Marketing has become an essential business component in the current business scenario. Due to changing needs and demands of the customers, it has become necessary for the organizations to adopt an effective marketing strategy for sustaining in the market (Shankar et al. 2016). By driving the sales process in the company, marketing helps to understand the business environment in the workplace. Marketing plays an important role for increasing the values of thee stakeholders in the workplace
Due to emerging challenges in the market, customer satisfaction has become necessary for sustaining in the competitive business environment. Sometimes, due to lack of understanding of the marketing initiatives, the dissatisfaction among the customers has been increased (Leeflang et al. 2014). After introduction of effective e-marketing strategies in the market, not only the positive image but also negative impression regarding the brand has been increased among the customers. Some of the cases, due to lack of understanding of the customer demand, the marketing initiatives are impacting negatively on the customers mind. Some of the cases, marketing is affecting emotional values of the customers, which is making its acceptance more complicated.
As stated by Choi and Cai (2018), the term marketing indicates one kind of business action that helps to sell and promote the services and products of an organization. In another word, it can be said that marketing is about communicating, creating and delivering the effective values to the customers. Marketing is the process in which the company gets the chance to develop standard relationship with the customers. Hence, it can be said that marketing is one of the primer component in business management. By driving the sales process in the company, marketing helps to understand the business environment in the workplace. In the words of Mascarenhas, Higby and Gale (2015), marketing plays an important role for increasing the values of thee stakeholders in the workplace. By developing the strong relationship between the stakeholders and employers, the marketing strategy of the organization helps to gain competitive advantage. By bringing a new product in the market, the first impression of the product on customers’ mind gets developed depending on the marketing initiatives adopted by the marketers (Bamford et al. 2018). Marketing is the process that can help to satisfy the objectives of organizations. By satisfying the needs of potential customers, marketing helps to increase the sale revenue in the organization (Leung, Bai and Stahura 2015). By following thee channel of marketing, it becomes easier for the marketers to make money and reach at the goal. Marketing is important for developing a song brand image in the market. In order to drive the decision making process of thee customers, it is very effective.
There are various benefits of marketing for driving the business growth. As stated by Sousa, Krot and Rodrigues (2018), in order to transfer as well as maintaining the movement and exchange of goods in the workplace, marketing is required. Through the effective marketing process, services and goods are being available to the customers. By developing effective relationship between the customers and manufacturers, the needs and demands if the customers are being analyzed. By adding designs to the products of the company, marketing helps to develop a clear image on customers’ mind. Marketing is also beneficial in terms of maintaining as well as raising and maintaining the living standard of community. By arguing this Mascarenhas, Higby and Gale (2015) stated that marketing helps to maintain the uninterrupted supply chain and provide the products to the customers in reasonable price. After introduction of latest marketing techniques, different income level of people are being able to able the services in reasonable prices. It cannot be denied that after the introduction of different marketing techniques in the market, the rate of employment has got flourished (Grimpe, Chatterjee and Bhargava 2014). After the introduction of various marketing tactics in the market, the importance of marketing related functions such as financing, standardization, transport and warehousing have been increased. In that case, the recruitment and selection of large numbers of employees have been increased. Due to increasing employment opportunities marketing has become the major contributor in increasing employment rate. Depending on the performance of marketing functions, the income revenue of the company is being generated. By introducing effective marketing strategy, it becomes easier for the organization to develop strong image on customers mind. On the other hand, by arguing this Cooper, Ezzamel and Qu (2017) stated that marketing is being considered as the activity for obtaining the profitability through business action. In order to drive basic market decisions, marketing plays an effective role for driving the decision making process. New ideas are being developed through marketing initiatives in the market. By following the changing needs of the customers, the marketing initiatives helps to bring innovation in the industry.
Ansoff matrix is being considered as an important strategic planning tool used by the business management. It helps to provide a clear framework of marketing to managers, which is applicable in case of both the new and existing market.
Figure: Ansoff matrix
(Source: Yin 2016)
In the above diagram, Ansoff matrix has been described. The box has been divided into four section. In the above diagram it is mentioned in case of entering in the new market with existing product, the market development strategy needs to be followed by the management. Differentiation strategy is being followed when the company develops a new product in the new market. In this case, different customer segment is being selected. Although economic risk in this case increased, but, by successfully implementation of the strategy, business outputs can be increased in the economic scale (Bamford et al. 2018). Market penetration strategy is being followed in case of developing an existing product in the existing market. In most of the cases, product prices are being decreased. On the other hand, merge and acquisition is being followed in this stage. Existing products are being introduced in the modified manner. Product development is another important element in the Ansoff matrix. In case of developing a new product in existing market, the product development strategy is being followed. In this case, research is being done before investing on the product. Here the company provides the product details in the market through different marketing tools.
The balanced Scorecard is being considered as an effective process for achieving the goals and objectives of the organization. Mostly the balance scorecard is being used for controlling thee business actions (Gibbons and Kaplan 2015). It helps to determine the performance management initiatives in the workplace. Analyzing the critical characteristics of balance scoreboard, it has been identified that it helps to focus on examining the strategic agenda of the company (Dawes 2018). Through this process both the financial and non-financial business information are being maintained. Analyzing the function of balance scorecard, it can be said that it helps to manage the business data and increase the ability for making a corrective intervention process in the workplace. In most of the large firms, the balance scorecard strategy is being followed for maintaining the effective business practices.
