Due to the advanced technology and creative mind of the marketers, the marketers need to face different challenges and issues in the twenty-first century. Now I want to have a brief introduction of different issues including Globalization, Consumerism, Price War, Green Marketing, Tailor-Made Products and Copied Product. After I will further elaborate the Green Marketing issue which illustrate the example of The Body Shop.
Many companies changed from local competition to globalized competition. They have developed truly global operations, making and selling their product worldwide. They are not only trying to sell more of their locally produced goods in international markets, they are also buying more components and supplies abroad. Even they are forming strategic alliances with foreign countries. Winning companies in the next century may well be those that have built the best global networks. For example, coca-cola company sells more than 200 countries. It is the world dominance of the soft drink market.
A movement to promote consumer interests, including improved safety standards, better dissemination of information, and greater value. It is the protection of the rights and interests of consumers and avoid misled by the company. It is the belief that it is good for a society or an individual person to buy and use a large quantity of goods and services. For example, money back guarantee in slimming & beauty centre, voice recording in customer service centre, terms and conditions in bank. The consumers can complain to consumer council if they dissatisfy the services.
It is a situation in which companies or shops keep reducing the prices of their products and services in order to attract customers away from their competitors. If competing companies are involved in a price war, they each try to gain an advantage by lowering their prices as much as possible in order to sell more of their products and damage their competitors financially. Sometimes lowering their prices is difficult to build up its specific corporate image. So the company needs to produce the product with high quality, superior performance and innovative features in order to enhance differentiation of the products and services. For example, telecom company, supermarket etc.
It is the marketing of products that are presumed to be environmentally safe. Green marketing incorporates a broad range of activities, including product modification, changes to the production process, packaging changes, as well as modifying advertising. It refers to process of selling products or services based on their environmental benefits. Such a product or service may be environmentally friendly or produced and packaged in an environmentally friendly way. For example, Hong Kong Electric, Central Light Power, The Body Shop etc. I will further discuss this part in detail as mentioned below.
The products or services are made or provided and fully satisfy customers. Also, it creates superior value to the consumers. The consumers demand in high quality of products or services and less sensitive to the price. They are quality conscious. The company focuses on needs and wants of target markets and delivering satisfaction to the consumers. For example, Life Insurance, different plans can be given which can fully satisfy the consumers.
The company uses product concept to develop its product with innovative features, most quality and performance. If the new products are sold in the market successfully, they will get first mover advantage. Whatever the product is success or not, they need to take risk before the company works on this product. Although it has first mover advantage, they still need to take risk that their products may be copied by others. For example, Samsung MP3, the logo of Gucci which is copied by Playboy etc.
Today I want to focus on Green Marketing...
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