Questions:
1.Consider the three key forces driving the New Marketing realities. How are they likely to change in the future? What other major trends or forces might affect?
2.What brands and products do you feel successfully speak to you and effectively target your age group? Why? Which ones do not? What could they do better?
Marketing management refers to the assessment, planning, execution and control of programs which is created to bring about the desired changes with target markets for the purpose of accomplishing company goals (Hollensen, 2015). This report explains the major three forces driving the new marketing realities. The report also analyzes how these forces are likely to change in the future and discuss the major trends or forces which may influence the marketing. The study describes the effectiveness of Starbucks which successfully expand its business activities globally among the customers. The study also shows the marketing strategies of Apple iPod which might be not much effective among customers and the tactics which company can adopt in order to enhance its products and services.
According to tp Swinburn et al. (2011), the main key forces driving the new marketing realities are explained as follows:
Network information technology: According to Christensen (2013), the digital revolution has influence an Information age that ensure to prompt to more right levels of creation, more centered around interchanges and more relevant pricing. Technology will enable problematic business plan of action to decentralize the economies as the individual move from value systems based on ownership to ones empowering access. Digital innovation turns out to be continuously more significant as it is connected to ever increasing elements of life, business, and society (Axelsson and Easton, 2016). Business in the present time is inconceivable without the internet and the endless programming tools that individual use to handle the modern enterprise. There are large number of people which are social media platforms such as Facebook, Twitter, and LinkedIn to communicate with one another, which comprises a trend with the enormous pattern.
Retail Transformation: Store-based retailers confront rivalry from list houses, direct mail organization, magazine, and Television coordinate to-customer promotions, home shopping, TV and internet business (Arthur, 2013). Entrepreneurial retailers are building up amusement in their stores with cafés, shows, and presentations, advancing an affair instead of a product variety.
Consumer purchasing behavior: According to De Mooij (2010), in part, because of disintermediation through the web, customers have extensively enhancing their purchasing power. From the workplace, work environment, or phones, they can compare the item cost and qualities and order stock online from wherever on the world, 24 hours for every day, 7 days seven days, by passing confined local offerings and perceiving particular esteem venture reserves. Surely, even business can run a switch auction in which sellers contend to get their business (Hjelmar, 2011). They can promptly mix with others to total their purchases and achieve facilitate volume rebates. Organizations can no longer to afford to drive blind. Rather, brands need to depend on complex technologies to personally involve with today’s customers. The customer analysis, social knowledge, and machine interpretation tools are all critical elements created to assist brands in the delivering of the encounters that customers actually require, through messages that reverberate over the right languages, markets, and touch points.
Major trends or forces which affect marketing
According to Lee et al. (2012), the major forces which may be affecting the marketing are as follows:
Governments: According to Wang et al. (2012), governments hold huge impact over the free markets. Financial and money related strategy essentially impacts the budgetary market. By developing and reducing the financing costs, the organization and Federal Reserve can practically move back or instigate to accelerate improvement inside the nation. The fiscal policy can be used to enable employment and to settle costs. By changing the interest rates and the quantity of dollars accessible on the public funds, governments can change how much speculation streams into and out of the country.
International transactions: The stream of assets between countries impacts the strength of a nation’s and its cash. Nations that commonly trade the physical items or services are continually bringing cash into their countries. This cash would then have the ability to reinvest and can strengthen the budgetary markets inside those nations.
Speculation: Speculation is the vital section of the budgetary system. Where customers, speculators, and government officials trust the economy will go in future on impacts how solitary act today (Jylha and Suominen, 2011). Sentiment markers are conventionally used to preface how specific social events are feeling about the present economy. Examination of these indicators, and furthermore extraordinary structures and concentrated evaluation, can make a inclination or need for future expenses and patterns.
Demand and Supply: Demand and supply for products, monetary standards, and other investment make a push-pull dynamic in costs. Costs and rates change with the adjustments in demand and supply for the items or services. On the other hand, if something is in necessity and supply begins to limit, expenses will increase. If supply increases past current prerequisites, there is a diminishment in cost. Similarly, if supply is generally relentless, expenses can shift higher and lower as demand rises or declines.
