Essay Sample on Marketing Evolves to Match Dynamic World

Intoduction

Marketing is changing to meet the dynamic world. Marketing is the business activity that deals with identifying the organization's customers` wants and needs, determine the best target market to serve, and to design the appropriate products and services. Content theories like Maslow's model help in resolving customers` wants, for instance, what kind of music people want to listen to and watch consideration of music and video production.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

Management takes into consideration of organization's stakeholders when making strategic decisions. The goal of marketing is to create customers` satisfaction and valued customers` relationships (Pansari & Kumar). In 'A sad Truth About Atlantic Records Exploiting Artists,' the harmful management of artists can tarnish a record label in the case Metro Booming poor management as alluded by Atlantic records. The growth in information technology, responsibility on social, environmental impact, and rapid globalization has made a significant impact on the marketing environment and on how companies bring value to their customers. The company has to focus on emerging markets, technology, and management approaches to survive. Five major philosophies guide marketing management (Deepak & S.Jeyakumar). That is a production concept, product concept, the marketing concept, ethics, and responsibility. The significant challenge for the records corporation is managing artists' talents, as said in "Music Industry: Record Label as an Organization." Other problems encountered by marketers are changing customer values and tastes, sluggish economic conditions, non-profit marketing growth, technology, rapid globalization, and increased market competition.

The management has to do marketing intelligence analysis when making marketing strategic decisions. Both internal and external environments should be analyzed. Environment analysis enables an organization to make appropriate selling, advertising, channel, price, packaging, product, and competition relations decisions. This can be supported by "How the Music Industry Works" argument on how records earn over 85% of the total earnings of an artist's album, which may not attract new artists into the music industry (Lunney). Consumer behavior changes is also another challenge; it has gone beyond general economic assumptions about customers' decision making and judgments. Records companies offer artists with a marketing platform, which consequently increases the artists' popularity and album sales as posited by Dans Shafer in "Being an Independent Recording Artist Versus Working with a Major Records Label." Consumer needs and motivation is critical in making competitive strategic decisions (Graham). Lupe Fiasco suggests in his tweeter handle that all consumer care is the album being recorded by number one record, "A sad Truth About Atlantic Records Exploiting Artists".

Work Cited

Deepak, R. Kanthiah Alias and S.Jeyakumar. Marketing Management. OrangeBooks Pulication, 2019.

Graham, Phil. "Michael Smellie, Global Record Executive." Music, Management, Marketing, and Law (2019): 15-32.

Lunney, Glynn. Copyright's Excess. Cambridge: Cambridge University Press, 2018.

Pansari, Anita and V. Kumar. "Customer engagement: the construct, antecedents, and consequences." Journal of the Academy of Marketing Science 45 (2017): 293-311.