Consumer decision making process is being considered as the complex process in e- marketing. In this process, different stages of purchase activities are being analyzed. It cannot be denied that due to increasing economic and social opportunities, needs and demands of the customers have been changed. Due to various needs of the customers, decisions of the customers gets changed. Depending on the purchasing behavior of the customers, the consumer decision making process has been classified into 5 stages.
Problem recognition is being considered as the first stage in which individuals can identify the difference between the desire state of affairs and actual state of affairs. In this case both thee physical and psychological needs are being involved (Choi and Cai 2018). Depending on the emotional feelings of the customers, the problem recognition process is being done. In other words, problem recognition is thee process in which the human needs and demands can be easily satisfied.
After recognizing the needs, product relayed information are being searched by the customers. By contributing in the search process, knowledge regarding the products or services can be increased. The information search process can be classified into two parts, such as External and internal search. In case of internal search, the products are being compared by the customers depending on their previous experiences (Cooper, Ezzamel and Qu 2017). In case of external search, the information are being gathered by taking the advice from others. In this case, friends and family members play an influential role.
After collecting the information regarding the particular product or services, people compare the information in order to make the right choice. In this case, product price, quality and quantity are being observed. Depending on the needs and wants of the consumers, the decision making process is being done (Karimi, Papamichail and Holland 2015). It cannot be denied that the comparison process is quite hard as it is being done depending on the information collected by the customers (Wang et al. 2014).
After the completion of evaluation and search process, the final stage of purchasing is being introduced. In this stage, the consumers make the final decision depending on the information collected by the person. The purchasing decision may vary depending on the process of purchasing (Wang et al. 2014). The purchase process can delay if the customer decide the purchase the product through online. On the other hand, by visiting the stores, the products can be purchased.
This stage is being considered as an important stage in consumer decision making process. In case of small organizations, this stage is being ignored after the completion of the final transaction process (Tiburski et al. 2015). This process is being observed for gaining the long term benefits. In the post purchase evaluation stage, the feedbacks are being collected from the customers for understanding if they are satisfied with the service or not.
Not only for the customer benefits, but also service standard is needed to be developed for bringing the organizational growth. In order to gaining the customer loyalty, it is very important for the organizations to provide standard quality of services to the customers. By developing effective service standard in the workplace, efficiency of the employees can be properly maintained. The service standard can be defined depending on three categories such as timeless, accuracy and appropriateness. Maintaining thee transparency between the organization and customers is very important for improving the service standard. By providing the accurate information regarding the company, service standard can be improved. It is very important for the organizations to provide its services within time, so that efficiency of the employees can be easily noticed (Cooper, Ezzamel and Qu 2017). It is true that in order to increase efficiency of the employees, it is very important for implementing Just in time technique in the workplace. On the other hand, in order to increase the appropriateness in the workplace, it is very important for the companies to ensure the customer expectation in the right manner. It is very important for the organizations to improve the service standard for gabbing large numbers of customer attention. It cannot be denied that depending on the analysis, it has been identified that service standard is needs to be maintained positively for bringing the financial opportunities.
In order to introduce an effective service standard in the workplace, employees play an effective role (Cooper, Ezzamel and Qu 2017). By developing proper interaction between the customers and employees, it becomes easier to understand the needs and demands of the customers. Depending on the dedication of the employees towards achieving the goals and objectives of the company, service standard can be achieved. Depending on the expectation of the customers, the effort is being done by the organization (Akkermans and Van Oorschot 2018). Competitive information is another important element in case of improving the service standard. By monitoring the competitive information, it becomes easier for the organization to introduce effective service standard. In order to generate the excellent service standard, it is important to analyze the existing potential customers in the workplace. Regulatory authority plays an important role for setting the service standard of the company. If the regulatory authority can be able to develop strong policies, it can help to improve the service standard in the workplace.
Conclusion
In this research, it can be concluded that e-marketing is being considered as the effective element in the business process. Depending on the e-marketing tactics, the quality integrated decision making process in the workplace can get influenced. It is very important for the researcher to develop an effective business communication process, so that proper interaction between the employers and customers can be maintained. In the literature review, it has been identified that different marketing strategies impact on the customer decision making process in different manner. In the Ansoff matrix it is clearly mentioned that situation analysis is necessary for entering in the both new and existing market. Depending on the situational analysis, rate of productivity as well as business challenges can be driven. Marketing plays an effective role for developing relationship in the workplace by bringing the integrated quality management system. Analyzing the balanced scorecard method, it can be said that it is beneficial for monitoring the strategic agenda of the organizations. By continuing this it can be said that improving the controlling and monitoring process in the workplace, it balanced scorecard is important. At the end of the study it can be concluded that with increasing opportunities in the industry, rapid changes in marketing trend has bought various opportunities in the market. E-marketing has brought improvement in the rate of employment in the country. After the introduction of various fields of marketing economic as well as the social opportunities have been increased.
Reference
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