On Marketing - Literature review Example

?Running Head: Literature Review on Marketing Literature Review on Marketing [Institute’s Table of Contents Brand 3 Luxury Brand 4 Marketing Communication 5 Communication Strategy for Students 6 Psychology and Marketing 11 Creating Brand Name Loyalty 11 Street Marketing 12 Educational Commercialization 12 Recent Trends 14 Marketing Communication based on Location 14 Increase in Games’ Download 14 Integrated Social Media Advertisements 15 Student Sourcing via Social Media 15 Brand Promoters 15 Assessing Social Media 16 Enhanced Video Sharing 16 Corporate Blogging 16 Television Ads Showing Youngsters 17 Retaining Customer Base 17 References 18 LITERATURE REVIEW ON MARKETING Branding the products and efficiently communicating that brand is necessary in finding out “success in marketing and building value for your products and organization” (Kotler & Armstrong, 2010, p. 112). Producing, developing, and handling great brands involve outstanding insights, immense creativeness, comprehensive analysis and finally, an extremely focused communications approach. Brand A brand is a product, service, or idea that is widely differentiated from other products, services, or ideas so that it can be conveniently communicated and marketed. Brands are generally shielded from use by others by acquiring a trademark from government organization. The goals of a successful brand include conveying the message clearly; verifying the integrity of business; psychologically linking with the target prospects; motivating the customer, and improving consumer loyalty. A powerful brand is priceless as the battle for consumers is increasing gradually (Rice & Atkin, 2012, p. 102). It is vital to invest time in researching, classifying, and developing the brand since it is a foundational part within the marketing communication strategy. Brands let the customer to purchase with assurance, and they offer a route map in a confusing range of alternatives. The actual strength of booming brands is that they meet the beliefs of individuals that purchase them or, to put it in a different manner, they signify a promise kept. They can be considered as an agreement between a retailer and a consumer - if the retailer adheres to its side of the deal, the consumer will be contented; if not, the consumer will henceforth look somewhere else. The value to companies of having powerful brands is unarguable. Brands that maintain their promise draw loyal customers who will come back to them on regular intervals. The advantage to the brand owner is that that predicting cash flows becomes simpler and hassle-free, and it becomes feasible to arrange and control the progress of the business with better assurance. Therefore, brands, with their capability to secure revenue, can be ranked as prolific assets in precisely the same manner as any other, more conventional assets of a company, for instance, investments, equipment, and cash. In general, the top brands are developed around an exclusive business thought or a persuasive idea (Kozinets et al, 2010, p. 82). When workforce is motivated by the plan, they will facilitate to maintain it and communicate it to clientele, dealers and others by means of their eagerness and dedication. Luxury Brand Luxury brands are considered as “images in the minds of consumers” (Caywood, 2013, p. 96) that involve links regarding a higher price, value, aesthetics, uncommonness, and a high level of non-functional connections. The contemporary perceptive of a brand is focused on customer and individuality. As a result, brands are considered as images in the minds various target groups, which are designed by businesses to categorize their products. Luxury brands are well connected with their core products. This is revealed by the current definitions of luxury brands, which talk about particular associations regarding product traits. As a result, the constitutive traits of luxury products communicate mainly with those of luxury brands. Producers of luxury products have come out of the universal recession stronger than before because of an increasing clientele of the affluent that are keener than ever to give higher prices for top brand names. China, along with other booming markets in Asia, has chipped in towards much of the development in the luxury sector during the last couple of. Even at slower financial growth rates, China carries on to notice major individual capital increases. Chinese customers are becoming more and more refined when it comes to purchasing luxury products. They increasingly perceive luxury acquisitions as ‘way of life’ instead of ‘celebratory’, and have become more involved with smaller niche brands, rather than big well-known brands (Danaher & Rossiter, 2011, p. 21). Marketing Communication Marketing Communication helps in creating brand knowledge, which implies that customers interpret product information into insights concerning the product’s traits and its place inside the bigger market. Companies as well utilize marketing communication to maintain the product’s existing customer base, and to strengthen dealings with consumers and dealers. Marketing communication strategy identifies the company’s plan for product information distribution as well as for brand awareness. Businesses use five common marketing communication strategies: (1) business owners usually inspire consumer confidence by offering the personal account that initiates the company’s foundation; (2) company clearly offers its products, together