MGMT WK1 Marketing communications

Introduction

• Challenges faced by businesses in the 21st century include:

  • Accelerating competition.

  • More demanding and discerning customers.

  • Increased scrutiny from pressure groups.

• The rise of technology affects communication:

  • Social media challenges traditional media.

  • Information spreads rapidly via global media.

  • Corporate visibility is heightened due to instant access to information.

• Importance of integrated communication:

  • Shift from past communication methods is necessary.

  • Need for adaptation in communication strategies.

Renaissance and Reformation

• Marketing environment is changing rapidly due to:

  • Advancements in technology (e.g., Internet connectivity).

  • Communication tools (smartphones, laptops, etc.) facilitate global interactions.

• Virtual reality allows interaction between brands and consumers:

  • Consumers can create and share their identities through online engagement.

  • The Internet enables better product awareness and consumer discussions.

• The impact of the 2008 financial crisis:

  • Exposed the interconnectedness of the global economy.

  • Resulted in consumer skepticism and reduced purchasing power.

Macro and Micro Elements Influencing Consumer Behavior

• Differentiation between macro environment factors:

  • Economic climate, socio-cultural factors, legal constraints, technology, ethics.

• Micro environment:

  • Direct influences on consumer behavior through marketing strategies.

  • Marketers influence consumer thinking via advertising and promotions.

• Market research is key:

  • Understanding diverse market segments through methods like segmentation and niche marketing.

New Trends in the Marketplace

• Influence of technological development on marketing communications:

  • Shift from linear communication to two-way communication.

  • Consumers share brand information amongst themselves.

  • Stars of word-of-mouth communication in influencing brand perceptions.

• Information Overload:

  • Access to vast amounts of product data leads to consumer confusion.

  • Importance of informed decision-making in a digital space.

Change in Consumer Dispositions

• Changes in consumer trust and behavior:

  • Reduced confidence in traditional marketing channels (e.g., TV ads).

  • Greater reliance on peer opinions and social media for purchasing decisions.

  • Consumers engaging in community building through online interactions.

• Influence of the 2008 crisis on consumer behaviors:

  • Increased demand for value and transparency in purchases.

Consumer Differences and Generations

• Historical approaches to market segmentation:

  • Traditional demographic factors (age, gender, etc.) remain relevant, but must evolve.

• Overview of generations:

  • Baby Boomers (1946-1964): Market segment with significant disposable income; increasingly adept with Internet.

  • Generation X (1965-1977): Values formal rituals; more engaged online than Boomers.

  • Generation Y (1977-1994): Skeptical of traditional marketing; influenced by digital interactions.

  • Generation Z (1995-2012): Digital natives; highly interconnected through social media.

Generational Segmentation Worldwide

• Variability in global demographics challenges the generational marketing approach:

  • Different cultural values impact consumer behavior.

• Potential for further research in global markets to understand generational dynamics.

Context of Postmodernism

• Postmodern marketing challenges:

  • Complexity in consumer-brand interactions across digital platforms.

• Shifts from transactional to relational marketing:

  • Emphasis on customer engagement and personalized communication.

• Postmodernism perspective:

  • Acceptance of multiple realities and consumer resilience towards marketing efforts.

Conclusion

• Marketing communication is evolving:

  • Increased consumer power in shaping marketing messaging.

  • Differences in generational behavior indicate the need for targeted marketing strategies.

• Future marketing must embrace agility in messaging according to distinct market segments.