Business Marketing: Reading Critique
Answering 1B
For Re-Institutionalizing the Marketing Discipline in Era V
The new question that could be raised for this article is whether the marketing disciplines major predicaments could still be followed like a hard and fast rule for the new generations, especially in the current era, i.e., Generation Z? Since Generation Z is the one that is still evolving and whose preferences are still being explored by the marketers, they are new for the marketing researchers as they research on their own defined rules. Social media has become a resourceful tool for them to look for comments, feedback, word-of-mouth marketing, and reviews from social media influence to make up their minds about the products and services they are about to purchase. Their final decisions are mostly based on previous comments, feedback, and criticisms, which certainly need to be explored in the current marketing discipline.
Age and generation gap are two factors that could shape or re-institutionalize how marketing models and predecessors have been working. Internet, technology, and social media have transformed how consumer marketing works nowadays. As the article talks about specific educational preparation and developing cognitive identity through teaching the mainstream and theoretical knowledge along with generalized knowledge that historical experts set in the past, the nourishment that this discipline should offer in the current age of digital marketing might create central problems presented by the subject of Marketing (Hunt, 2020). Since marketing has been progressing over time and with each generational period, for example, in era one and era 2, etc., the relevant techniques in the past could be questioned.
The new question is unique and meaningful for future research since purchase intention. Brand loyalty has been more dependent now on peer recommendations based on electronic word-of-mouth (e-WOM), artificial intelligence is now in more use for B2B and B2C companies for dealing with the big data, increased dynamism in future research would be based on more reliance on mobile marketing and advertising, augmented reality soon to become a norm for the consumers providing a more futuristic approach to marketing, etc. have been shaped with the incoming of internet and technology (Dwivedi et al., 2021). Ethical issues are of more concern compared to the previous decades since breaches on the internet for privacy and confidentiality of the customers have been risker than before. An insight into traditional e-commerce models and disrupted supply chains with digitization is expected to change product portfolios and stakeholder interests for the businesses, both physically and virtually.
Marketings Identity Crisis: Insights from the History of Marketing Thought
The new question that could be raised for this article is whether the fourth paradigm of marketing would answer the anomalies of the technology and its produced uncertainty for the consumer decision-making process. As mentioned in the previous section, technology has metamorphosed the way consumers make purchase decisions. Younger generations have been the most interesting to study; marketing does rely on investing in new technologies so that consumers changing preferences can be catered to, well and promptly. However, heavy investments in technology during the fourth paradigm, which is still unpredictable, would be an astute decision by the marketers.
In marketing, selling and buying are done for the final consumer so that the transaction determines an exchange of goods or services that would be beneficial for both the buyer and the seller (El-Ansary, Shaw & Kazer, 2017). Marketing does rely on investing in new technologies for this purpose. Marketing research with new ways could prove fruitful for transferring knowledge about the consumer and his preferences (Hoffman et al., 2022). However, the adoption cycle could be time-consuming, particularly when the fourth paradigm has numerous market dynamics concerning the still-being-researched Generation Zs methods of reaching their final decision.
A Theories-in-Use Approach to Building Marketing Theory
The new question that could be raised for this article is whether the theories-in-use (TIU) approach, which is organic as it represents peoples approach to marketings problem solving, could be applied to current changes...
…environment. The optimal behaviors of both the consumers and the business markets have to be managed with more cunning than before so that global expectations are met on time. Therefore, the marketing systems need to become a value-producing system with the necessary reconfigurations so that the transition for the discipline to cater to the new generations becomes feasible and profitable.As the article stresses upon the fourth paradigm of marketing that is proposed for micro, mezzo, and macro perspectives by infusing key concepts of hierarchy of market systems, research should be done for the formulation of new transformation with exploration, mobilization, and stabilization (Moller, Nenonen & Storbacka, 2020). These thre key aspects could be interweaved with innovation procedures, formation of coalitions, institutionalization that would influence the market processes, and the forces affecting all the above three. These processes are expected to create structures, beliefs, and choices for the consumers that would again hit their psychological forces intriguing them to buy a certain product after their final decision-making, even if it is through digital technologies, social media platforms, or e-WOM.
Since the article also highlights that human agents like to evolve by continuously becoming aware of newly gained information, searching for alternatives, and making better decisions with newly gained knowledge, they want to change their living and adapt to the changing environments. The old and traditional marketing concepts might not be further applicable to consumers preferences, goals, and expectations in recent times that still need to be fulfilled with marketing management and solving the intricacies of the marketing systems. The purchase intention is a connection of trust of the source and the brand that is offering a particular product or service so that influencing of peoples attitudes and behavioral buying could be detected through the communication taking place over the social media, which could lead to the formulation of new information adoption models, likely to be of value for the marketing discipline as well as marketers for theory building in the…
References
Babu, M.S.H. (2014). A study on consumer’ psychology on marketing tools. Philosophy and Progress, LV-LVI, 126-164.
Dwivedi, Y.K., Ismagilova, E., Hughes, D.L., Carlson, J., Filiieri, R., Jacobson, J., Jain, V., Karjaluoto, H., Kefi, H., Krishen, A.S., Kumar, V., Rahman, M.M., Raman, R., Rauschnabel, P.A., Rowley, J., Salo, J., Tran, G.A. & Wang, Y. (2021). Setting the future of digital and social media marketing research: Perspectives and research propositions. International Journal of Information Management, 59. https://doi.org/10.1016/j.ijinfomgt.2020.102168
El-Ansary, A., Shaw, E.H. & Kazer, W. (2017). Marketing’s identity crisis: Insights from the history of marketing thought. AMS Review, 8(4). https://doi.org/10.1007/s13162-017-0102-y
Hoffman, D.L., Moreau, C.P., Stremersch, S. & Wedel, M. (2022). The rise of new technologies in marketing: A framework and outlook. Journal of Marketing, 86(1). https://doi.org/10.1177/00222429211061636
Hunt, S.D. (2020). For re-institutionalizing the marketing discipline in Era V. AMS Review, 10, 189-198. https://doi.org/10.1007/s13162-020-00183-8
Möller, K., Nenonen, S., & Storbacka, K. (2020). Networks, ecosystems, fields, market systems? Making sense of the business environment. Industrial Marketing Management, 90, 380–399. https://doi.org/10.1016/j.indmarman.2020.07.013
Zeithaml, V.A., Jaworski, B.J., Kohli, A.K., Tuli, K.R., Ulaga, W. & Zaltman, G. (2020). A theories-in-use approach to building marketing theory. Journal of Marketing, 84(1), 1-20. https://doi.org/10.1177/0022242919888477
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