AllBestEssays.com - All Best Essays, Term Papers and Book Report
Search

B.R.A.V.E S3 Marketing Research

Essay by   •  October 1, 2018  •  Research Paper  •  1,713 Words (7 Pages)  •  175 Views

Essay Preview: B.R.A.V.E S3 Marketing Research

Report this essay
Page 1 of 7

Marketing Research

Cornelius Blair

Abstract

Marketing consists of several aspects. While some believe that marketing is the process of teaching consumers why they should choose your product or service over the competitor, others describe it as the idea of letting the consumer decide what they want and slowly molding your idea or product into those needs and wants (Esubi, 2015). Many individuals, as well as companies, might judge marketing as just the one concept; branding, but it is present in everything that consumers encounter. Whether that is advertising, word of mouth, customer service, and even the follow up that many companies partake in.  In the year of 1953, Neil H. Borden introduced the world to the idea of marketing mix, merchandising product planning, pricing, branding, channels of distribution, personal selling, advertising, promotions, packaging, display, servicing, physical handling-warehousing-transportation, fact finding and analysis-marketing research (Wood, 1963). But as times have changed more things have sprung up that also aide in successfully understanding and mastering marketing. Through the reading of four books and a few academic journals, I have come up with the B.R.A.V.E S^2 approach to marketing. In this paper I will explain the origin of the B.R.A.V.E. S^2 approach of marketing, and why exactly is it important for today’s time and future times.

Introduction

The world is ever-changing and every moment, alterations are being made to existing products and services as well as new ones being invented. This in turn means that marketing strategies must be adjusted so that they are more flexible to such changes including the dynamic consumer base needs and the economic environment. The question is posed on whether the 4P’s still apply to today’s time and how they will affect generations to come and lastly will they still be as apparent. A new concept called B.R.A.V.E S^2 will be introduced which can potentially answer these questions as well as fill the gaps. These concepts are necessities to mold, alter, and direct marketing directions in today’s time (Schewe & Hiam, 1998).

B.R.A.V.E S3 Approach of Marketing

Behavior

        When studying the market environment, potential factors which influence consumer base needs must also be assessed. One must understand the buyer or consumer to reach and hold any aspect of the market (Schewe & Hiam, 1998, pg. 162). In the book of “The Marketing Gurus”, authors Jack Trout and Steve Rivkin talks about differentiation. They specify guidelines and strategies on how to separate products and services from others in the existing market. Unfortunately, without knowing the market or their consumers, this task would be nearly impossible to attain. The same principle is applied when it comes to the law of mind. “The law of the mind expresses how it is better to be first in the mind than to be first in the marketplace” (Ries & Trout,1993, pg. 14).  How is it possible that you grasp the mind of the consumer without knowing anything about them? This can be likened to not studying for an exam and expecting to know all the material that will be covered. Another example of this would be the law of perception. It states that marketing is not a battle of products but a battle of perception. Subsequently with no sense of direction and the failure to acknowledge consumer preferences, desires, and needs for your product can lead to a poor execution of marketing strategies and in turn poor product performance in the market.  

Unfortunately, because we are human and live in today’s world, economic wealth is taken into consideration when it comes to purchasing products. Typically, individuals of low economic background tend to get the more affordable brand regardless if they like it or not. On the other hand, the more affluent individuals tend to get the more expensive products supporting the idea that “expensive equals good,” as stated in “Influence” (Cialdini ,1994, pg.5). Secondly, it also supports the association of how the liking of things tend to be an influence as well (Cialdini, 1994, pg.173). In the chapter “Liking,” it is also stated that consumers are easily influenced by the company they keep, therefore they are most likely to purchase the brands their friends own non-regardless if they can afford it (Cialdini,1994, pg.173).

Route

 When it comes to marketing and the technological advancement, it is only right that multiple routes are made available for consumers to use. Devices such as phones, laptops, tablets, and even cars are all routes in which consumers can gain access to products and services merchants have to offer. The effect of this leads to more customer loyalty, retention, and a wide range of publicity, advertisement and product placement (Schewe & Hiam,1998, pg. 5). In the book, Influence, it is said that commitment and consistency go hand and hand. Consumers would be consistently committed to a product or brand when there is more than one way of assessing it.  This in turn creates a sort of stubbornness as the book puts it, when consistency seeps in, it deters all other possibilities, not even allowing them much thought (Cialdini, 1994, pg. 60). The book of marketing gurus puts it simply as scoring points, as you provide these needs for the consumers they become less expensive for the company and frankly easier to decrease customer turnover. Also, because you are obtaining this information to better understand and accommodate your consumers merely by using new technological advances, you develop the strong foundation of customer relations (Humby, Hunt, & Phillips,2003, pg.133). In the book of “The 22 Immutable laws of Marketing,”  Al Ries and Jack Trout further specify the idea of routes stating that you can either be a leader in the market, category, or mind, redirect a consumer perception, focus, and/or become more exclusive to gain your access into consumer’s wants, desires and needs in the industry (Rise & Trout, 1993, pg. 1-37)

...

...

Download as:   txt (10.6 Kb)   pdf (84.2 Kb)   docx (14.5 Kb)  
Continue for 6 more pages »
Only available on AllBestEssays.com
Citation Generator

(2018, 10). B.R.A.V.E S3 Marketing Research. AllBestEssays.com. Retrieved 10, 2018, from https://www.allbestessays.com/essay/BRAVE-S3-Marketing-Research/70665.html

"B.R.A.V.E S3 Marketing Research" AllBestEssays.com. 10 2018. 2018. 10 2018 <https://www.allbestessays.com/essay/BRAVE-S3-Marketing-Research/70665.html>.

"B.R.A.V.E S3 Marketing Research." AllBestEssays.com. AllBestEssays.com, 10 2018. Web. 10 2018. <https://www.allbestessays.com/essay/BRAVE-S3-Marketing-Research/70665.html>.

"B.R.A.V.E S3 Marketing Research." AllBestEssays.com. 10, 2018. Accessed 10, 2018. https://www.allbestessays.com/essay/BRAVE-S3-Marketing-Research/70665.html.