During this course, I broadened my knowledge by looking at diverse cases of marketing that concern different courses. Furthermore, I grew to understand how marketing has evolved and how we can become better marketers by analyzing new trends and applying appropriate tools to evaluate them. For example, the digital age we live in liberates marketing from its time and location constraints. Traditionally, marketing was time and place constrained, however, with the digital age marketing can now happen anytime and anywhere. With the rise of e-commerce platforms, products have grown to become digitized. This is shown in the offset from printing, banks are now digital records and airlines have digitized their tickets. If a product cannot be digitized, it will become “smart”, meaning it will have more intelligence. For example, in the automobile industry, the highest cost of manufacturing a car is its electronics. Other examples include mobile payments. Furthermore, we see the third biggest change by the digital age is the fusion of the old and the new where AliBaba has started as an e-commerce platform but has now started to build stores of their own just like Apple.
With the digitization of products, promotion will become obsolete with the high growth of social media, especially Facebook. The promotion will be more crow-sourced, the user will be more in charge than the marketer. In a sense, people extend themselves in the digital world by using products and services. In social media, marketers will not be able to separate Advertising dollars from promotion dollars and from word of mouth marketing dollars. In the digital age, the messenger becomes the medium which means that channels may not be regulated as seen with Youtube by giving freedom to its users. Mobile advertising and user generated advertising and user generated content are fast growing changes in promotional channels.
With the rise of social media, we are now able to connect with people from anywhere around the world and as a result, marketing is no longer place constrained – we have even reached 2 or even 1 degrees of separation. Retailers now can have customers from all around the world and even have a store in a remote location with special products and have a frictionless selling process. Ebay liberates the location-based theories. The notion of manufacturing products and warehousing changes due to demand-driven sourcing. This reverses the function of marketing where marketing now drives manufacturing. The two industries which will be impacted heavily by this change are education and healthcare. These industries were typically location-constrained but now, with the digital age, the reading of a medical report can be done by a doctor anywhere just like online counseling by teachers in remote locations in the education industry.
Being aware on new emerging trends is critical in understanding the evolution of an industry. The Rule of 3 concept was especially insightful when learning how industries evolve as we come to notice that there are 3 major players in an industry. This is a new way to analyze companies when evaluating their position within the market.
However, I do think that for marketing an even more critical concept is to understand the changing in demographics over time. By understanding these trends, marketers can reach consumers on a deeper level and even tap into new demographics that they could not before by adopting a global viewpoint.
Finally, a framework from this course that I found particularly relevant was a turn from the traditional 4Ps we usually use. The 4As framework dives deeper in understanding the consumer as we look at: Awareness, Acceptability, Affordability and Accessibility when evaluating a product.
Overall, through this course, I refined my skills when evaluating consumers and companies by using several frameworks that bridge the gap when engaging with the consumer.