MANG6262 - Week 1 An Introduction to Contemporary Marketing Practice #019
In today's rapidly evolving business landscape, the essence of marketing has significantly transformed. It is no longer about merely selling products or services; instead, it encompasses a holistic approach towards understanding consumer needs and creating value propositions that resonate with them.
This is week we start another academic year and today it commences with a new module, MANG6262 Contemporary Marketing Practice: Ethics, Innovation & Social Responsibility.
Yes, I know it’s a bit of a mouthful but it ‘does what it says on the tin’.
Today’s session takes place over 2 hours and covers an introduction to contemporary marketing practice to about 60 students on the MSc Digital Marketing programme. In this time, I am to consider some form of definition and scope for contemporary marketing practice, identify the key elements of the marketing process, recognise the importance of customer-centricity in modern marketing, and finally, appreciate the dynamic nature of marketing in response to evolving consumer behaviour and market trends. Looking back, there’s quite a bit to cover.
Embracing Contemporary Marketing Practices: A Dive into the Dynamic World of Modern Marketing
In today's rapidly evolving business landscape, the essence of marketing has significantly transformed. It is no longer about merely selling products or services; instead, it encompasses a holistic approach towards understanding consumer needs and creating value propositions that resonate with them.
Contemporary marketing practice is an amalgamation of strategies, techniques, and activities that businesses employ to promote their offerings in the current market environment. This dynamic discipline involves multiple facets including product development, pricing strategy, distribution channels, and promotional efforts. To appreciate the depth and breadth of contemporary marketing practices, we must first delve into its definition. As highlighted by Kotler et al., (2019), "Marketing is engaging customers and managing profitable customer relationships." This statement encapsulates how critical it is for businesses to foster meaningful connections with their customers while ensuring profitability.
Consider Amazon's personalized product recommendations based on browsing history or Starbucks' rewards program offering tailored offers for convenience. These examples epitomise modern-day marketing where companies go above and beyond (often using data and technology) to ensure customer satisfaction while simultaneously boosting sales figures.
The Significance of Market Research
These things don’t just happen by chance. One cannot overstate the role of market research in shaping effective contemporary marketing strategies. Collecting valuable data about consumers' behaviours, competitors' actions, as well as overall market trends, forms the basis for informed decision-making processes.
