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Importance of marketing in todays world marketing essay

Published on April 23, 2014 Marketing is changing rapidly, along with modern consumer behavior. The next offering of the course starts this week and lasts nine weeks, and is taught by a team of Wharton professors, each with a different area of specialty: Barbara Kahn will focus on branding and the brand narrative Prof.

Peter Fader will focus on customer centricity and analyzing customer profitability Prof. The course includes about 14 hours of video lecture content, about the same as an in-person MBA class, but the content is more thematic, covering several leading-edge areas thoroughly, as well as covering the basics of marketing.

  • This illustrates that a product is not just an item for sale, and a marketing message is not just a slogan;
  • Oreo, for instance, rated highly by AdWeek for social media use, has campaigns that tie into major social events, such as their Vine video series, which featured Oreo cookies starring in classic horror films;
  • Finding the Shortest Path Between the Consumer and the Brand As social media has evolved and has become an important part of the consumer experience, successful companies have demonstrated a continuous involvement in social media, participating with timely campaigns aimed at their audiences;
  • Published on April 23, 2014 Marketing is changing rapidly, along with modern consumer behavior.

Thus, it appropriate both as an introduction to marketing, as well as a refresher course which covers some of the latest trends. In terms of the basics, the course will cover the three major frameworks found in most marketing courses: But the course is also suited towards entrepreneurs.

The course is pretty heavily geared towards entrepreneurs.

Why is marketing important in today's economy?

Who are the customers that I am going after and how do I value them? The course is pretty heavily geared towards entrepreneurs These three things are covered pretty extensively in the MOOC.

Besides being a source of content, the course also has active discussion forums where students communicate with each other about various issues throughout the course, and it can be used as a channel by entrepreneurs to get feedback on their ideas from their peers all over the world.

The Three Themes Prof.

The Importance of Marketing for the Success of a Business

Bell describes the major recent changes affecting marketing as the combination of two forces: This is due to four specific market trends: Value chain disruption e. And besides cutting out the middleman, they also have a large social mission component to their identity, giving one pair of new glasses away to a person in need in the developing world.

Thus we see that Warby Parker capitalizes on all four trends mentioned above: This illustrates that a product is not just an item for sale, and a marketing message is not just a slogan. How will marketers of the future differ from marketers of today? There are there three important areas marketers will probably need to change: Marketers will need to engage in more customer dialog.

Companies are no longer simply faceless corporate behemoths, but are active participants in consumers streams of consciousness via social media. Marketers will need to meet customer demands for greater authenticity. Marketers will need to figure out the right tools they need to use from the growing number that are emerging to analyze the growing amounts of data An example of a company which has embodied these areas is Quidsia startup founded by Wharton alums, which launched diapers.

  • Indeed, this can be expected, as many of the trends driving changes in marketing are also driving the MOOC phenomenon;
  • Strategic Marketing Marketing strategies encompass these activities;
  • Apple, for instance, increased the demand for the Apple 5 by cutting off further shipments of the phone for two weeks immediately after announcing the release;
  • They stay involved with their current products, continually modifying and improving them.

Quidsi used the trust it had built up with more than 1 million parents to branch out into to product areas in fact, its customers prodded it into offering other items with the same service and convenience Quidsi provided. So the company acquired soap. In 2011, just 6 years after it was started, Quidsi was acquired by Amazon. There is continuing research on how current trends are affecting marketing in the future. Bell suggested three channels of information that marketers can use to keep up with the latest research: Bell also shared his thoughts on teaching this MOOC.

The first thing to note is the gargantuan scale. Of the 125,000 students who signed up for the first MOOC, many dropped out or disengaged as the course went on.

Wharton Professor David Bell on the Intro to Marketing MOOC

Bell recently mused that just the number of people who filled out the course evaluations for their first MOOC was greater than the total number of students he had taught in his whole career up to that point! Bell and his co-instructors find this incredibly rewarding as a way to disseminate marketing knowledge.

  • It used to be that a company could rise to the top of its industry and deliver superior shareholder returns by doing one thing well;
  • They also failed to take into account that Chinese consumers commonly regard sweating as a healthy activity that -- among other things -- purifies the system and not, as is common among Americans, as a social problem.

It is unlikely in a business school that an introductory marketing class would be co-taught by multiple faculty, it is too resource-intensive.

But when you are producing something for hundreds of thousands of people, a new level of investment is warranted the three professors have just completed a full production schedule in a studio.

Indeed, this can be expected, as many of the trends driving changes in marketing are also driving the MOOC phenomenon. If you would like to learn more about marketing, either for the first time, or as a refresher, you can still sign up for the Wharton Intro to Finance MOOC which is starting this week.