MARKETING IN TODAY’S BUSINESS MILIEU

A Journal Review
Presented to Ms. Cecilia Alexandria Godoy

In Partial Fulfillment
of the Requirements in Principles of Marketing

BARIL, MARIA KATELINA MARSHA D.

MARCH 31, 2020

Address: Hilltop Road, Brgy. Kumintang Ibaba, Batangas City 4200, Philippines
Telephone Numbers: +63 43 723 1446 | 980 0041
Website: www.ub.edu.ph
 MARKETING IN TODAY’S BUSINESS MILIEU

INTRODUCTION

Introducing marketing in today’s setting tales upon a different angle and

perception compared to what it was before. This journal, entitled Marketing in Today’s
Business Milieu is an academic journal published by McGraw-Hill Education with no
known author, on January 05,2018 provides systematic analysis on the definition of
marketing. This circumvent on marketing, as an art and science and aims to identify the
typical misconceptions on the field. It also bridge the gap between what marketing and
marketing management really are and how they contribute to the firm’s success.
Moreover, it aims to appreciate how marketing has evolved from its early roots to be
practiced as it is today.

BACKGROUND OF THE JOURNAL

McGraw-Hill Education published Marketing in Today’s Business Milieu as the

first chapter of the journal series presented in powerpoint. The presentation has a total
number of 29 slides. The objectives of the journal are the following:

1. Identify typical misconceptions about marketing, why they persist, and the
resulting challenges for marketing management.
2. Define what marketing and marketing management really are and how they
contribute to the firm’s success.
3. Appreciate how marketing has evolved from its early roots to be practiced as
it is today.
4. Recognize the impact of key change drivers on the future of marketing.

The journal is divided into parts. Part I is about discovering marketing

management. It indicated that marketing as it is relevant to everyone across all

Address: Hilltop Road, Brgy. Kumintang Ibaba, Batangas City 4200, Philippines
Telephone Numbers: +63 43 723 1446 | 980 0041
Website: www.ub.edu.ph
business functions. Marketing misconceptions are also enumerated. They are the
following: catchy and entertaining advertisements, pushy sales people, spam to your e-
mail or smartphone, famous brands and their celebrity spokespeople, product claims
that turn out to be be overstated or just plain false, marketing departments own
marketing initiative. The journal debunked the misconceptions by stating that marketing
is highly visible by nature, and marketing is more than buzzwords.

Part 2 entitled Toward the Reality of Modern Marketing tackles ghat marketing is
a central function and set of processes essential to any enterprise. Leading and
managing the facets of marketing is a core business activity. The journal gave a total of
5 definitions from different authors.

Moreover, the journal named 2 Marketing Core Concepts. First, Value is the ratio
of the bundle of benefits a customer receives from an offering compared to the costs
incurred by the customer in acquiring that bundle of benefits. Second, is that exchange
occurs when people give up something of value to them for something else they desire
to have.

Marketing’s roots and evolution was also discussed. It started from pre industrial
revolution, focus on production and products, focus on selling, advent of marketing
concept until post-marketing concept approaches respectively. Moreover, the mid-
1960’s 4p’s (product, price, promotion, and place) is replaced with a more sophisticated
view of 4ps.

Beyond the marketing concepts. There are four divisions namely differentiation
orientation, market orientation, relationship orientation, and one-to-one marketing.

Change drivers impacting the future marketing, distinguishing between marketing

big “M” and marketing (“little “m”), shift to justifying the relevance and payback of the

Address: Hilltop Road, Brgy. Kumintang Ibaba, Batangas City 4200, Philippines
Telephone Numbers: +63 43 723 1446 | 980 0041
Website: www.ub.edu.ph
marketing investment, and lastly, marketing metrics are discussed respectively. It will be
further expounded on the insights.

INSIGHTS

The introduction have given a skeletal framework of the presentation. This part
will contain the descernment and a personal study of what is presented.

Among the vast definitions of marketing, it still encompasses marketing

misconceptions and they are named by McGraw-Hill Education. They are: Marketing is
all about advertising, selling, all about the sizzle, inherently ynethical and harmful to
society, only marketers market and lastly, maeketing is just another cost center in a firm
and behind this misconceptions, they are contradicted with facts for example, since
marketing is visible in nature, advertising and sales promotion are seen by all. They are
guided by marketing metrics. On the other hand, on the thought that marketing is more
than buzzwords, and often viewed as “necessary evil”, it is contrdicted by having too
many quick-dix approaches.

Leading and managing the facets of marketing is a core business activity. Among
the various marketing definitions given, the American Marketing Association can be
deemed as the best where it defined marketing as an activity, set of insitutions, and
processess for creating, communicating, delivering, and exchanging offerings that have
value for customers, clients, partners, and society at large.

Moreover, it was interesting to read that the institution has differentiated

marketing as societal marketing and green marketing. Societal marketing involves the
members of society at large as stakeholders and green marketing as the kind that is
environment friendly and sustainable as it meets the needs without harming future
generations. In addition, it is also an engaging read that the marketing evolution was
traced from pre-industrial revolution to post-marketing concept approaches.

Address: Hilltop Road, Brgy. Kumintang Ibaba, Batangas City 4200, Philippines
Telephone Numbers: +63 43 723 1446 | 980 0041
Website: www.ub.edu.ph
 Back in the days of pre industrial revolution, products were customized, and one-
to-one marketing was done. It transitioned into a more production oriented view where
maximizing mass production via assembly line was, assuming customers will go to the
producer are the core ideas. Then it became more of sales oriented. This is where the
salespeople need to pysh the product and also created the image of the pushy
salesperson.

Now, the 4p’s that we have known and is discussed as a basic knowledge in
marketing is given a more sophisticated view in this journal. Today, it is labeled as:
Products are offerings, place is complex supply chains, price is views as value,
promotion uses high-tech media beyond the traditional price, place, promotion and
product. In addition, changes in our environment has lead marketing to also, change.
The drivers are shift to product glut and customer shortage. Shift in information power
from marketer to customer, shuft in generational values and preferences, shift to
demanding return on marketing investment and shift to marketing Big “M” to “Little M”.

Lastly, marketing metrics are discussed. The core ideas were marketing is a
fuzzy field, if it can’t be measured, it can’t be managed, Is marketing an expense or an
investment?, CEO’s and stockholders expect marketing accountability.

Address: Hilltop Road, Brgy. Kumintang Ibaba, Batangas City 4200, Philippines
Telephone Numbers: +63 43 723 1446 | 980 0041
Website: www.ub.edu.ph