Creative Marketing and Development of Marketing Strategies - Essay Example

Marketing Creative marketing is a commercial expertise that requires innovativeness in the promotion, sell, branding, pricing and in strategically administering sales of products to gain competitive advantage in a rapidly changing and developing marketplace. This special cognitive skill meant ability to analyze, adapt to situation, respond to changes and manage developments. This document aims to explicate the relationship of creative thinking and creative marketing. Creativity is inventiveness and innovations, either of product, a process or of thoughts. It is about trying something new or maybe replicating a process in a market where introduced developments challenge traditionally or customarily practice. It is about introducing a fresh perspective to look at products or process in a new way to improve products and services. This is a way too finding strategies for customer acceptance of the product and to ensure their satisfaction (Harris, 2010). Creative ideas do not simply pop up from nowhere. Often, this is a result of deep analysis, understanding, research, or from collective brainstorming which is maybe an accidental, deliberate or logical consequence of emergence of new or unorthodox thoughts (Infinite Innovations Ltd., 2011). Creative thinking flows from being constantly in touched with realities and are often questioning it, analyzing it with context and drawing some self-awareness about a product or ideas’ helpfulness. Creative thinking has its fundamentals too. This was explicated in Bloom’s Taxonomy which theorized that human thinking skills are characterized with knowledge, comprehension, application, analysis, synthesis and evaluation (Bloom, 1984). Knowledge refers to factual information that is learned from schools, experiences, stories and narrations or descriptions (Bloom, 1984). Comprehension is about cognitive understanding of meanings that either describes, forecasts, differentiates, identifies, explicates or interprets (Bloom, 1984). Application on the other hand means the utilization or maximization of information or knowledge to demonstrate, examine, classify, examine or experiment it to specific situations (Bloom, 1984). Analysis relate to examination of information to understand its framework, structure, meaning, applicability, and its context. Synthesis on the other hand means the application of prior knowledge and skills to combine and rearrange information to make a new pattern. This is different with evaluation-- the latter includes cognitive ability in deciding or judging using set of criteria or standards (Bloom, 1984). Equipped with these skills, immediate advantage benefits business sectors who can make decisions with distinction, originality, and discriminate ability to nurture business with creative minds. Creative thinking is essential in entrepreneurial endeavors because marketing relate so much on developing products viz-a-viz price, place, promotion, packaging, competitiveness, people management, performance, psychodynamics, company’s stature and of branding to extol quality (Johnson & Lamb, 2011). All these tasks demand sustainable strategies which can only be sourced from ingenuity, attitude and creativity of business leaders (Rajagopal, 2008) to meet the challenges of a competitive dynamics of the market. Moreover, innovativeness and competitive competence are relevant in business management that require techniques in conducting analytic studies done by marketers constantly involve in doing factor analysis, cluster analysis, multidimensional scaling, conjoint analysis and comparative analysis which help a lot in knowing consumers’ decision-making in purchasing commodities or products. Factor analysis determines statistical variability (Lehmann, Gupta & Steckel, 1997) used in situation where data substantially large for study. Cluster analysis is done for grouped data (Lehmann, Gupta & Steckel, 1997) and determines similarities and variations between local and regional markets. Multidimensional scaling on the other hand uses statistical technique to graphically or in 3D-format present information and variation of pattern of data to find alternatives (Grover & Vriens, 2006) while conjoint analysis is use to explicate how consumers’ value product or a services through its attributes (Grover & Vriens, 2006). Comparative Analysis assist marketers find resolution to problems using two markets, products, services or processes that are to some extent comparable (Lehmann, Gupta & Steckel, 1997). Other commonly used method of analysis in marketing research are univariate methods (mean, median, mode, standard deviation), bivariate methods (regression, correlation, cross tabulations), and multivariate methods (including multiple regression, cluster analysis, multiple factor indices and multidimensional scaling). Still others employ analytic techniques to understand industrial growth pattern; income measurements; and regional lead-lag analysis to explain the influence and patterns of supply and demand. Creative thinking is moreover, needed in market information management. Business managers use information and technology to sustain it operation and of expedient decision-making. Post modern economy rely on websites and IT-based social networks to expand business operations, sales, and in developing market dominance (Sriramesh, 2003). Reports, executive sessions, accounting and managing fees of purchased goods are now being consolidated using electronic data interchange and electronic point of sale data to improve consumer response and to increase effectiveness information management. Marketers themselves use digitized technology to assess company’s strength, weaknesses, opportunities and threats including scanning viability of business using