Marketing STRAT 9/8

Dynamics of Modern Marketing

• Marketing is dynamic and fast-paced due to technology: Internet, social media, and computers.
• Changes happen rapidly; disruptions can spread overnight, forcing companies to think outside the box.
• Power shift: marketing is increasingly driven by consumers and their online behavior.

Consumer Power and Disruptions

• Consumers now control what they look for and buy; online shopping reduces friction and increases choice.
• Real-time feedback and data enable quick adjustments by firms; individual behavior contributes to larger market shifts.
• Viral communications and social buzz can dramatically affect brands and strategies.
• Pricing pressure rises as consumers compare options across channels.

Pricing, Competition, and Value Perception

• High emphasis on price comparison shopping and price matching.
• Consumers become price-conscious, especially when paying with their own money.
• Tools like gas-price apps influence decisions and savings, illustrating must-watch consumer behavior.
• Marketers must justify value and create perceived benefits beyond price (experience, quality).
• As a marketer, you may need to show a product is worth a higher price through differentiation and experience.
• Free shipping and fast delivery have become baseline expectations.

Channels, Personalization, and Targeting

• Advertising increasingly occurs on streaming services with direct targeting; ads can be geo-targeted and personalized.
• QR codes and easy digital access are common for seamless engagement.
• Influencers and user-generated content shape consumer opinions and purchasing.
• Companies are leveraging data to optimize branding, offers, and the customer journey.

Shopping Behaviors and Marketplaces

• Free shipping has become a major competitive differentiator (e.g., Prime concept).
• Online marketplaces (e.g., Timu, Shein, Alibaba) offer vast product variety and low prices, changing traditional sourcing.
• Consumers frequently switch between platforms to maximize value and convenience.

Customer Experience and Loyalty

• Companies focus on customer experience to build loyalty beyond single purchases.
• Loyalty programs and rewards (e.g., points, stars) incentivize repeat behavior.
• Seasonal and special-occasion offerings (e.g., limited-time flavors) drive engagement and perceived value.

Data, Personalization, and Privacy

• Search history and online behavior guide targeted advertising; streaming ads can be customized based on interests.
• Personalization improves relevance but raises expectations for privacy and control over data.
• Ad options may include user-selectable ads or choices based on location and viewing history.

DEI Context in Marketing and Education

• DEI stands for $Diversity, Equity, and Inclusion$.
• Regulatory and campus debates affect how DEI concepts are taught and implemented (e.g., state policies and university funding implications).