Marketing Strategies in Business
Author: Shubham Meshram
MMS: Roll no. 96
Kohinoor Business School
Sustainable Marketing Strategies as an Essential Tool of Business.
The goal of sustainable marketing is to increase consumer loyalty while promoting environmentally and socially responsible products and services. This strategy benefits both the economy and the environment. It goes beyond conventional marketing by identifying and supporting the values that both companies and customers share. As a reaction to the criticism of “greenwashing,” where businesses overstated their environmental claims without truly being sustainable, the idea of sustainable marketing has developed. Sustainable marketing needs long-term commitment from businesses and should be incorporated into their whole business plan for it to be effective. Utilizing risk management, resource optimization, the triple bottom line (people, planet, profit), community involvement, best business practices, innovation, and good governance are just a few of the sustainability principles and practices that must be incorporated. Sustainable businesses assess their success based on their contributions to the environment and society as well as on their financial performance. Green marketing, social marketing, and environmental marketing are all components of sustainable marketing. Pricing, promotion, and distribution strategies that satisfy customer wants, organizational objectives, and the shifting business environment must be planned, put into action, monitored, and developed. To create lasting customer relationships, it is necessary to address social and environmental challenges, comprehend consumer behavior holistically, revamp the marketing mix, and use future-focused marketing techniques.
Innovation in Marketing Strategy: A Customer Lifetime Value Approach
This study developed a framework to quantify customer lifetime value (CLV) across various brands and industries in order to highlight the importance of CLV as a significant management issue. The idea that lifetime economic value (LEVC) differs between consumer groups and that the causes influencing LEVC also varied was supported by data gathered using a scientific research methodology. The identification of two unique constituents that contributed differently to the overall LEVC was the most exciting discovery. The study showed that factors like VP (probably a Vice President), AL (maybe a specific metric or factor), product availability, and customer attributes could only partially account for the variation in LEVC. From a managerial standpoint, knowing the financial worth of each customer made it easier to segment the customer base, enabling more accurate targeting and customer management. However, the study came to the conclusion that no company has the potential to fully realise the economic value of each and every one of their clients. This research differs from earlier studies that mostly relied on the Discounted Cash Flow (DCF) model to estimate CLV since the findings supported the strategic drivers of LEVC utilising a strategic model of CLV. This study contributed in a number of ways. First of all, it made the case that consumer economic value had a complex structure. Second, it improved, albeit somewhat, our knowledge of scientifically managing the customer-financial relationship. Thirdly, it promoted the growth of managers’ abilities to efficiently manage customer portfolios. However, the study issued a warning against simply adopting LEVC as the standard for determining the upper limit of marketing expenditures, since this could result in shareholders receiving less value over the long term and staff becoming less motivated to carry out a customer economic value-based management policy. Understanding the composition of LEVC, utilising both base and incremental LEVC in marketing mix innovation, and pinpointing the strategic levers of LEVC have not received nearly as much attention as estimating LEVC has. By addressing these gaps, our research adds to the body of knowledge on customer equity. But more research is necessary because it does not fully address both managerial and research facets of LEVC.
Sensory Marketing Strategies and Consumer Behavior: Sensible Selling Using All Five Sense
By directly affecting consumers’ senses, sensory marketing tactics provide a solution to the present marketing problems. Sensory marketing, as opposed to other types of advertising, directly affects consumers’ senses. Visual marketing makes use of aspects like logos, names, packaging, and product design to convey a sense of quality that encourages sales and the growth of a powerful brand identity.On the other side, olfactory marketing makes use of odours in various product forms to distinguish, position, and support a brand and its image. Scents are a key element in sensory marketing since they have a direct impact on the customer’s memory and likelihood of having a favourable experience. Auditory marketing is the practise of choosing music with the intention of influencing consumers’ perceptions of the retail environment and their experiences there. Because it can significantly affect a customer’s perception and behaviour, businesses should carry out research to discover the genres of music that appeal to their target audience.Customers physically connecting with a product through tactile marketing has been shown to increase the amount of things purchased. The significance of including touch in marketing initiatives is shown by the fact that people with a high Need for Touch (NFT) are especially responsive to marketing techniques that incorporate tactile encounters. Since eating and drinking are connected to happiness, gustatory marketing is also quite important. Marketing activities can be less effective if the flavour factor is neglected. Understanding how taste affects consumer perception and behaviour and implementing it into marketing efforts can have a positive effect.
