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Principles of Marketing

Generational differences in response to marketing campaigns

Every generation “has its own needs, values, and consumption patterns” (Lamb et. al., 2021, p. 54), and it is up to marketers to ensure that they are properly marketing to their target demographic. This does not mean that an advertisement from a decade ago geared towards individuals in their 30’s will appeal to today’s 30-something-year-olds. As the world changes, the music, images, and references that appeal to age classes change as well. A great example of this is the use of late 90’s/early 2000’s music in commercials recently, such as Discover Card’s use of Shaggy’s 2000 song “It wasn’t me” (iSpot.tv, 2022, 1) to market a credit card and Samsung’s use of Backstreet Boys’ 1999 song “I want it that way” (iSpot.tv, 2022, 2), to market a phone purchase. These companies are looking to appeal to adults that are of the age to make big purchases/decisions such as getting another credit card or buying a phone for a teen/tween son or daughter. These adults are in the generation who grew up in the 90’s, and thus find music and references such as the above nostalgic and entertaining. This subtle marketing can influence the purchase of the goods or service being marketed in ways that more overt marketing could not.

International trade agreements throughout the world

Pages 80-85 of MKTG13: Principles of Marketing (Lamb et. al., 2021) covers various trade agreements across countries. Many of these trade agreements remove tariffs and limits on imported goods, and some agreements create complete free trade. In fact, it would seem that most developed countries, and many developing countries, are involved in these trade agreements. Free trade is a cornerstone of globalization, as it creates “competition to drive down prices and increase product service quality” (Lamb et. al., 2021, p. 73) and supports the local and global economy. Countries that are not involved in any of these agreements should examine the “why” (is it lower quality products? Poor working conditions? Products priced above the global market equilibrium price?) and adjust these inputs in order to take advantage of the benefits of free (or low-cost) international trade.

Additional complications in the global marketing mix

In chapter 2 of MKTG13: Principles of Marketing, Lamb et. al. (2021) highlight the four P’s of the marketing mix: production, place, promotion, and pricing. While these apply in any marketing context, there are additional factors within each of these principles when looking at the global marketing mix (Lamb et. al., 2021, pp. 90-95). In a single market, product standardization is king. However, in a global market adapting a product to better fit the local market, as well as creating new products for local markets, will ensure company longevity in the market. Lamb et. al. (2021) uses the examples of different Pringles and Oreo flavors for different countries to best speak to the tastes of consumers in those markets (p. 91). Constantly fluctuating exchange rates also impacts the fourth P in the marketing mix, pricing. Depreciating currency will lead to price increases for imported goods and appreciating currency will lead to price decreases (well, maybe not…) for imported goods (Lamb et. al., 2021, p. 93). Despite no production costs changing, the change in exchange rate can influence the price of a good in a country, making consumers more or less likely to purchase a product. If the value of currency in that country depreciates, importers of goods need to evaluate other aspects of their marketing mix in order to keep sales of their product up.

References:

iSpot.tv (2022). Discover Card TV spot, ‘Straight’ song by Shaggy. Retrieved from https://www.ispot.tv/ad/qR9s/discover-card-fraud-protection-song-by-shaggy (Links to an external site.)

iSpot.tv (2022). Samsung Mobile TV spot, ‘You are the gift’ song by Backstreet Boys. Retrieved from https://www.ispot.tv/ad/qR57/samsung-mobile-you-are-the-gift-song-by-backstreet-boys (Links to an external site.)

Lamb, C., Hair, J., & McDaniel, C. (2021). MKTG13: Principles of marketing. Boston, MA: Cengage.