Coolhunting, Account Planning and the Ancient Cool of Aristotle - Assignment Example

Evaluation of article written by Southgate N. (2003 The article “Coolhunting, accout planning and the ancient cool of Aristotle” had been composed by Nick Southgate (2003). The author has throw light over the definition of ‘cool’, the job of cool hunters and the importance of cool hunting in today’s challenging and extremely competitive business environment. Indeed, Southgate (2003) has also compared the marketing definition of ‘cool’ with the ‘cool’ described by Aristotle’s in his virtue and ethical theory. The paper is an attempt to convince readers that it’s important to develop ‘cool products’ for consumer acceptance and business sustainability rather hunting for ‘cool heads’. In fact, the creative thinking and analytical reasoning would assist in producing and offering cool goods and services to uncool masses. Southgate (2003) did not collect any quantitative data rather used qualitative methodology and provided an in-depth theoretical insight over aforementioned concepts. The research would like to argue that the increase in competition among business entities has also compelled the strategic planners to formulate new procedures, implement new marketing techniques and create new products to entice maximum customers in the marketplace. Nevertheless, the firms today have greater emphasis on value proposition, brand recognition and equity, product differentiation, innovation, positioning, social networking and cool hunting. Southgate (2003) and (Gurrieri, 2009) elaborated on a relatively new terminology ‘cool’ that refers to supreme or premium quality, which enhances the credibility, authenticity, durability and status of a particular product. The proponents continued that the ‘cool’ tempts potential customers and triggers their purchase responses. In my words, ‘cool’ becomes a symbol of excellence for uncool masses, which later adopt or imitate the idea initially endorsed by the cool people. In lay man’s term, a cool could be an extra ordinary person who generates or endorses a unique, distinctive or innovated idea, which is mimicked by masses normally considered as the followers rather thinkers. Southgate (2003) also discussed ‘cool hunting and cool hunters’ in detail to provide readers an insight over aforementioned terminologies and how they relate to contemporary marketing. As far as ‘cool hunting’ is concerned, the researcher would agree with the fact that it has become extremely popular as many large scale domestic and multinational companies with extensive resources as they have inclination to benefit from services of independent cool hunters (or those employment cool hunting agencies). It is justified to claim that large-scale corporations are penchant to maintain desired high quality to cater brand crazy customers that compromise over status, quality and comfort. Cool Hunting, in simple words, is a subset of marketing research; however, it is about analyzing or spotting the future trends in the marketplace with the help of cool personnel (Gurrieri, 2009), who later provides a basis for developing ‘cool products’ that could meet consumer desires. In other words, cool hunting supported with proper Research & Development may facilitate in producing innovated products and enhance existing portfolio. The researcher would endorse Southgate (2003), Bird & Tapp (2008), (Gurrieri, 2009) and other proponents’ ideas that it enables business enterprises to increase monetary and financial gains unpredictable and uncertain contemporary business environment. Also, the Cool Hunters work independently as well as part of cool hunting, marketing and advertising agencies. Next, they are placed at the middle of hierarchy i-e below the ‘top executives and above the cool personnel’ (Southgate, 2003). The researcher would buttress the argument raised by above mentioned proponents, especially Bird and Tapp (2008), that ‘cool people’ are those who are being heard and have influence in their cultural and social networks. Nevertheless, I would like to add that the business organisations could exploit such ‘cools’ to change the mind sets, perceptions, attitudes, behaviors, beliefs and lifestyles of uncool masses for personal monetary and material gains. The reasons are that cool people are listened and their lifestyle is followed by masses, and after the maturity (stage) the trend would become unfashionable or outdated. To explain the aforementioned concept, Southgate (2003) and marketing experts including Kotler and Armstrong have divided the population into five major groups such as “innovators, early and late adopters, early and late masses, Laggards and Luddites”. Here, the researcher agrees with the relationship that innovators are viewed as cool, which are then followed by uncool masses. However, I would like to argue that the ‘early adopters’ could also be considered among those who are relatively higher in ‘coolness’ but they are not exactly like the cool people, because they fall in the category of followers rather innovators. Southgate (2003) has revealed that focus of marketers should be on creating new (or cool) products and innovating existing products (to transform them into cool) rather depending solely on cool hunters. Indeed, this enables companies to obtain the true benefits of growth and sustainability; since strategic planners have to ensure critical thinking, experimentation and continuous learning as these will also facilitate to sense emerging trends from the external business environment. As far as Aristotle’s ethical theory is concerned, it should be pointed out that