Marketing is defined as a process that creates, communicates, delivers the value to the client and retains good relationships with the clients (Armstrong et al. 2010). Marketing creates the strategy that brings about business developments, business communication, and sales techniques. It is an integrated procedure, via which organizations establish strong client relationships and generate value both for themselves and for the clients. According to studies, marketing is very essential as it is a method, in which clients are identified, satisfied and retained (David 2010). In order to adopt efficient marketing strategies, companies are required to shift their center of attention from production to the supposed wants and needs of their clients as a way of staying profitable (Armstrong et al. 2010). The contemporary function of marketing aims at knowing the wants and needs of the target consumers and delivering the preferred satisfactions in a more efficient manner. In this paper, the focus is on the Spero and Stones’s article ‘Agents of change: how young consumers are changing the world of marketing’ and considering the four P’s of marketing framework; consider how the two can be reconciled in the contemporary function of marketing.
Marketing mix is based on the four P’s of marketing framework, which includes product, price, place and promotion. The combination of these is deemed to yield better results for any organization (Spero and Stone 2004). The four P’s of market framework encompass the following:
Product encompasses the goods or services, offered by a company (David 2010). Different companies offer different products and services. For instance, a fitness and weight control centre is a service industry, offering various services including gymnasium, muscle training, boxing, diabetes and obesity control, cycling and aerobics. These services may be available in the company’s website, whereby customers may be able to download and practice.
Effective marketing and sales program calls for a thorough understanding of the target market and the channels, used to sell the products (Henry 2009). In addition, the price of the product should match with the quality of the product. Price encompasses the amount, paid by clients for a certain product. Pricing decisions usually take into account obvious pricing response of major competitors and the expected profit margins (Armstrong et al. 2010). Pricing integrates financing, discounts, and the list price amongst others.
Place or the distribution channel represents the location, in which clients can acquire a product. Place encompasses any physical store or/and other virtual stores on the internet (Henry 2009). A company’s products may also be acquired via the websites, whereby the company communicates the intended information for customers to download. This strategy gives diversification, which will allow a company to reach numerous customers in a larger target market (David 2010).
Promotion strategies are the most important in the contemporary marketing. These strategies are developed to make clients aware of the existence of certain products or services, offered by a company (Koichi 2009). Promotion strategies include all communications that marketers use in the market place (Koichi 2009). Launching promotional strategies for the company’s product will meet the needs of its customers. The consumers will also be able to gain a deeper understanding about this product and the values it comes with it. This will, in turn, help the company boost its market share, sales and revenues. Ample sensitization of products being offered to the customers may be done through marketing campaigns and advertisements (Lawrence and Carl 2008). Print press, such as newspapers, as well as media such as TV and radios can be used. The company may place large adverts on the newspapers or radio, to create more awareness about its products or services and how the interested customers can purchase it (David 2010). Through this additional potential customers will be reached. Billboards can also be erected on major roads and road junction to further create awareness of the company’s products product.
How Spero and Stone's article and the four P’s of marketing can be reconciled in the cotemporary function of marketing
Spero and Stone's article "Agent's of change: how young consumers are changing the world of marketing" focuses on the relationships between young adults with the digital media. From a commercial viewpoint, the chance to make use of these channels with an aim of promoting client loyalty and recruitment is very significant (Spero and Stone 2004). Nevertheless, marketing companies are required to meet their customers’ needs by mixing strategies and creative ideas with a changed approach to marketing service and sales, symbolizing the most efficient information and communication technology, consistently and securely implemented (Spero and Stone 2004). The article is underlined by communication networks. The young adults have made the online world their location, with most of them using it to develop personal linkages and an environment to learn novel things (Spero and Stone 2004). This means that online, which encompasses the internet and social sites, can act as a good platform, in which companies can offer their products and services. Furthermore, companies can be able to identify their target customers and know the need and wants of such customers and, in return, deliver the preferred satisfaction in a more efficient manner (Armstrong et al. 2010). In particular, companies that target young adults necessitates to be aware of the emerging behavior of their customers, which will enable them to create more pertinent linkages and get closer to them. Companies can be able to specify the products or services offered, quote their prices and the place, in which they can be obtained and, thus, this acts as a promotion medium for such companies (Lawrence and Carl 2008).
