Marketing's Value to Consumers, Firms, and Society
When it's time to roll out of bed in the morning, does the Spotify app on your Apple iPhone play your “Waking Up Happy” playlist, or is it your roommate blasting The Chainsmokers? Do you throw on your Nike Flyknit shoes and get in a short run before breakfast? Maybe not this morning. You slept in and now you barely have time to throw on your Levi’s jeans, shirt from Zara, and Vans shoes as you race off to class. You do need a quick bite at home before you go. Will it be a Chobani pineapple-flavored Greek yogurt and an Einstein’s bagel with Philadelphia Cream Cheese? Or maybe you grab a Chicken Apple Sausage breakfast sandwich at Caribou Coffee in the student union. If you hurry, your roommate can give you a ride to school in her new Ford Fiesta, although you could ride your Big Shot Fixie bike or take the bus that the city bought from Mercedes-Benz. So many choices.
When you think about it, you can't get very far into a day without bumping into marketing―and what the whole marketing system does for you. It affects every aspect of our lives―often in ways we don't even consider.
In other parts of the world, people wake up each day to different kinds of experiences. A family in rural Africa may have little choice about what food they will eat or where their clothing will come from. In some countries, economic decisions are largely made by government officials. But in the world's most developed countries, consumers determine what's on store shelves. If no one buys a particular color, size, or style, then companies stop producing it. So you may have trouble finding a Chicken Apple Sausage sandwich in Hangzhou, China, where the locals are more likely to join the line of people waiting at GanQiShi's for steamed buns.
One brand found around the world is Nike. How has Nike become the choice for so many professional and casual athletes around the world? Is it the more than $1 billion Nike spends each year for endorsements from star athletes like Rory McIlroy and Cristiano Ronaldo? Maybe it's the innovations, like Nike's self-lacing sneakers, lightweight Flyknit shoes, and its Nike+ software apps. What part do the 24,000 retailers that carry Nike products play? Do Nike's connections with tens of millions of customers on Twitter, Instagram, and Facebook build customer relationships? And just how much (if at all) do these relationships increase Nike's sales and profits?
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