the great man actually described that a person would be ethical and truthful in his or her behaviors if he or she becomes a symbol of benevolence, trustworthiness and fortitude. Hence, Aristotle has also described ‘cool’ in the light of above theoretical concept, and he revealed that a ‘cool person’ is one who makes pertinent and intelligent decisions “about their lives and environment” (Southgate, 2003, p. 454) in one’s decisions that could not be challenged morally and ethically. In simple words, Aristotle described that a person good’s conduct makes him cool whereas the bad behavior by the same cool person would either adversely impact or remove his cool personality attribute. (Southgate, 2003, p. 458) In addition to above mentioned explanations, the researcher would also like to present the some negative remarks, objections and limitations against cool hunting job and hunters. Indeed, the first major criticism is that cool hunting is about manipulating the ‘cool people’ who influence masses and create market for certain products or brands. In this way, the uncool masses are exploited under the sweet name of ‘consumerism’, while business owners ensure maximisation of personal wealth. Indeed, the critics have used the word ‘pernicious’ for this such type of consumerism to express the level of negatively as a result of entire cool hunting process (Southgate, 2003, p. 456). Evaluation of article written by Spero, I. & Stone, M. (2004): The article “Agents of change: how young customers are changing the world of marketing” had been composed by Spero and Stone (2004). The author has thrown light over the use of social networking and online digital media by teenagers (12 – 16 years) who are not provided any authorised platform for expression of ideas, opinions, concerns and arguments. Spero and Stone (2004) highlighted the fact that lack of any proper media channel for the teenagers had resulted in a communication gap and teens have found online digital communities as the most feasible, cheap and fast media for networking, sharing and communicating. The above authors considered this segment as ‘agents of change’ and argued that these groups have relatively purchasing power as well as inclination to endorse changes, novel ideas and product innovations. Targeting teenagers and young adults by offering premium quality novel products would not only benefit growth in the short run but also facilitate in the long when these customers will transform themselves in mature adults. Hence, it is justified to consider them the actual ‘drivers to change’. Spero and Stone (2004) did not collect any quantitative data rather used qualitative methodology and provided an in-depth theoretical insight over use of social media, myths about this segment and the subsequent changes in marketing techniques in contemporary world. I would agree with the fact that marketers have realized the fact that teenagers (under age bracket of 12 – 16 years) and young adults (16 + years) could be the most attractive and lucrative market segments, since they have relatively better purchasing power as well as inclination to acquire innovated products and ideas. Nevertheless, Spero and Stone (2004) argued that this segment was not provided sufficient channels, which they could use to express and share their values, aspirations and opinions with general public. In simple words, teenagers were not provided enough channels and forums that could be used as a platform for expression of ideas and criticisms in the society. Indeed, the idea of using digital media and online communities on internet, finally, met their desire as now they had the opportunity and medium to discuss and share, whatever they belief, with their fellow mates, peers, relatives etc. Marketers have identified this gap; therefore, they have been focusing to utilize digital media as an effective tool for marketing and advertising their products and brands. The research shows that this lucrative teenage segment spends greater time on blogging, face booking, chatting, You tube and surfing to not only communicate and entertain but also to increase their knowledge and awareness about world affairs, innovations and modern advancements. For instance, the time spent on electronic and print media is much lesser than time spent on internet, which today is easily accessible through Desktop PCs, laptops, Personal Digital Assistants (PDAs), IPhones, cellular or mobile phones etc. The mobile computing and use of internet applications via cell phone has increased considerably over the years, which was further facilitated by Apple that produced and marketed Ipods, Ipads, Iphones etc. It is, indeed, justified to argue that such mobile and computing devices first entice teenagers because they are among the early adopters and endorsers of innovations. (Chan & fang, 2007) However, Spero and Stone (2004) has also highlighted that this ‘early adopters argument’ should not be confused and misunderstood as teenagers do support new ideas but not every single product, service or experience. For instance, marketers have to make rational decisions in deciding what exactly to be offered to the teenage segment after comprehensive research and analysis. To explain the above mentioned argument, it should be pointed out that teenagers also have different perceptions, attitudes and behaviors towards certain elements that influence and shape their consumption pattern and purchase decisions. Indeed, they also tend to learn from environment and experiences in the external, which assist them in identifying the difference between needs and desires coupled with emotional attachment