political, economic, legal, technological, environment and logistical analysis (Marken, 2002). They also conduct their research and studies by systematically accumulating data and information in a global scale with the facilitation of information technology. This means that secondary and primary data are collected using internet which is evident in an increasing wired world. This development made traditional conduct of research and study on marketing obsolete and made market research more cost-efficient (Marken, 2002). Creative marketing often use targeting, positioning, and segmentation of its business operations especially if the company wants to increase its visibility in foreign markets. Often marketers indulged first in an exhaustive study of the global environment to analyze viability of expansion in foreign market. Through global market segmentation, marketers and managers can target select group of customers or countries where they can potentially gather substantive income (Rajagopal, 2010). The demographic segmentation is done by selecting specific country income, population, age and ethnic heritage while psychological segmentation are opting customers based on attitudes, interests, opinions, and lifestyles (Frazier & Shervani, 1992). Other forms of segmentation are behavior-based which relate to customers status and usage rate as variables or by benefit segmentation which is obviously highlighting opting on buyers who prefer benefit (Rajagopal, 2010). When segmenting is through, marketers evaluate groups and further segment them using business standards and context, such as compatibility, growth potential, viability and competitiveness. Targeting customers meant deeply understanding product-market to determine marketing model drivers and developing conditions in the countries sought about. When done, marketers decides the right and appropriate targeting strategy: standard global marketing, leverage marketing and differentiated multi-segment marketing (Rajagopal, 2010). In promoting products, marketers should position product or brands by attribute or benefit, by quality or price, by use and user, and by competition. If marketing is done in foreign lands, marketer may adopt global consumer culture positioning (GCCP), foreign consumer culture positioning (FCCP), and local consumer culture positioning (LCCP) (Rajagopal, 2010). Part of the strategies in managing business is about building strategic alliances as alternate to market entry strategies to respond to increased level of investment, commitment and risk. For instance, licensing as an entry strategy is important for companies that are marketing advanced technology, imbued with dominant brand image, or by securing intellectual property. Contract manufacturing and franchising are new ways of licensing in global marketing. However, in case business marketers are interested to develop greater business interest and involvement, they may engage in foreign direct investment either through joint venture to share risk or combine strengths or through greenfield investment by making acquisition of an minority or majority equity share, or by commanding full ownership of the business via merger or outright acquisition. Marketers may however decide to develop cooperative alliances as strategic entry point. This is otherwise known as strategic alliances, strategic international alliances or global strategic partnership (de Brentani, Kleinschmidt, & Salomo, 2010). The latter is evidently practiced in this millennium by business managers in engendering cross-border alliances in foreign markets. This is also practiced in Europe’s emerging markets, Asia and Latin America (de Brentani et.al., 2010). Thus, market managers should develop critical ability to understand the all these alternatives in market expansion to enable to truly develop a strategy that considers which to concentrate and which to diversify albeit such level is determine company’s status: international, multinational, global, or transnational (de Brentani et.al., 2010). As company’s product is the most significant consideration in marketing. Marketers should develop or formulate a coherent and logical brand strategies worldwide by reflecting on its attributes the product’s usefulness or purposiveness. Branding must be done that its tangible or intangible attributes to evoke its immediate images to customers’ minds. Marketers must take measures that the brand introduced can compete with local, internal or that of global brands (Dobson, 2007). Companies develop strong branding of products by upholding its global brand leadership. Social theorists explained that marketers can make use of Maslow’s hierarchy is a needs-based as opportunity to develop branded products in all markets. Such product must also be labeled and packaged aesthetically with warranty (Dobson, 2007). This is another way of communicating to customers about the value of the product introduced. Creative marketing is more needed in global competition where all dominant companies uphold its standard product platform for cost-efficient adaptation. These days many products are launched through multiple national markets and through all forms of media. Marketers must also be able to make reasonable pricing decisions reflective of cost, competitive factors and value of the product from the vantage of the customers’ lens. While its true that there is one price in global market, as pricing are regulated too by laws, but marketers can strategize using market skimming, market penetration and market holding. They also need to be constantly on guard with currency fluctuations, inflation, government controls, and situation that may influence and dictate pricing. Albeit upholding pricing transparency, global companies need to maintain competitive pricing by shifting production sources as business