Marketing Management Assignment: Russell Parsons Radical Marketing Communication Strategy
Task: Students are required to select one electronic article, that have been published on either of the following marketing news websites, relevant to marketing issues and/or concepts:
- Marketing Week (2018) - https://www.marketingweek.com/ or
- American Marketing Association (2018) - https://www.ama.org/publications/MarketingNews/Pages/Current-Issue.aspx
Each article submission must not be longer than 600 words and address the following three questions:
- What are the marketing issues illustrated in this article?
- Who are the important stakeholders? ie Who will benefit or otherwise from the issues discussed in the article?
- How would you respond to these issues and why? In answering this question students need to justify their proposed responses by using marketing theory.
Introduction: In this era of competition organizations are thriving to develop new and new strategies in order to attract customers, improve customer base and remain competitive. However, the arena of marketing is witnessing major changes, possibly because their close association with the consumers and the changing nature of consumer’s perspective. The following section would throw light on one such article that informs about the way traditional marketing concepts are becoming futile. The following section documents information from the article, “Russell Parsons: Ripping up the marketing rule book won’t save brands from disruption”, published in Marketing Week in 20th November of this year.
Marketing issues: The marketing issue that has been elaborated in this article is the changing nature of marketing and the fading significance of traditional methods of marketing. The article states that marketers would have to refresh their traditional thoughts and procedure of marketing. In this era of high competition, innovative marketing strategies are adopted by every organization, making it mandatory for marketers to be innovative rather than going through the rule books and following the traditional footsteps. The success of a direct-to-consumer is due to the different approaches and methods they adopt for marketing. The chief marketing officers in such firms have different tactics of doing tasks and likewise the different tools used for marketing is also a key mantra behind their marketing success. In the article, augments are put against the thought that whether the traditional marketing officers do have time for reinventing new methods or they should be replaced. The article sums up views of other experts as well. For example, Ellen Hammett states that the organizations that have failed to go back to the beginning stage and build out with marketing, have failed to gain customers and is lagging behind the competitors. The author has appreciated efforts of new brands due to their new way of branding. The article questions the significance and role of CMOs in modern era. By referring Forbes, it shows how the concept of “Pure CMO”s has become a thing off the past.
Stakeholder benefits or challenges : The key stakeholder of this scenario is the marketing officers as the new way of marketing questions the role of traditional CMOs. In several areas of the article, it is elaborated, how the concept of CMO is become less valid day by day. The new type of marketing requires new expertise and innovative ideas. The old rulebook of marketing is not valid anymore. For example, some disruptive marketing has become important to marketer (Patty Odell, 2018). Therefore, organizations should take care of renewing the job roles of workers in marketing department. The effect of this changing nature of marketing is not limited to the chief marketer only. The other workers in marketing department are also likely to be effected with the change.
Recommendations: The old marketing methods and rulebook are becoming useless due to the monotony of them. They are being used for a long time and now they are becoming ineffective. For example, generally a television advertisement focuses now bragging about the product and brand name, starring some famous celebrities. Focus on digital marketing has enhanced (Atanu shaw, 2018). Now, promotions and advisements that involve general people and encourages customer interaction, are becoming more effective. One such example is word of mouth advertisements, where the users share their thoughts with others. Thus, the marketing efforts has to be more customers centric. Let the organizations handover the rule book of marketing to the customers themselves and decide the future of marketing.
Organizations should start employing new recruits and encourage them to be innovative. Being innovative is a key mantra in this scenario (Oster et al., 2018). The leadership style has to be more democratic so that the workers can practice their creativity and discover new ways of reading to the customers or understanding market demand. Training and development should be used to let the existing and old workers, get acquainted with the methods of working. The use of customer performance indicators can also be beneficial for forming new and effective strategies for marketing (Vikas Mittal, 2018).
Atanu shaw. (2018). Digital Marketing Trends That Are Changing The Way We Market To Consumers. Forbes.com. Retrieved 18 December 2018, from https://www.forbes.com/sites/forbescommunicationscouncil/2018/08/29/digital-marketing-trends-that-are-changing-the-way-we-market-to-consumers/#6df76b368910
Oster, E., Monllos, K., Zanger, D., Richards, K., Pearl, D., & Sulima, J. et al. (2018). Marketing Innovation. Adweek.com. Retrieved 18 December 2018, from https://www.adweek.com/category/marketing-innovation/
Parsons, R., Partner, M., Ritson, M., Walker, M., Lewis, C., & Woollen, P. et al. (2018). Ripping up the marketing rule book won't save brands from disruption. Marketing Week. Retrieved 26 November 2018, from https://www.marketingweek.com/2018/11/20/russell-parsons-ripping-up-marketing-rule-book/
Patty Odell. (2018). 10 Disruptive Marketing Trends All Marketers Should Consider - Chief Marketer. Chief Marketer. Retrieved 18 December 2018, from https://www.chiefmarketer.com/10-disruptive-marketing-trends-all-marketers-should-consider/
Vikas Mittal. (2018). How to Use Customer Performance Indicators to Align Your Strategy . (2018). Ama.org. Retrieved 18 December 2018, from https://www.ama.org/publications/MarketingNews/Pages/how-to-use-customer-performance-indicators-to-align-your-strategy.aspx