer participation via promotional offers tied to repeat purchase

Customer Relationship Management

(Lawrence,  2012)  

•  FutureTense •  Clanning •  Vigilante Consumer •  Anchoring •  Fantasy Adventure •  Down Aging

Emerging Marketing Trends: Consumer

•  AtmosFear •  EVEolution •  Being Alive •  99Lives •  Small Indulgences •  Save our Society

17 emerging consumer marketing trends per the futurist, Faith Popcorn:

h<p://www.faithpopcorn.com/trendbank/  

•  Cocooning •  Egonomics •  Cashing Out •  Pleasure Revenge •  Icon Toppling

•  Social Media •  Interactive Marketing •  Mobile Marketing •  Content Marketing •  Big Data •  Predictive Analytics

Emerging Marketing Trends: Marketing

•  Authentic Messaging •  Video Ads •  Video Indexing •  Digital Assistants (Siri) •  Virtual Reality •  Wearable Technology

12 emerging marketing trends per Jayson DeMers of Audience Bloom:

(DeMers,  2015)  

What is Green Marketing?

The act of using environmentally- friendly practices when manufacturing, distributing, or advertising a product •  Also referred to as Organic Marketing

•  “As the awareness of the hazards of environmental waste, chemical use, and greenhouse gases continues to increase, more and more companies are turning to organic marketing” (Olenski, 2014, para. 1)

Corporate Sustainability

Simultaneous management of financial, social and environmental responsibilities •  Managing the triple bottom line

•  Not a nice-to-do thing. Now a have-to-do thing. (Asghar, 2015, para. 1)

“…the only smart long-term business move is to demonstrate a tangible commitment to the larger good.” (Asghar, para. 2)

“Companies that serve consumers who share a Marketing 3.0 outlook will be expected to practice a philosophy of ethical marketing that requires them to be socially responsible and culturally sensitive. Ethical marketing serves the sustainability of the entire market system—not merely corporate self-interest”. (White, 2012, sec. 10.1).

Ethical Marketing

Ethical Marketing Practices

A company following ethical marketing practices will… 1.  Organize itself around its customers’ point of

view and perceptions of value

2.  Seek continuous improvement and innovation

3.  Reflect a triple bottom line of profitability, environmental health, and social progress

(White,  2012,  sec  10.1)  

Marketing Ethics: Vulnerable Segments

Ethical marketing takes into account segments who may struggle to discern between truth and fantasy. •  Children

•  Elderly

•  People in poor health

(Smith  and  Cooper-­‐Mar(n,  1997)  

Big Data and Ethical Marketing

The ability to tap vast quantities of consumer level data brings with it the potential for abuse. •  New ethical dilemmas are emerging

•  Example: a drug company who uses medical records to identify and contact patients to pitch potentially life extending medications

(Smith  and  Cooper-­‐Mar(n,  1997)  

Week 5 Summary

Key concepts: •  Marketing Analytics

•  Customer Relationship Management (CRM)

•  Green Marketing

•  Marketing 3.0

•  Triple Bottom-Line

•  Sustainability

•  Ethical Marketing

Week 5 References

•  Asghar, R. (2015, May 7). How corporate social responsibility is moving from optional to mandatory. Retrieved from http://onforb.es/1AHz7kt

•  DeMers, J. (2015, September 29). The top 7 online marketing trends that will dominate 2016. Retrieved from http://onforb.es/1Gf6RbF

•  Lawrence, A. (2012, November 1). Five customer retention tips for entrepreneurs. Retrieved from http://onforb.es/Q94Id4

•  Marketing analytics. (n.d.) Retrieved from http://www.sas.com/en_us/insights/marketing/marketing-analytics.html

•  Newman, D. (2015, November 3). The top 10 marketing trends that will define 2016. digital materials (CDM) title.

Week 5 References

•  Olenski, S. (2014, November 19). Does organic marketing play a role in your marketing? Retrieved from http://onforb.es/1wX7XTR

•  Popcorn, F. (2015). 17 trends that reveal the future. Retrieved from http://www.faithpopcorn.com/trendbank/

•  Smith, N. C., & Cooper-Martin, E. (1997, July). Ethics and target marketing: The role of product harm and consumer vulnerability. Journal of Marketing, 61(3), 1-20

•  White, S. (2012). Principles of marketing. San Diego, CA: Bridgepoint Education. This text is a Constellation™ course digital materials (CDM) title.

Week 5: Go Deeper (Optional Resources)

Is marketing to vulnerable segments like the poor and the infirm morally impermissible? A counter-argument. §  Palmer, D., & Hedberg, T. (2013, August).

The ethics of marketing to vulnerable populations. Journal of Business Ethics, 116(2), 403-413

FSB APA Guidance

Please use the FSB APA Guidance located in your classroom.