with proposed consumer gains. Thirdly, business exemplifies why its product is better to related rivals’ products; (4) business uses customer testimonials to emphasize on a product’s worth; and (5) business usually develops customer support by having an informational sheet on a consumer-centric issue (Evans, 2012, p, 162). Communication strategies develop as customer media modifies. Conventionally, traders broadcast ads and promotions to draw customers. Now the growth of social media as well as mobile communications is creating new opportunities to interact with customers and make suitable offers. Communication Strategy for Students Marketing to students is not a ‘one size fits all’ plan; in order to get in touch with various student populations one must have efficient marketing messages, approaches and strategies that will draw the students or their care providers. More than ever before businesses are attempting to successfully navigate the ever varying social media situation that is “moving at the speed of light” (Saravanakumar & Sugantha, 2012, p. 125). The student market is considered to be a tricky group to link with and sell to, according to the fragmented media scenario and young individuals’ intense capability to recognize and discard marketing messages that are short of trustworthiness. However, a number of brands market to students by presenting related products and services while communicating a brand message in a suitable tone and manner. Booming brands marketing to students have a basis in or relationship with major concerns and drivers with youth, for instance, “music, games, trend, video gaming and technology, among others” (Saravanakumar & Sugantha, 2012, p. 127). A different regular method by which advertisers target this market segment is via product placement. Product placement takes place when a brand name product shows in a medium, which not essentially linked with the product itself. Businesses usually sponsor their products to be shown during a film or on a television play. This act, although not an obvious shape of publicity, seeks to target students and youth in a subtle way (Zarrella? 2010, p. 232). Communication strategies for students generally consist of television advertising showing young individuals - preferably students - instead of older people or celebrities, magazine advertising and online marketing. These days, young people expect to be capable of familiarizing, networking and be entertained with brands or services reaching them online. Other regular marketing tactic for students incorporate “entertainment marketing, music marketing, sports marketing, event marketing, viral marketing, school and college programs, product sampling and influencer marketing” (Stelzner, 2012, p. 203). Students signify a vital demographic to sellers because other than their personal buying capacity - which is substantial - they manipulate their parents' purchasing choices and are the adult customers of the future. Parents nowadays are ready to purchase more for youngsters since trends, for instance, smaller family size, double incomes and delaying having children until later in life indicate that families have additional ‘disposable income’. Today's students have more independence as well as decision-making authority within the family than in earlier generations, so it indicates that they are vocal regarding what they would like their parents to purchase. Versace had been creating enthusiasm for the rebranding of Versus by means of an extensive social media as well as digital campaign. In view of the fact that the brand is targeting at a tech-savvy cluster of customers, initiating the countdown and rebranding via social media got them the most attention. This active and lively Versus approach is supported by its digital communication and marketing activities. The Versus brand will withstand its bold visual publicity on its latest website, its social media pages and its online shopping experience. Customers and admirers, the new Versus clan, will relate with the brand digitally, developing a closer association as well as acquiring a deeper better inside analysis on the brand by sharing them with the innovative procedure and collection creation. What the majority of individuals are unacquainted with is how useful social media can be when it comes to spreading knowledge regarding a serious issue. A number of non-profit groups have social media pages that include information on the way to donate, get involved and gain knowledge on a topic. Other social media pages can sponsor topics, “like anti-bullying or pro-life” (Evans, 2010, p. 192). Students can ‘like’ and ‘share’ these pages to inform their acquaintances on issues they might have a personal link. For example, a humanitarian group - Operation Blessing - that offers respite from catastrophe, relief for food shortage, pure drinking water, medicinal support and orphan care to nations around the world, which are suffering from scarcity. This group is conviction based that instructs regarding scarcity, shares emotional accounts and contributes time as well as funds to facilitate those who are less privileged. Their social media page is an excellent example of the way individuals, particularly students, connects all over the world to facilitate others (Evans, 2010, p. 194). This shows how social media and other communication strategies are targeting and connecting students and altering the world for the better. Today’s students can gain knowledge from these stories of how excellent