changes. Other than these considerations, marketers should be wary on potential price variations due to parallel imports, dumping, barter, counterpurchase, offset, sales, switch and compensation trading. To enable a far-reaching distribution of products, marketers must also develop its network of distribution. Marketers may use business-to-consumer marketing; business-to-business; peer-to-peer marketing or via internet and social network (Rajagopal, 2010). Another way of marketing is global retailing through the use of department stores, supermarkets, convenience store, warehouse clubs, hypermarkets and the like (Covin & Slevin, 1990). This strategy can be expanded through organic growth, franchising, acquisition, and joint venture. Marketers should also develop their integrated marketing communications to coordinate all advertising and other forms of company-customer communication e.g. appeals, posters, messages or artwork (Covin et. al.,1990). Advertising also help develop company’s product dominance. Marketers’ creativity is demanded in advertising all the more since this is the common way of communicating to customers about the use of promoted product (Covin et. al.,1990). The communication strategy could either be creative, a big idea, an emotional or rational appeal. Marketers may use humor, relations, sexual imagery environment, or simply the purposiveness and distinction of the product in the advertisement. Such becomes the selling statement of the company. They must however be sensitive to national policies that regulate media and advertisements. The company may also use public relations to develop goodwill and to bridge understanding with target customers. Thus, the company may use PR tools in advancing its business interests. These tools could be press releases, media kits, interviews, and media tours. PR helps promote accurate and timely information and help a lot for corporate, image and advocacy advertising. Other forms of advertisement are sales promotion, customer or trade sales promotion, sampling, or through a coupon certificate. United States for instance used Strategic/Consultative Selling Model in product promotion by strategizing marketing that inculcates a personal selling philosophy, strategies for relationship, product, customer and presentation strategy. Such include approach, presentation, demonstration, negotiation, close and servicing the sale. Several other strategies of marketing include direct mail, catalogs, infomercials, teleshopping, and interactive television. In conclusion, creative marketing necessitate creative thinkers for a company or an industry to enjoy competitive leverage. Knowledge, cognitive and perceptual skills are basic in developing marketing strategies and forms part of the capital or investment in business management. Marketing is largely about integrating managing intellectual capital to advance business interest. Such meant that marketers must be imbued with deep knowledge on how to creatively strategize business management with scaling profit or return of investment. This is required as part of the organizational process, hence sustaining intellectual capital and at the same time sharing knowledge for key marketing managers of a company is significant. Whilst continuing on investing for knowledge management, the company must also retain cohesiveness to gather new expertise from external sources within marketing environment to improve its competence and sustain its dominance. This is on the other hand called maintaining, leveraging and measuring intellectual capital. Companies must therefore develop an avenue where its stakeholders can discuss, brainstorm, apply measures to generate and lead organizational dynamics (Ruta, 2009). Such intellectual capital can become company’s corporate brain—imbued with data, information, knowledge, skills, wisdom and innovativeness. Such accumulated knowledge and strategies can be set as company’s business model, framework, or state of the art business practices and knowledge management systems to bolster competence, efficacy and efficiency. These creative thoughts translated to creative marketing will hasten improved organizational performance, effective strategy planning and systemic administration (Camuffo & Comacchio, 2005). Part of the development of marketing strategies owed much from creative thinking such as the shift from ‘marketing to consumers’ into ‘marketing with consumers’. This is evident amongst multinational companies who entered foreign markets and competed with regional business key players from benefit market segment. They understood much their consumers and their needs. Other Asian countries who lacked readiness in international competition succumbed to liberalization, which impacted to their business operations and unfortunately marginalized their local products. Companies that are severely affected by liberalization of trade and economies are Asian based magnates on electronics, automobile companies, and that of Philippines’ Nestle, Proctor and Gamble and the like. The business trend nowadays necessitate excellent skills to penetrate foreign markets and ability to relate with domestic conditions when all trade barriers are lifted and protections are restructured or removed. This is a challenge for all marketing strategists and companies to be capacitated in managing change, to manage comprehensive marketing –mix components and to develop intellectual capital amongst its human resources to sustain business leadership, sail through in all opportunities and respond appropriately in all developments that may weaken business and economy. Marketing indeed require substantive brains—not only to creatively think but to be tough in decision-makings at all business undertakings. REFERENCES Bloom, Benjamin S. 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