Marketing in the Sharing Economy
For marketing academics, the sharing economy offers a singular chance to investigate novel issues and create novel conceptualizations. Researchers must embrace novel viewpoints, make use of fresh data sources and approaches, and transcend academic boundaries in order to address the problems raised by this developing subject. The sharing economy is relevant in many facets of marketing, including strategy, analytic and empirical modelling, consumer behaviour, and consumer culture.Collaboration between academics with varied skill sets, access to numerous forms of data, and knowledge of several theoretical fields is required for this interesting opportunity. Understanding and utilising the possibilities of the sharing economy are anticipated to significantly advance as a result of the convergence of these viewpoints. This method is best illustrated by the author team of this study, who combine a variety of viewpoints and methodologies while holding a shared conviction about the revolutionary potential of the sharing economy.This study aims to provide new light on the marketing effects of the sharing economy, encourage academics to reexamine conventional wisdom, and revitalise marketing thought. Researchers might deepen their grasp of marketing dynamics in a quickly changing environment by embracing this new system and delving into its intricate workings.
The effect of green marketing strategy on business performance: a study of organic farms in Taiwan
The use of chemical fertilizers and pesticides in addressing food supply shortages has resulted in environmental damage and potential health risks. Numerous studies have demonstrated the harmful effects of these substances on human health. In response to these concerns, safety and environmental standards have been implemented. To improve their total quality management (TQM), many companies have adopted green marketing strategies, which have led to the development of organic agriculture. Organic agriculture is defined as a sustainable production system that prioritizes the health of soils, ecosystems, and people by relying on ecological processes, biodiversity, and local growth cycles. Green marketing has gained importance in the farming industry due to societal pressure and TQM goals. It involves the production of pesticide-free agricultural products, chemical-free fertilizers, reduced packaging, and recycling facilities. Taiwan has experienced significant growth in the number of individuals voluntarily adopting these measures on organic farms, which can enhance their image and promote a positive reputation. Corporations’ handling of environmental and marketing ethics has become a crucial concern, and environmental regulations were established to encourage innovative pollution reduction measures and improve competitive advantages. By developing green products and marketing strategies, companies can reduce environmental contamination, enhance their corporate image, and improve TQM. This study investigates the cause-effect relationship between green marketing strategies (independent variable), product and service quality, corporate image, and environmental protection (intervening variables), and business performance (dependent variable). The influence of green marketing strategies on business performance is validated through organic farms.
International Marketing Strategy in Emerging-Market Exporting Firms.
This study focuses on emerging-market firms and their marketing planning and strategy formulation in the context of Thailand. Emerging-market firms face unique challenges, including operating in uncertain environments, encountering social and political disturbances, and having limited competitive advantages outside their home countries. These firms often lack extensive international experience, distribution networks, and market access means. As a result, they tend to use short-term planning, reactive strategies, and fewer analytical tools in their strategy formulation. Decision-making power is centralized with CEOs who are directly involved in the planning process. When these emerging-market firms first internationalize, they primarily rely on exporting as their market entry mode. This choice is driven by their limited international experience and lack of host-market information. The firms often extend their successful domestic marketing plans and strategies. Additionally, some firms may emulate strategies used by developed-market counterparts, demonstrating greater market-based sensitivity. However, emulating competitors is not always normative or guaranteed to result in optimal performance. The appropriateness and performance consequences of international marketing strategy (IMS) adaptation or standardization are key topics in the literature. While some studies have examined the performance outcomes of IMS, there are mixed results, leading to polarized positions on the conditions under which a particular IMS may lead to superior performance. However, the literature in this area is incomplete in certain respects. There is a need for comprehensive empirical studies from the perspective of emerging-market exporters, especially those that are smaller and centrally managed. Previous studies have often relied on data gathered from multinational corporation (MNC) headquarters, which may not accurately reflect the strategies implemented in host markets. Moreover, previous research has focused on individual marketing program elements in isolation, while in practice, the components of marketing strategy are intertwined. Limited attention has been given to assessing the performance implications of IMS adaptation or standardization in MNCs. Researchers have tended to establish a direct link between marketing strategy and performance without considering the importance of strategy coalignment with contextual imperatives in the host market.
Digital marketing strategies that Millennials find appealing, motivating, or just annoying.
