Business Studies

Reply must be a paragraph long of at least 275 words or more not including references which should supported by citing at least 2 peer-reviewed journal articles between 2017-2021 for each reply and a biblical reference. Your reply must be in current APA format and must include a reference list. Make sure that you are adding new and relevant information with each reply. Reference sample make sure to include DOI-Drollinger, T., Comer, L. B., & Warrington, P. T. (2006). Development and validation of the active empathetic listening scale. Psychology & Marketing, 23(2), 161-180. https://doi.org/10.1002/mar.20105 Discussion to Reply to:
Article # 1 – The Marketing Mix Revisited

In his article, E. Constantinides examines the limits of the 4Ps marketing mix paradigm. Product, pricing, promotion, and location are the 4Ps of marketing. The framework has played a crucial role in the global marketing of products and services. As stated by Constantinides (2006), the 4Ps concept was immediately accepted by academics and practitioners, and as a result, it has grown in importance in marketing practice and theory. Constantinides (2006) believes that the framework contains limits that must be addressed to enable successful marketing despite its importance in marketing. The author points out two major flaws in the framework (Constantinides, 2006). The first flaw is that, the framework has an internal orientation; for instance, it expresses the vendors’ perspectives on enticing customers (Constantinides, 2006). This is a shortcoming of the framework. The second flaw is that the framework lacks personalization, which focuses on bulk marketing rather than targeted marketing (Constantinides, 2006).

The 4Ps framework, despite its flaws, is a valuable tool for product planning and branding. Product strategy relies heavily on the marketing framework’s product component. The product components include the product’s design, functionality, durability, packaging, and size. To have a great brand, one must have a good product. Promotion and price are also essential components of the 4Ps. The 4Ps framework has limits that companies should consider when developing strategic plans and branding.

Article # 2 – The elements of value

In making buying choices, customers assess the advantages of a product or service against the costs associated with that purchase (Almquist et al., 2016). A product that customers feel is worth the investment they are paying is more likely to be purchased at the total price by customers. When it comes to buying items and services, customers have diverse tastes. Almquist and colleagues have uncovered a total of 30 “elements of worth” (Almquist et al., 2016). Depending on the situation, one or more of the 30 components may be more critical to a customer while evaluating a product or service than others. Almquist and colleagues categorize the 30 components into four categories based on their function (Almquist et al., 2016). The four categories are as follows: practical, emotional, life-changing, and socially beneficial (Almquist et al., 2016).

The utilization of a product is referred to as a product’s functional aspects. The customer’s emotional response to a service or product falls under this category. The category “life-changing” includes products and services that may significantly improve the quality of a customer’s life (Almquist et al., 2016). Self-transcendence is the sole factor included in the area of societal effect. Almquist et al. (2016) noted that the elements may improve firm performance. When it comes to deciding what products and branding techniques a company should employ to attract clients, they are pretty helpful. A company’s product planning and branding should include these characteristics.

Article # 3 – The CEO of Levi Strauss on leading an iconic brand back to growth

A narrative by Chip Bergh, the CEO of Levi Strauss, on how he helped improve the company after taking over as CEO is included in the evaluated article (Bergh, 2018). At Bergh’s takeover, the company’s sales had decreased dramatically (Bergh, 2018). He began by paying attention to what employees had to say about a wide range of important issues facing the organization, which he then addressed (Bergh, 2018). Bergh discovered that the organization needed a strategy communicated after listening to its employees (Bergh, 2018). Employees were having difficulty aligning their tasks with the company’s overall strategy (Bergh, 2018). To improve Levi Strauss, the new CEO was required to replace many senior-level employees, examine the company’s financial performance, and conduct a market survey, among other things. One factor that assisted Bergh in increasing the company’s revenue was the enhancement of the corporation’s brand image (Bergh, 2018). The company’s new CEO upgraded the products of Levi Strauss to increase their perceived value in the eyes of consumers (Bergh, 2018). Developing a successful core business, growing the company, becoming an omnichannel retailer, and upgrading the company’s procedures are all strategies that have contributed to the company’s increased profitability (Bergh, 2018). The four tactics, product strategy, and branding contributed to the firm’s resuscitation.

Conclusion

The three periodicals under consideration may significantly impact product planning and branding. The article titled “The Components of Worth” was the one that I felt to be the most fascinating of the bunch. The portion of the article in which the writer detailed the critical elements that corporations may incorporate in their goods to tempt purchasers was the fascinating part of the study (Makanyeza et al., 2016). As per to Makanyeza et al. (2016), consumers buy things based on their sense of value. Companies should consider what their customers value in a service or product and incorporate that into their offerings to improve sales (Makanyeza et al., 2016). The characteristics of value should also be considered in designing and branding products.

ANSWER

Discussion Reply

The four p’s used in marketing are a great strategy, and they define the steps that a successful and a business wannabee should use. Product, pricing, promotion, and location are four famous marketing strategies. Indeed the product must be better in terms of the overall makeup and outstanding from other products of the same type. The prices must be appealing and fair to the customers. The method of promotion should be ethical so as not to intimidate other companies which are also promoting their products. The location matters in terms of the accessibility to the company’s resources (Al-Dawalibi et al., 2020).

With these great strategies comes challenges faced by the companies that use the strategies to their benefit (Moor & Lury.,2018). For promotion, some companies may want to use micheavious methods of promoting their products. Companies misbehave by using social media to look down upon other companies with a similar line of goods to theirs. Painting a bad picture to the customers and the public about their products (Moor & Lury.,2018). It has been experienced mostly in the technology space, where companies struggle to outdo each other unethically (Moor & Lury.,2018).

With pricing, there is a great deal to be considered, such as the country’s current state that which the company operates. With scenarios like inflation that affect the pricing, the companies lose a lot of customers since they are forced to hike the prices. Well, not that every time prices soar, it is because of the crooked salesmen. While looking at the organization and the management of accompany, the case of the CEO of Levi Strauss poses a question on whether the companies are in good hands. It is about Levi’s drastic change and improvement and many other companies just by swapping their leaders with new ones. Changing leadership is not always the option, and often auditing should be done to get a glimpse of where the company is headed.

References

Al-Dawalibi, A., Al-Dali, I. H., & Alkhayyal, B. A. (2020). Best marketing strategy selection using fractional factorial design with analytic hierarchy process. MethodsX, 7, 100927.https://doi.org/10.1016/j.mex.2020.100927

Moor, L., & Lury, C. (2018). Price and the person: Markets, discrimination, and personhood. Journal of Cultural Economy, 11(6), 501-513.https://doi.org/10.1080/17530350.2018.1481878

Yi, C., Jiang, Z., Li, X., & Lu, X. (2019). Leveraging user-generated content for product promotion: the effects of firm-highlighted reviews. Information Systems Research, 30(3), 711-725.https://doi.org/10.1287/isre.2018.0807