actions of a single individual can become an enhanced life for someone else. If students are taught that sharing a picture or taking an oath against harassment can transform the life for somebody, they will find out the worth of staying connected. Another example of a business using social media excellently is Burberry. Whether sharing special insider data from “fashion week or their new fall line-up” (Michaelidou et al, 2011, p. 1154), Burberry employ social media like a proper trendsetter. They were among the earliest brands to start using Instagram for Video, are a steady leader in content development, and are commendable when it comes to making their brand name experience omnipresence, but still exclusive as well as luxurious via social media. Burberry is not the only top fashion brand to target students by communicating them via social media. “Victoria’s Secret, Louis Vuitton, H&M, and Forever 21” (Kim & Ko, p. 2012, p. 1481) also earn praise for their social marketing communication efforts in targeting youth. These brands promote commitment as well as encouragement with whatever they do. Specifically Forever 21 has transformed Instagram as well as Facebook into a platform for everything that makes quick fashion so addictive and shareable. It all makes perfect sense keeping in view the large existence of the brand’s core target market - youth / students - on Instagram. Despite the fact that Facebook has turn into the most well liked social media site, there are a number of others for any business to explore. For instance, LinkedIn have more than 55 million professionals including those who are looking for employment, companies, or basic business or networking prospects. MySpace, which permits users to meddle with song, themes, and HTML code, is aimed at youth? majority of which consisted of students. Each one of these websites has one main thing in common, and that is ‘the profile’. The user profile is normally what differentiates social networking websites from other social media platforms. It assists in setting the stage for developing associations with individuals who have the similar interests or activities, “as opposed to primarily disseminating or digesting information feeds” (Cambria et al, 2012, p. 563). This as well indicates that social networks allow businesses to request students to become acquainted with its brand in a way that conventional types of marketing or advertising cannot do. The businesses that are most successful in changing “followers into dollars” (Lipsman et al, 2012, p. 40) are those who network most with the students and regularly post content associated with their brand. Facebook's Fan Page is possibly the excellent example of the way one should be marketing the business through social networking websites. The page operates as an improved user profile for brands and businesses, and to be as involved as the users, and has ample means to assist in doing so. As students turn into 'fans' of the page, all of the company’s activity shows in their updates every time they log on. There is as well a helpful feature known as the Insights tool, which permits the company to assess page views, the demographics of its fans, and the amount of visitors. A Los Angeles-based producer of garments and stuff for skiers as well as snowboarders - named as Outdoor Technology - originally sold products directly to sellers. However, after the business started actively utilizing their social media pages to target and to communicate with students, income from e-commerce goes beyond 30,000 USD in just three months (De Vries et al, 2012, p. 88). With the capability to target users in such a determined manner, the company felt like there truly was not an improved forum to go about other than social media marketing. Another giant Coca-Cola is also turning its concentration toward direct engagement with students by means of social media infrastructure. With marketing communication strategies developing, Coca-Cola is trying to make the most of the continuously modifying scenario. Flourishing brand marketers such as Coca-Cola know that conventional marketing regulations should be supplemented with fresh models loaded with content, commitment, discussions, and diagnostics - the real meaning of social trade. As giant brands have to form an even better brand familiarity and allow their marketers with means that will permit them to do so conveniently and successfully, more and more businesses are adopting social software solutions to offer them the gain they want to stay ahead of the curve (Sterne, 2010, p. 283). Companies like Coca-Cola are able to persistently stay ahead of the brand-marketing pyramid because the market segment of students is on line constantly. The final goal of knowledgeable social marketers is to arrive at and connect the audience anytime together with cell phones. Marketers require a social marketing communication structure that can assist them and their agencies to share, reprocess and issue content across every social ends and devices. Psychology and Marketing To successfully market to students, companies have to know what makes them tick. Using research that assesses students’ activities, lives, artwork, even their ideas, businesses are capable of crafting refined communication strategies to get in touch with young people (Madhavaram & Appan, 2010, p. 192). For instance, the advertising company Saatchi and Saatchi appointed cultural anthropologists to study youth, working with digital technology at home with the