Advanced Marketing Management
Principles, Skills and Tools
Nikolaos Dimitriadis, Neda Jovanovic Dimitriadis, Jillian Ney
- English
- ePUB (mobile friendly)
- Available on iOS & Android
Advanced Marketing Management
Principles, Skills and Tools
Nikolaos Dimitriadis, Neda Jovanovic Dimitriadis, Jillian Ney
About This Book
Marketing as a practice is facing unprecedented challenges: a changing media landscape, an increasingly complex customer journey, innovative technologies, start-ups which disrupt traditional channels and a new generation of tech-savvy clients. How should students and practitioners adapt to this shifting landscape and address the skills gap that many of today's marketers face? Advanced Marketing Management prepares students for this new world of marketing. Since traditional marketing approaches fail to provide convincing solutions to modern business realities, a new approach is urgently needed if marketers are to regain trust within their organizations. Using contemporary examples, business case studies and supporting pedagogy, Advanced Marketing Management will provide a critical exploration into the more advanced aspects of marketing management, including the gap that exists between formal marketing literature and real-world practice, discussion of multidisciplinary tools, and the crucial evolution of the '4Ps'. Summarizing a large body of literature and academic research on new developments, this book is the go-to guide for students, lecturers and practitioners, wanting to succeed as modern marketers. Online resources include lecture slides and further questions for group discussion.
Frequently asked questions
Information
06
The 4EPs marketing mix, part 1
- Understand why the original 4Ps marketing mix model is still alive and why it needs an update instead of a total replacement.
- Question the practice of many companies globally not allowing marketers to be in control of price and place as much as they are of promotions and product.
- Appreciate the role of empathy and emotions in building and commercializing products and services.
- Emphasize the importance of psychology in shaping customersâ experiences with prices.
- Product. Deciem is using trusted, known, simple ingredients with proved efficacy. Product ranges and individual products are straightforwardly named, like The Ordinary range and the Granactive Retinoid 5 per cent in Squalane product. Packaging is also straightforward and simple, looking more like dropper bottles out of a science lab than traditionally sleek-designed cosmetics. Labelling is white, clinical and no-nonsense looking. In its simplicity and direct appeal, Deciem is trying to be more true, uncomplicated and connected to customersâ needs than traditional brands. The productâs truth has now to be felt deeply through empathic processes⊠and not just to be bought or consumed.
- Price. This is the big surprise. Most of the products under Deciemâs most successful range, The Ordinary, are priced under US $10. According to Allure Magazineâs Mpinja (2017), Deciem is trying to reverse the mental âprogrammingâ that the cosmetic industry has imposed on consumers to consider some products, such as serums, as premium, luxurious and thus expensive. Instead, Deciem treats its products less as cosmetics and more like health-care ones. Pricing is no simple affair: the traditional mark-up models (such as cost plus margin) and market-positioning models (such as luxury pricing) are now replaced with more complex scientific approaches based on customer experience.
- Place. Deciem products are available from a wide variety of channels. As the brand itself proclaimed in a post: âwe are all over the place, both literally and figurativelyâ (Krause, 2017). The company is using a franchise system to expand its physical locations with mono-brand stores all over the world and it makes its products widely available through its own and partnering companiesâ online and offline shops, such as Sephora (Deciem, 2018b). The opening statement from Deciemâs 2017 Instagram post mentioned above is not at all far from the truth for modern marketing: products and services have to be available wherever and whenever customers want them. Choosing one channel over the other is a strategy of the past. Today, and tomorrow, you need to be everywhere!
- Promotion. Deciem is constantly present in online communications by portraying a truthful, genuine and ultimately humane face. This unpolished and gutfeel-like presence resonates deeply with people solidifying its main brand position and creating huge growth surges for its products. At the end of 2017 there was a waiting list of 75,000 people for two of Deciemâs newest make-up products (Mpinja, 2017). Promotion cannot be categorized any more into one-way (old style) and two-way (new style). It goes beyond that and into creating relations and human interactions by engaging people emotionally and behaviourally. As founder Truaxe said, âskincare purchases are driven by communication with peopleâ (Hou, 2018), and this can be nowadays said for almost all products and services in the world!