Apple iPod: The brand which successfully expands its business activities is Apple iPod. Apple iPod is represented as a fashion accessory with the capability to customize in terms of color and the music the customers put on it. According to Koen et al. (2011), it appeals to youngster’s sense of innovation, and is highly convenient and suited to quick-paced lifestyles. The brand could create the iPod a bit use more east to use, just as Microsoft has folders on Window, the iPod has an excessive number of sub-levels and is difficult to find a tune now and again. As far, the marketing of this product is also better, rather than targeting just the millennial generation, Gen-Xer’s require to be focused also which may be influencing the iPod to look a bit more professional.
Starbucks: According to Chua and Banerjee (2013), Starbucks placed in areas where students are likely to visit, such as universities, town centers, cafes organized and enhance social interaction, varieties of coffee and different refreshments gives customer decision and helps create youth individuality in a choice of drink. The worldwide development of Starbucks has been fast and strategic. The organization’s brand strategy has kept pace with time and has progressed to abuse new and creating customer engagement stages. The main features which successfully explore its products and services among the customers are explained as follows:
Innovative concepts: The organization operates a site known as mystarbucksidea.com, where customers can leave considerations for the organization in order to enhance its products and customer encounter, enhance inclusion with the general public and increment social obligation. This is compared to the rising strategy of crowd sourcing in the field of development.
Web-presence: The brand has a sizable online internet social networking and computerized presence, which has seen restored focus in the current years. This has been driven the need to better include with customers and furthermore be seen on stages where the objective or future customers spend time in the web. The organization has strong believed in making and building up the brand through verbal channels and by being visible in a customer’s life. This brand setting up standard is obviously reflected in the organization’s bran promotion and correspondence strategies.
The growth chart of Starbucks
Starbucks can do better in the future by focusing on their marketing strategies by adopting the following methods:
On the other hand, the Apple iPod is not yet successfully address and effectively target the market. Because of the high prices of the products, mostly the target customers of this brand are high class peoples and youngsters. The brand is making great effort to promote its products and services globally among the customers. Generally, the demand for this product is not much needed by the customers which can dropped down the profits of company. In order to expand this product, the brand should create their market strategies, by focusing on the pricing factors so that customer will afford and purchase the product.
Conclusion
From this report, it has been concluded that there are many major forces or drivers which could affect the new market realities and marketer should keep in mind these forces in order to survive presently and in the future. This report explains the three key forces driving the new marketing realities which should be considered to be successful in the future and the likely effects of these forces on the marketing activities. The study also explains the major trends which may affect marketing and enable the organization to focus on these forces towards accomplishing the business objective. The report shows the features of Starbucks and Apple iPod which make them effective and successful in delivering their products and services to the customers.
References
Arthur, L., 2013. Big data marketing engage your customers more effectively and drive value. John Wiley & Sons.
Axelsson, B. and Easton, G. eds., 2016. Industrial networks: a new view of reality. Routledge.
Christensen, C., 2013. The innovator’s dilemma: when new technologies cause great firms to fail. Harvard Business Review Press.
Chua, A.Y. and Banerjee, S., 2013. Customer knowledge management via social media: the case of Starbucks. Journal of Knowledge Management, 17(2), pp.237-249.
De Mooij, M., 2010. Consumer behavior and culture: Consequences for global marketing and advertising. Sage.
Hjelmar, U., 2011. Consumers’ purchase of organic food products. A matter of convenience and reflexive practices. Appetite, 56(2), pp.336-344.
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Jylhä, P. and Suominen, M., 2011. Speculative capital and currency carry trades. Journal of Financial Economics, 99(1), pp.60-75.
Koen, P.A., Bertels, H.M. and Elsum, I.R., 2011. The three faces of business model innovation: Challenges for established firms. Research-Technology Management, 54(3), pp.52-59.
Lee, S.M., Olson, D.L. and Trimi, S., 2012. Co-innovation: convergenomics, collaboration, and co-creation for organizational values. Management Decision, 50(5), pp.817-831.
Swinburn, B.A., Sacks, G., Hall, K.D., McPherson, K., Finegood, D.T., Moodie, M.L. and Gortmaker, S.L., 2011. The global obesity pandemic: shaped by global drivers and local environments. The Lancet, 378(9793), pp.804-814.
Wang, C., Hong, J., Kafouros, M. and Wright, M., 2012. Exploring the role of government involvement in outward FDI from emerging economies. Journal of International Business Studies, 43(7), pp.655-676.
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