intention of finding out the best to way connect them with brands and products. Creating Brand Name Loyalty During the mid of 1980s, new form of corporations - such as Nike, Tommy Hilfiger, CK, etc - came into view, which altered the key business focus from producing products to developing an image for their brand name. By shifting their production functions to nations with lower labour cost, these companies freed up capital to generate their influential marketing communications. It has been an enormously lucrative method, and has initiated the creation of a few of the most affluent and dominant international businesses the world has witnessed (Kapferer, 2012, p. 141). Marketers sow the seeds of brand identification in youth, in the anticipation that the seeds will develop into lifelong associations. Whereas fast food, games and clothing businesses have been developing brand identification students for years, adult-focused businesses, for instance, financial institutions and automobile manufacturers are now as well getting in on the act. All leading magazines including People, Time, Vogue and Sports Illustrated have also separate and exclusive editions targeting youth (particularly students) - which show adverts for adult related products, for instance, minivans, hotels and airlines, offering special prices to youngsters. Street Marketing The test for marketers is to penetrate through the strong advertising clutter within students’ lives. A large number of businesses are using street marketing (commonly known as buss Marketing), which an innovative twist on the tried ‘word of mouth’ approach. The plan is to find the known students within an educational institution and have them use or wear the product with the aim of create a ‘buzz’ about it. This strategy of communicating to students can help a business to productively link with the savvy and obscure youth market by using leading students to give their products the required status. Buzz marketing is mainly compatible to the Internet, where particularly students use social networking sites to talk about music, attire and other products. “It should come as no surprise that the top ten viral marketing campaigns relied heavily on YouTube, Twitter and Facebook to reach hundreds of millions of viewers” (Taran, 2012, p. 163). For instance, when Burger King again started its ‘Subservient Chicken’ commercial online, it got more than fifteen million hits only during the initial five days and around 500 million hits during the next two years. Educational Commercialization In the past, educational institutions were used to be a place where students were shielded from the marketing and promotional communication that infused their world; however, this is certainly not the case anymore. Financial deficits are compelling schools and colleges to permit businesses to get in touch with students in trade for funds and other helpful educational materials (Brown, 2010, p. 222). Businesses understand the influence of the school environment for sponsoring their name as well as products. A school setting conveys a confined youth audience and indicates the support of educators as well as of the educational system. Marketers are keenly making the most of this medium in various ways, together with: Subsidised learning materials, such as, a Kraft’s ‘eat health food’ kit to educate regarding Food Guide by means of Kraft products; or forestry company Canfor's key tutorial plans that make its business objective seem like ecological administration instead of logging. Providing educational institutions with expertise in trade for high visibility of company’s brands. Special contracts with fast food or soft drink brands to present their products within an educational institution. Promotional material being displayed in classrooms, transport, on computer screens and so on, in return for finances. Competitions as well as other motivating programs, such as the Pizza Hut’s reading inducements program; or “Campbell's Labels for Education project” (Noble, 2010, p. 320), where Campbell presents educational material for institution in return for soup labels gathered by students. Funding school events. Besides, businesses are also identifying the benefits of creating positive brand links by arranging educational field trips. The ‘Field Trip Factory’ offer students the real-world sessions on everything regarding diet to health care. For instance, students may go to an automobile dealership to gain knowledge about car protection. This is considered as a win-win scenario by a number of educationalists as well as sellers because it allows students to have practical experiences, at the same time developing positive connections between business, students and their parents and educators. Recent Trends With the intention of knowing recent trends in social media and its role in effectively communicating marketing message to the students, it is significant to review the components that define it, specifically interpersonal control and opinion control. In only one minute, more than 700,000 statuses are posted on Facebook, more than 95000 tweets are posted and more than 500 new videos are uploaded on YouTube. Social media has turn into a “noisy playground” (Kaplan & Haenlein, 2010, p. 60) with a lot of disorder, therefore, more convincing engagements are required to draw the attention of the students. Companies will concentrate on developing more pertinent communication strategies that cannot simply be shared but as well add worth to the brand or