AUTHOR: W. Chan Kim and Renée Mauborgne
THEORY: Blue Ocean Strategy
SIGNIFICANCE: The underlying concept of this strategy is that since the market cluttered with competition, therefore instead of focusing on fighting competition, one should focus on finding new markets or blue oceans, thereby making competition irrelevant. (Mauborgne, 2005)
AUTHOR: Jay Conrad Levinson
THEORY: Guerilla Marketing
SIGNIFICANCE: The importance of this marketing theory can be realized as it illustrates how unconventional marketing strategies can be used to create major impacts among consumers by using minimal resources. This requires the marketers to use out of the box approaches to market their products in a non traditional way by matching wits rather than budgets, hence leave a lasting impact on the audience.
AUTHOR: Lavidge and Steiner
THEORY: Hierarchy of Effects Model
SIGNIFICANCE: The hierarchy of effects model outlines that a consumer does not directly pass from the awareness stage to the purchase stage, instead the adopt a step wise approach which starts from awareness about the product also known as the cognitive component, followed by the affective component which inculcates evaluation and interest in the product, and lastly the conative stage which marks the purchase of the product. The importance of this theory comes into play where a marketer needs to be careful about marketing low and high involvement products. In low involvement products the three stages mentioned above are more blurred and a consumer can even directly jump from the attention to the purchasing stage while in high involvement products the stages are more defined and logical reasoning is expected by the consumer. (Steiner)
AUTHOR: Karla Barajas Portas
THEORY: The power of emotions – influence of multi sensory marketing strategies
SIGNIFICANCE: The author provides illustrates how important it is for the marketers to understand the minds and hearts of its target market through sensory multidimensional strategies. This information should then be used to market the product in a way that it creates a bond or forms a natural connection between the brand and the product instead of creating rational linkages. (Karla Barajas Portas, 2008)
AUTHOR: Brian Millar, Admap, January 2008, Issue 490, pp.12
THEORY: Brands: the last flat earth theory
SIGNIFICANCE: according to this theory, the author Brian Miller explains that the underlying concept of the brand relation ship spectrum which portrays brands as an intangible asset is flawed. Instead it is more important for marketers to realize that the major objective is not the brand but the underlying core product being offered to the customers, therefore it is more vital for the success of the brands to explore new markets and keep up with changing customer needs, rather than pushing the same old brand. (Millar, January, 2008)
AUTHOR: Luigi Toiati and Alan Branthwaite,
THEORY: Touching smells, sniffing colors, tasting odors: a synaesthetic approach to fragrance in market research
SIGNIFICANCE: The significance of this theory presented at the Fragrance conference in Paris is evident as it looks at two different approaches marketing fragrances, discussing the elusive role played by brand personality or brand stylishness in creating and maintaining brand equity. It further links it to the important role of brand equity that is a holistic view of the brand in research and development of fragrance products. (Branthwaite, Novemvember 2007)
AUTHOR: Abrahim Maslow
THEORY: Maslow Hierarchy of Needs
SIGNIFICANCE: the importance of this theory in the field of marketing cannot be overlooked. This theory serves as an important guide to marketers by arguing that there are five layers if human needs in the form of a hierarchy. A human being will only move to full full the higher order needs if the basic human needs are satisfied. Therefore marketers should first focus on the core product to satisfy the basic needs and then include variations for consumers at the top of the hierarchy. It is at this point that luxury brands come in. one of the important lessons learnt from this theory is that since people are at different stages of the hierarchy therefore one product cannot satisfy all consumers, product line extension is therefore important for brands. (Maslow)
AUTHOR: Jennifer Aaker
THEORY: Brand Personality Dimension Framework
SIGNIFICANCE: The brand personality spectrum is a framework which attempts to measure the personality of a brand in terms of five core dimensions. These dimensions include sincerity, excitement, sophistication, competence and ruggedness. The significance of this theory can be understood from the fact that it helps marketers to. Investigate the current status of the brand in the market and further helps marketers predict the future direction of the brand. (Aaker, 2008)
AUTHOR: Shelby D. Hunt
THEORY: A General Theory of Marketing Ethics
SIGNIFICANCE: While all the other marketing theories focus the normative side where they assist marketers to behave in an ethical fashion, this theory takes a different view and offers a descriptive perspective in which it tries to illuminate the decision making process involved in situations which involve an ethical dilemma. (Hunt, 1986)
AUTHOR: Cateora, Philip.R., and John L. Graham
THEORY: International Marketing Theory
SIGNIFICANCE: the theory of International marketing is important for marketers to take in to account for global brands. It involves understanding the cultures of particular countries and according to that alters or localizes international marketing campaigns. (Cateora, 2007)
Aaker, J. (2008). Brand Personality Dimension Framework. Retrieved July 2008, from http://www.valuebasedmanagement.net/methods_aaker_brand_personality_framework.html
Branthwaite, L. t. (Novemvember 2007). Touching smells, sniffing colors, tasting odors: a synaesthetic approach to fragrance in market research. Fragrance Conference. Paris.
Cateora, P. a. (2007). INTERNATIONAL MARKETING. In M. Hill-Irwin.
Hunt, S. D. (1986). A General Theory of Marketing Ethics. Journal of Macromarketing, Vol. 6 , 5-16.
Karla Barajas Portas. (2008). The Power of Emotions – Influence of Multi Sensory Marketing strategies. Latin american Conference . Mexico city.
Levinson, J. C. (n.d.). http://www.marketingterms.com/dictionary/guerilla_marketing/. Retrieved July 2008, from Amazon: http://www.amazon.com/exec/obidos/ASIN/0395906253/crucialmarket-20
Maslow, A. (n.d.). Maslow Hierarchy of Needs . Retrieved July 2008, from http://www.12manage.com/methods_maslow_hierarchy_needs.html
Mauborgne, W. C. (2005). Blue Ocean Strategy. Harvard Business School Press.
Millar, B. (January, 2008). Brands: The Last flat Earth Theory., (p. 12).
Steiner, L. a. (n.d.). Hierarchy of effects model . Retrieved July 2008, from http://www.ciadvertising.org/studies/student/99_fall/theory/chung/theories1/hierarchy.html