This study examines digital marketing strategies and their impact on Millennials, who are considered a crucial demographic for e-commerce. With the increasing number of Internet users worldwide, reaching consumers through digital media has become a significant marketing avenue. The study aims to identify effective and detrimental digital marketing strategies for this target group. Millennials, also known as Generation Y, are highly familiar with and dependent on computers and mobile phones. Their daily use of digital media and comfort with online interactions make them an important force in online shopping. They have the ability to communicate and make purchases from anywhere in the world. Furthermore, Millennials are empowered by the Internet, social networking, and interactive technologies, allowing them to actively contribute to product and brand development. They seek to have a say in all aspects of a product, including its promotion. However, there is a concern that certain forms of digital marketing can be intrusive and annoying to consumers. Previous research has shown that consumers develop negative attitudes toward intrusive digital marketing. Therefore, it is essential to identify strategies that attract and engage Millennials rather than annoy them. This study provides valuable insights into the digital marketing strategies that are effective and annoying to Millennials. By understanding these preferences, marketers can tailor their approaches to better engage this influential consumer group and improve their online marketing efforts.
Rethinking Innovation Strategies for Rural Markets in India:
Focus and Imperatives
The Indian rural markets have gained significant attention and importance in recent years. Previously considered unviable, businesses and marketers now realize the immense potential and opportunities these markets offer. However, strategies that work in urban markets may not yield the same results in rural markets. Therefore, innovation tailored specifically for rural markets becomes crucial for successfully entering, competing, and growing in these areas. The purpose of this study is to explore the possibilities for innovation in rural markets and identify the requirements for successful implementation. The research reviewed various published papers to understand the types of innovation used in rural markets. It is widely acknowledged that rural markets in countries like India are vibrant and have immense growth prospects. Innovation plays a vital role in revitalizing these markets. To tap into rural markets effectively, strategic rethinking is necessary. Factors such as knowledge sharing, new learning, and skill development should be focused on to facilitate effective innovations. Different principles of innovation apply to the Bottom of the Pyramid (BOP) markets compared to the top of the pyramid markets. Both radical and incremental innovations are essential for survival, growth, and profitability in rural markets. A combination of architectural and value innovation can help a company emerge as a market leader. Encouraging user innovation and entrepreneurship can further facilitate the penetration and adoption of innovation in rural markets. The innovation should be value-based and frugal, adding convenience to the lives of rural people without burdening them with additional costs. Meaningful innovation in rural markets should focus on reducing costs, enhancing the standard of living, enabling emulation, aiding production, and facilitating connectivity. In conclusion, innovation specifically designed for rural markets is essential for businesses to thrive and succeed in these areas. By addressing the unique requirements and challenges of rural markets, meaningful innovation can unlock the potential and opportunities they offer, benefiting both businesses and rural communities.
The prospects for marketing strategy and the marketing discipline in Era V:
is the prognosis promising or problematic?
The article supports these claims with historical evidence and analysis from prominent commentators on marketing strategy and the marketing discipline.The commentaries by Jaworski, Varadarajan, and Jones and Shaw generally support and reinforce the main claims of “Advancing Marketing Strategy.”Jaworski finds the article insightful and precise, addressing problems at the heart of marketing. Varadarajan emphasizes the need for marketing to develop its own indigenous theories rather than relying on theories from other disciplines. Jones and Shaw expand on the importance of incorporating historical and theoretical development in doctoral programs and discuss the role of Resource-Advantage (R-A) theory as a general theory of marketing.The response to Varadarajan’s comment agrees with the importance of indigenous theory generation in advancing strategic marketing and the marketing discipline. It suggests that marketing needs to focus on developing its own theories rather than solely borrowing from other disciplines. The response to Jaworski’s comment agrees with the importance of marketing’s institutes in shaping the discipline and acknowledges the need for scholars to spend more time with practitioners. However, it raises reservations about ignoring the literature, emphasizes the importance of data, and suggests the value of programmatic research. The response to Jones and Shaw’s comment agrees with the call to increase emphasis on marketing’s historical and theoretical development in doctoral programs. It clarifies the claim made in “Advancing Marketing Strategy” regarding Arch Shaw’s contribution to marketing strategy. Regarding R-A theory as a general theory of marketing, it addresses criticisms related to buyers, the institutional framework, interactive consequences, logical sufficiency, and the inclusion of both competition and cooperation in a general theory of marketing.Overall, the commentaries and responses focus on the need for strategic marketing to develop its own theories, the role of institutes and practitioners in advancing marketing, and the importance of incorporating history and theory in the discipline.
CONCLUSION –
The provided collection of articles covers various aspects of marketing strategies in different business contexts. The first article emphasizes the importance of sustainable marketing strategies that promote environmentally and socially responsible products and services. It highlights the need for long-term commitment and incorporation of sustainability principles into the overall business plan. The article also mentions green marketing, social marketing, and environmental marketing as components of sustainable marketing, emphasizing the importance of addressing social and environmental challenges.
