MARKETING IN PRACTICE

Marketing in Practice



Marketing in Practice

Introduction

Today is the era of the latest technology and innovation. In this age, only those companies survive that are constantly thrive on innovative products and able to devise marketing policies and strategies that possess the capacity to attract customers and appeal to them in a powerful way. The digital world is full of innovative products and to succeed in this field it is imperative to be innovative and unique. This paper discusses an innovative product for Amazon.com and discusses its marketing mix and promotional plan in detail.

Music Industry Analysis of UK

Current state

The amount of money made by the UK music industry fell by pounds 189 million last year. Revenue dropped last year to pounds 3.8 billion, a 5% decrease on the year before. The performance blamed on dips in recorded music sales and live music attendances. Researchers found British music continued to sell well abroad and said the estimated value of UK digital music rights stood at pounds 260m. Chief Economist at PRS for Music, Will Page, said: "The remarkable ability of UK music to continue exporting its songs and artists overseas will be the key to driving the industry, and the UK creative economy. It comes as no surprise that the overall numbers are down 5%, consumers are feeling their wallets tighten, forcing tougher choices as, a result (Hansell, 2002, pp. 45-49).

Future Predictions

UK Music Industry Association believes that, within ten years, Britain will become a major supplier of music, dropping to the throne of the United States. Of the ten best sold in 2008, four artists were British. In UK, the world's biggest rock festival in Glastonbury and O2 concert hall in London was held that helped in generating the greatest revenue. The music industry has brought the state budget of around £ 5 billion a year. It employs twice as many than in the financial sector.

Critical Evaluation of a Marketing Mix for Amazon's Online Music Store

Marketing Strategies

Marketing is a set of techniques to market research that attempt to achieve the maximum profit on the sale of a product: through marketing, organizations are able to know what audience will be interested in their product. Its primary function is to satisfy the customers (potential or current) through which seeks to design the product, pricing, distribution channels to choose and appropriate communication techniques. The marketing mix is a tool used by the company to implement marketing strategies and achieve objectives. These tools are also known as the 4Ps of marketing. In this section, we will discuss and evaluate Amazon's Online Music Marketing strategies (Coddington, 1993, pp.12-26).

Many authors agree on the number of elements of the mix; Kotler and Armstrong argue that there are 4 variables of marketing. However, modern authors have adopted different theoretical frameworks that change the 4 "Ps" which were traditionally (Product, Price, Place, Promotion), taking into account more aspects such as people and processes, which have full administrative aspects, but the decisions are part of marketing ...