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The Elements of Value
The article by Almquist et al. (2016) considers the value parameter as one of the main factors shaping consumer preferences and market demand. Particular attention is paid to individual drivers influencing relevant interests since, as the authors argue, from a psychological perspective, many distinctive incentives exist (Almquist et al., 2016). By identifying adequate motives that encourage consumers to value certain products above others, marketers can build suitable value propositions, thereby successfully addressing client needs and capitalizing on profits. As one of the key frameworks for interpreting value drivers, Almquist et al. (2016) mention the well-known Maslow’s pyramid that reflects the hierarchy of needs. Spais et al. (2019) remark that Maslow’s theory is well applicable to marketing analysis and is often used to identify purchasing intentions. Appropriate patterns of value help build several strategic decisions, and following flexible control methods contributes to applying the necessary approaches to stimulate demand. Almquist et al. (2016) describe other elements from which value is formed, such as pricing, segmentation, and other components. All these procedures allow for evaluating the possibilities of promoting goods and services and providing the target market with demanded offers.
The CEO of Levi Strauss on Leading an Iconic Brand Back to Growth
The basis of the article in question by Bergh (2018), who is the CEO of the world-famous Levi Strauss brand, is the author’s report on his journey of renovating the brand. In this work, the businessman describes how he followed the path of transformation and sought to restructure the work of the company by focusing on marketing solutions designed to revive the interest of target consumers in the brand’s products (Bergh, 2018). Particular attention is paid to specific steps designed to assess the views of potential buyers on the value of the company’s goods, as well as interest in changes. As a unique experience, Bergh (2018) mentions retail operations, which are uncommon for all businesses without exception but fit well with Levi Strauss’ product promotion strategy. Real financial indicators, namely income growth, prove the effectiveness of the steps taken to analyze the market and reform approaches to marketing.
Attention to the interests of the target market is the core of the article. According to Doyran (2020), who also evaluates the growth of Levi Strauss, business revitalization must be accompanied by marketing strategies whereby the brand creates a specific image for the target market with which it should be associated. Using effective forms of interaction with consumers, Bergh (2018) has formed a sustainable program of communication with customers, thereby increasing brand loyalty. As a result, the firm has managed to expand the range of the target audience and attract the attention of not only classic denim lovers but also the young public, which is a significant achievement.
The Marketing Mix Revisited: Towards the 21st Century Marketing
The article by Constantinides (2006) examines the features of such a structure as the marketing mix and evaluates its advantages and disadvantages about the realities of the market at the beginning of the 21st century. According to the researcher, this framework is one of the most requested among marketing practitioners due to the breadth of the analysis tools involved (Constantinides, 2006). The strengths of this concept are listed based on the views of the different opinions involved in the article. Constantinides (2006) mentions the ease of decision-making, the efficiency of management, the ability to evaluate different products and services, and other advantages of such a framework. At the same time, along with positive reviews, some critical opinions are presented.
Since the article in question was published at the beginning of the 21st century, some of the theses have been transformed by now, although, even at that time, doubts about the individual manifestations of the marketing mix arose. Constantinides (2006) draws attention to the weak personalization possibilities that this concept provides. This statement is reflected in modern research; for instance, according to Chandra et al. (2022), personalized marketing is one of the most effective promotion strategies due to the increased media role and the emergence of numerous sales platforms. Thus, despite the merits of the marketing mix, this practical framework has some limitations in its application.
Summary of Articles
The reviewed articles raise topical issues related to promotion and marketing tools used in the business sector. Of all the works, from a reader’s perspective, Bergh’s (2018) article is written most interestingly and memorably due to its vivid language and real-life descriptions. As Keller and Alsdorf (2012) state, in their purchasing intentions, consumers tend to form individual identity images in the products they buy. By following this pattern, Bergh (2018) has managed to revive the Levi Strauss brand. The least interesting is the work by Constantinides (2006), perhaps because it is outdated and offers ideas that do not seem relevant to modern realities. The field of marketing requires flexibility and personalization, which is what all the articles state. Kirca et al. (2020) highlight the need to build brand sustainability through innovative communication ideas to reach target markets successfully. Therefore, the thesis about the value of personalization in marketing is valid and relevant.
References
Almquist, E., Senior, J., & Bloch, N. (2016). The elements of value. Harvard Business Review, 94(9), 47-53.
Bergh, C. (2018). The CEO of Levi Strauss on leading an iconic brand back to growth. Harvard Business Review, 96(4), 33-39.
Chandra, S., Verma, S., Lim, W. M., Kumar, S., & Donthu, N. (2022). Personalization in personalized marketing: Trends and ways forward. Psychology & Marketing, 39(8), 1529-1562. Web.
Constantinides, E. (2006). The marketing mix revisited: Towards the 21st century marketing. Journal of Marketing Management, 22(3-4), 407-438. Web.
Doyran, M. A. (2020). Cost leadership, differentiation or focus: A study of corporate financial strategy at Levi Strauss. Rutgers Business Review, 5(3), 272-293.
Keller, T. & Alsdorf, K. (2012). Every good endeavor: Connecting your work to God’s work. Penguin Random House.
Kirca, A. H., Randhawa, P., Talay, M. B., & Akdeniz, M. B. (2020). The interactive effects of product and brand portfolio strategies on brand performance: Longitudinal evidence from the US automotive industry. International Journal of Research in Marketing, 37(2), 421-439. Web.
Spais, G., Beheshti, H., & Rana, S. (2019). Special issue on customer needs and demand management in the global marketplace: Emerging management and marketing practices. FIIB Business Review, 8(4), 257-258. Web.
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