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In the contemporary market, it is of paramount for a company or any business enterprise to engage teenagers in its marketing strategies (Lawrence and Carl 2008). This is due to the fact that the teenagers through their level of technological smartness, which is characterized by their imagination, creativity as well as entrepreneurship, make the marketing of any company a success (Lawrence and Carl 2008). It is apparent that any smart marketers engage the teenagers in the promotion of their products. This is due to the reason that when it comes to the technological knowhow as well as applications, the teenagers are becoming the new authority (Spero and Stone 2004). Evidently, teenagers adapt to new technology faster as compared to the older generation. In addition, they are able to push for its understanding at faster rate than their older counterparts (Spero and Stone 2004). A company that uses teenagers to promote its product, therefore, is at an advantage. According to studies, the use of certain applications such as the short messaging service or the online services and the effective interactive strategies, for instance, the viral marketing capacitates the teenagers to shape, modify as well as spread information about the product (Spero and Stone 2004). This information includes such details as how the product can be useful to the customer, why it is much better than other similar products and how the customer can access the product easily (David 2010). Moreover, the customers are also given the price, at which they could get the product. As a result, the company’s product is widely known as it reaches out to a large population (David 2010).
Besides, teenagers should be engaged in contemporary marketing as they are well aware of the changing lifestyles and they will be in a position to know what product fits what group (David 2010). Apparently, the digital world is the major environment, in which the agents of change as well as teenagers are located. This, therefore, implies that marketers need to put their focus beyond numbers, demographics and media speak as in the digital world that is where the teenagers work, learn, play and communicate (Spero and Stone 2004). Studies indicate that companies need to stop undervaluing, underexploring as well as underrating the digital world if they are to be successful in marketing their products. Furthermore, teenagers are known to be a very strong customer spending group in their own different way, mainly uninfluenced by the brands that aim at targeting them (Spero and Stone 2004). It is clear that the market for youths is grouped according to age traditionally. However, currently the age has been replaced by less spurious identifications as age does not take into consideration the differences that exist in young people. As a result, this patronizes as well as turns off the teenagers market as the marketers assume they are a well aware of the different age groups. Companies should identify the young according to the lifestyle traits they possess (Spero and Stone 2004). These include their behavior, social maturity, ethnicity, interests, upbringing, gender as well as sexuality. By using the level of sophistication as well as diversity, a company is able to make its product widely accepted and in return enjoy increased sales.
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In contemporary marketing, companies should ensure to use teenagers at all the stages of product development (Spero and Stone 2004). Mainly, they should be introduced at the first levels of development. In addition, they should be allowed to do the developing. This is due to the fact that the teenagers are taking the lead, when it comes to the technological knowhow and applications (Spero and Stone 2004). The teenagers also stand a position of quickly adapting to new technology and this will, in turn, enhance the development of a particular product. In the present times, the teenagers are extending beyond the boundaries of technology and this could be an advantage to a company, engaging them in their marketing (Spero and Stone 2004). It is, therefore, apparent that companies should engage, understand and excite for them to have a successful marketing for their products.
In the contemporary society that is characterized by rapid evolution, including GPS systems, remote learning, and the changing nature of the environments real and virtual space have become interchangeable. Teenagers have turned out to be change agents, maneuvering from a Net-savvy generation to shaping an online lifestyle with more simplicity. Online retailers and companies necessitate moving into a market niche that is concerned with seamless and continuous cross platform media (Spero and Stone 2004). Nevertheless, companies require both adapting to subtle shifts in the manner in which individuals negotiate and interact and should also learn to acknowledge the mindsets and lifestyles of its customers before entering their private headspace (Spero and Stone 2004). Research have proved that proper positioning and designing of applications by the respective companies, in a manner that is sensitive to the demands of the teenagers, peculiarity and creative standards, such companies will eventually succeed. The presence of digital media in the modern society has enabled people to create, manage and distribute information quickly to virtually any media. Furthermore, customers have turned to the internet as the main source of music amongst other linked media. This has enabled companies to advertise and distribute their products and services directly to their customers at home, safely and effectively (Henry 2009).
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The young generation in the current society has a clear understanding of the importance of technology (Spero and Stone 2004). They understand that technology is universal and as a result, this has instilled a sense of omniscience. In turn, this implies that most young people are in demand of access to technology from anywhere and all the time. For instance, in the United Kingdom, the use of broadband in households has increased by sixty percent over the past six months, implying that the level of young people being online has also increased (Spero and Stone 2004). Chatting and blogging has made them visible online for longer periods. For this reason, companies and online retailers are required to make their services and products ubiquitous in the lives of young people and furthermore, seamless engagement with the young people is the key. This means that the contemporary function of marketing can only succeed if companies engage in online marketing and engage the teenagers in their activities.
It is apparent from this analysis that the contemporary function of marketing encompasses understanding the wants and needs of consumers and delivering the preferred satisfactions in a more efficient manner. Rich marketing potential currently subsist across media with an elevated degree of teen ownership and interactivity and a decreased extent of top down control. Companies, which want to meet their marketing goals and objectives, necessitate integrating internet in their activities. Research has revealed that media, and especially the internet, has turned out to be good platform, in which companies can advertise their products and services, quote prices, sell and distribute such products to their customers.