product. Lack of significance will only drive the students away from the brand. Marketing Communication based on Location There will be a necessity to exploit the existing trend of “checking into businesses via social networks” (Kaplan & Haenlein, 2010, p. 63), and, consequently, one can anticipate a huge increase in geo-targeted mobile promotions. It will turn into more than just checking in, as many businesses will begin presenting incentives for the positive references or reviews acquired. Increase in Games’ Download With more than 80 percent of the entire mobile downloads being games, the majority of companies and brands have recognized that gaming is a significant part of the youth culture and have taken an imaginative glance on developing social media entertainment plans that make their brands further exciting as well as appealing. As a result, companies will sponsor the initiative of connecting the virtual world and physical world via presenting prizes in social media games that can afterwards be collected physically from their shop, hence increasing brand awareness. Integrated Social Media Advertisements During last two to three years, people noticed a few large brands initiate booming advertisement campaigns exclusively by means of various social media sites, the most familiar being Twitter, Facebook, and YouTube. Despite the fact that Facebook is an apparent favourite, the amount of students on Twitter is rising quickly. This is certainly going to be a magnet for additional brands to start their campaigns via social media, as this not just attains high on entertainment and commitment, but promises an energetic audience ready to talk about their experiences. Student Sourcing via Social Media Brands will rely on social networking sites to promote open innovation from the students. Websites will turn into a basis of research, improvement and communication strategies. This will initiate a better shape of bond between student customers and brand names, as advices and assessments move from being more than only “peer-to-peer” and raise to “audience-to-brand” (Barker et al, 2012, p. 302). Brand Promoters In view of the fact that students rely on peer advice over any type of publicity and although the ethnographic approach functioned pretty good earlier than the interest of the students went online, the scenario has transformed. Therefore, it will be essential for brands to recognize devoted and dominant “evangelists” (Evans, 2010, p. 292) on the various social media sites, who will share content with their groups and acquaintances and, as a result, they be remunerated for their tries. Assessing Social Media More companies will understand the influence that online discussions have, not just as a way of upholding their standing but as well for mining insights. Social media has provided the customer with power to raise their views and businesses will take eager interest in assessing what is being talked about during these discussions in an attempt to find out more regarding the student psyche by keeping up with their newest trends in addition to personal inclinations and as well to manage any type of ‘brand-bashing’. Enhanced Video Sharing A recent research predicted that more or less 85 percent of all internet traffic will be video during the next two years. More companies will start concentrating on the fact that most students, although on social media sites, would like to view short videos and browse pictures, instead of reading. As a result, there will be a necessity to share additional brand experiences as well as product launches via short videos / pictures that will be trouble-free for the students to appreciate, like and share with their friends. Corporate Blogging This will be shape of companies and brands making a move to be more human in an attempt to cultivate a link with their target markets, as the students would like to notice the human side of the business. Businesses will assume a “non-fiction” (Hanna, 2011, p. 269) try at marketing, concentrating on narrating and showing the individuals who are supporting the brand and products in an unbiased manner. Blogs will assist in engaging students in discussion, and assist in developing relations. Efforts at direct advertising on business blogs will therefore overcome the reason of revealing the human part. Television Ads Showing Youngsters There will be a raise in investment to concentrate on engagement with the students through integrating live television programs and ads with social media. The ability of real-time communication fascinates the students through having the control to persuade or vote while the show is on-air. Companies can therefore witness the development of social in addition to sharable television as tweets and Facebook comments turn into the centre of nearly every program and competition. This will have a vital part in drawing a rather dynamic audience for conventional media. Retaining Customer Base The majority of businesses will understand that social media is more than just having a presence on social media websites. They will concentrate on the effects of utilizing social media to support not just their sales activities, providing value-addition to customer service, but as well in compensating students loyal to the brand. In this respect, there will be a larger move to employ social media as a tool, not merely to create a centre of attraction for students but also to attempt and retain existing clientele. 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