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The Long Tail Notes

Economics and Management Notes > Marketing Notes

This is an extract of our The Long Tail document, which we sell as part of our Marketing Notes collection written by the top tier of Oxford University students.

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The Long Tail?

AMA definition 2013: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Who are marketers now?

The music industry development
? Ogden et al: looked at the transformation of the music profession from the 7th century, concluded there has been a movement away from product-orientated marketing to customer-centric. o Earliest music 36,000 years ago - communication medium, means of self expression, has this changed over time?
o Expressive and emotional needs met by music make promotional methods less clear, marketers have learned this over time. o Production era of marketing matched by Church's control over what music was played and how in the 7th century, but the invention of notation, sheet music (15thc), phonographs (1877) and radio (1920s) allowed for mass consumption and a power shift towards the audience, required marketing to follow suit. o Sales orientated marketing began to take account of what consumers actually wanted before developing products and services - worth doing as music sales were
$28.7bn by 1992. o Greater accessibility of music = greater opportunity to make money, but also consumers gain a rising proportion of power against marketers ? necessity of understanding consumer needs has increasingly taken centre stage. o Digitization of music had the largest effect on marketing, need to not only make people want to buy music but making the want so strong and immediate that the convenience of purchasing outweighs the time involved in illegal downloads. Shock shown through the 1999 creation Napster, causing record sales to crash 26% over the following 7 years. o Internet has made void almost all conventional business models related to music. o 'Marketing has evolved from a philosophy based on the exchange of goods to a revised logic focused on intangible resources, the cocreation of value and relationships' (Vargo and Lusch) ? where music is all about the money it is easy to see why people go for

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