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Economics and Management Notes Marketing Notes

The Long Tail Notes

Updated The Long Tail Notes

Marketing Notes

Marketing

Approximately 38 pages

For each of the 7 topics I studied, I've included my finals revision notes (except Fair Trade and Services, which I did not revise but have included the full set of essay notes for). The notes are very concise (3-4 pages), with each subheading indicating a line of argument that could be taken in an essay on the topic (based on the exam questions that have come up over the last 6 or 7 years - the notes could be used to answer any of these well), and then bulletpointing how the argument could be la...

The following is a more accessible plain text extract of the PDF sample above, taken from our Marketing Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:

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.

    • Earliest music 36,000 years ago – communication medium, means of self expression, has this changed over time?

    • Expressive and emotional needs met by music make promotional methods less clear, marketers have learned this over time.

    • 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.

    • 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.

    • 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.

    • 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.

    • Internet has made void almost all conventional business models related to music.

    • ‘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 illegal downloads, marketing needs to go for the heart not the head?

The internet

  • Has shifted power from marketers to consumers due to info (Labrecque et al)

    • Demand based power: aggregated impact of consumption and purchase behaviours.

    • Information based power: ability to produce and consume content, reduces information asymmetry, shortens product life cycles, enables empowerment through outlet for self-expression, elevated potential for individual opinion to influence markets. Paradox of technology – will consumers still feel empowered by info knowing marketers are empowered by search patterns/network connections etc?

    • Network based power: metamorphosis of content through network actions designed to build personal reputation and influence markets through distribution/remixing/enhancing of digital content. (reductionism?)

    • Crowd based power: ability to pool, mobilize and structure resources in ways that benefit individuals and groups, furthered by advanced mobile technology – instant access to info. Air bnb makes use of this.

  • Use of social media in the music industry:

    • Salo et al – 4 major motivations for participation, particularly in communities; the reinforcement of social identity of both the individual and the group, a sense of affinity, participation in the form of user generated content, a 2 way interaction with others in the community.

    • 1st major milestone for music and social media together was MySpace – originally developed into an open networking environment for independent artists and their fans. Experiencing free music actively encouraged, allowed free discovery of new and unknown artists, marketers were bypassed, self advertisement became key.

    • Pre-listening became commonplace, secret shows advertised building the direct...

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