The second article focuses on customer lifetime value (CLV) as a framework for quantifying the financial worth of each customer. It explores the factors influencing CLV and the benefits of accurately targeting and managing customer portfolios based on their value. The study highlights the complexity of customer economic value and contributes to the understanding of managing customer-financial relationships. However, it warns against solely relying on CLV as a determinant of marketing expenditures, as it may not always lead to optimal long-term outcomes.
The third article discusses sensory marketing strategies that directly affect consumers’ senses, such as visual, olfactory, auditory, tactile, and gustatory marketing. It emphasizes the role of sensory experiences in influencing consumer perceptions and behavior. By leveraging sensory marketing, businesses can enhance their brand identity, engage customers, and increase sales.
The fourth article explores the impact of the sharing economy on marketing. It suggests that researchers should embrace new perspectives, utilize fresh data sources and approaches, and collaborate across disciplines to address the challenges and opportunities presented by the sharing economy. The study aims to deepen the understanding of marketing dynamics in this evolving environment.
The fifth article examines the effect of green marketing strategies on business performance, specifically focusing on organic farms in Taiwan. It investigates the cause-effect relationship between green marketing strategies, product and service quality, corporate image, environmental protection, and business performance. The study validates the influence of green marketing strategies on business performance and emphasizes the potential benefits of reducing environmental contamination and enhancing corporate image through green marketing.
The sixth article delves into the marketing planning and strategy formulation of emerging-market exporting firms, with a specific focus on Thailand. It highlights the unique challenges faced by emerging-market firms, such as operating in uncertain environments and limited international experience. The study reveals that these firms primarily rely on exporting as their market entry mode and often extend successful domestic marketing plans. It emphasizes the need for comprehensive empirical studies to understand the performance implications of marketing strategy adaptation or standardization in emerging-market exporters.
The seventh article investigates digital marketing strategies and their impact on Millennials, a crucial demographic for e-commerce. It aims to identify effective strategies that engage Millennials while avoiding intrusive and annoying approaches. The study recognizes the importance of digital media in reaching this tech-savvy generation and highlights the need for tailored marketing approaches.
The eighth article focuses on rethinking innovation strategies for rural markets in India. It emphasizes the potential and opportunities offered by rural markets and the need for innovation tailored specifically to these markets. The study suggests that both radical and incremental innovations are essential for success in rural markets and highlights the importance of value-based and frugal innovation.
The final article reflects on the prospects of marketing strategy and the marketing discipline in Era V. It discusses the importance of developing indigenous theories in marketing and incorporating historical and theoretical development in doctoral programs. The article presents commentaries from prominent commentators in the field, emphasizing the need for strategic marketing to develop its own theories and the role of institutes, practitioners, and historical understanding in advancing the discipline.
Overall, the collection of articles provides insights into various marketing strategies and their implications for businesses in different contexts. From sustainable marketing to customer lifetime value, sensory marketing, the sharing economy, green marketing, digital marketing, rural market innovation, and the future of marketing strategy, the articles cover a wide range of topics that contribute to our understanding of effective marketing practices in today’s dynamic business landscape.
Reference:
BAIDYA, M. K.; MAITY, B.; GHOSE, K. Innovation in Marketing Strategy: A Customer Lifetime Value Approach. Journal of Business & Management, [s. l.], v. 25, n. 2, p. 71–97, 2019. Disponível em: discovery .ebsco./linkprocessor/plink?id=826ee378-2d16-3556-afb2-74ae4399956f. Acesso em: 14 maio. 2023.
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SAMIEE, S.; CHIRAPANDA, S. International Marketing Strategy in Emerging-Market Exporting Firms. Journal of International Marketing, [s. l.], v. 27, n. 1, p. 20–37, 2019. DOI 10.1177/1069031X18812731. Disponível em: //discovery.ebsco/linkprocessor/plink?id=1924164d-6fb7-3c80-9b2a-3a255ac18141. Acesso em: 28 maio. 2023.
CHATTOPADHYAY, S.; BOSE, I.; GUPTA, U. Rethinking Innovation Strategies for Rural Markets in India: Focus and Imperatives. IUP Journal of Business Strategy, [s. l.], v. 19, n. 3, p. 33–42, 2022. Disponível em: //discovery.ebsco/linkprocessor/plink?id=51666218-f9d1-3e8a-a3a0-e7a65737c793. Acesso em: 30 maio. 2023.
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