and utility they are going to receive from acquisition of new products after monetary spending. The internal thought processes later affect decision – making and trigger purchase responses. (Andreasen, 2002) The next major argument raised by Spero and Stone (2004) was marketers could make a brand successful and widely acceptable among teenagers and young adults if they enhance advertising and awareness through use of online digital media. Indeed, other proponents of social networking through online communities (including Orkut, Face Book, Twitter, My Space, LinkedIn and You Tube) have also endorsed this idea that they media should be utilized for commercial purposes and brand recognition. Second, there is dire need to foster emotional attachment of teenagers with a particular brand, because the probability that a teenager would purchase a particular brand will increase if he or she relates to that product. Indeed, the professionals could use digital media resources to let teenagers interact and discuss about a chosen good or service, because peer pressure and advices play a vital role in persuading these potential consumers to basket various brands. For instance, the marketing personnel could use new marketing techniques such as SMS- or email marketing to inform consumers about new market offerings, available discounts, prices, deals and promotions etc. (Stead et al, 2007) The critic would agree that the use of IT has been constantly increasing, which enhances the scope and figures of online reservations and e – transactions followed by an increase in percentage of teenagers that consult internet resources before physical acquisition from retail stores. Nonetheless, the marketers and industry analysts have been expecting that scope of online transactions will increase further if teenagers are provided appropriate payments facilities (credit, visa and debit card in general) options through an efficient, secure, faster and reliable online payment system. In addition, it should be emphasised that teenagers and young adults will remain the most attractive market segment because they would transform themselves in mature adults and groups with the passage of time. Also, they would forward their thinking, experiences, opinions and understanding about use of digital media resources to their next generations, which would obviously result in phenomenal growth of internet and viral marketing / advertising. (Hastings, 2001) On the flip side, it should also be pinpointed that the strategy would result in sustainable development only if it is secure and reliable. The privacy of personal information and confidentiality are essential followed quality maintenance and improvements. If safety and security of information is not ensured, then the digital media resources would be used for awareness and information but not for frequent online purchases. Because, consumers might shift back to physical acquisitions, which would obviously impact the real objective growth of internet marketing. Sources: Southgate, N. (2003) “Coolhunting, accout planning and the ancient cool of Aristotle” Marketing Intelligence and Planning”, 21/7, pp. 453-461 Spero, I. & Stone, M. (2004) “Agents of change: how young customers are changing the world of marketing” Qualitative Market Research: An International Journal. Volume 7; No. 2, pp. 153-159 Pickton, D. and Broderick, A. (2005) Integrated Marketing Communications, Prentice Hall. Hussey, J. and Hussey, R. (1997). Business Research: A practical guide for undergraduate and postgraduate students. New York: PALGRAVE. Wilson, A. (2003). Marketing Research: An integrated approach. England: Pearson Education Limited. Andreasen, Alan (2002) “Marketing Social Marketing in the Social Change Marketplace” Journal of Public Policy & Marketing, Vol. 21 (1), 3–13 [Online] Available at http://public.kenan-flagler.unc.edu/courses/mba/mba260e/Andreasen_JPPM.pdf Hastings, Gerard (2001) “Relational Paradigms in Social Marketing” Journal of Macromarketing [Online] Available at http://www.social-marketing.org/conference_readings/journal_of_micromarketing.pdf Stead, M., Hastings, G. and McDermott, L. (2007), The meaning, effectiveness and future of social marketing. Obesity Reviews, 8: 189–193 [Online] Available at http://onlinelibrary.wiley.com/doi/10.1111/j.1467-789X.2007.00340.x/pdf Kim, Young, Hee Song and Soung Kim (2009) “A new marketing strategy map for direct marketing” Elsevier, Volume 22, Issue 5, Pages 327-335 Chan, K. and Fang, W. (2007) Use of Internet and traditional media among young people, Young Consumers, 8(4), 244-256 Waldt, Van, T. Rebello and W. Brown (2009) “Attitudes of young consumers towards SMS advertising” African Journal of Business Management Vol.3 (9), pp. 444-452, [Online] Available at https://www.up.ac.za/dspace/bitstream/2263/11605/1/VanDerWalt_Attitudes%282009%29.pdf Lee, Richard & Jamie Murphy “The Moderating Influence of Enjoyment on Customer Loyalty” Australasian Marketing Journal 16 (2), 2008 [Online] Available at http://web.biz.uwa.edu.au/staff/jmurphy/The%20Moderating%20Influence%20of%20Enjoyment.pdf Kitchen, Philip, I. Kim, Don Schultz (2008) “Integrated Marketing Communication: Practice Leads Theory” Journal of Advertising Research pp. 531-546 [Online] Available at http://agora-imc.com/images/IMC_Practice_Leads_to_Theory.pdf Bird, Sara and Alan Tapp (2008) “Social Marketing and the Meaning of Cool” Social Marketing, Volume 14, Issue 1, pp. 18 - 29 Gurrieri, Lauren (2009) “Cool Brands: A Discursive Identity Approach” University of Melbourne, [Online] Available at http://www.duplication.net.au/ANZMAC09/papers/ANZMAC2009-404.pdf Read More