Question:
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 Marketing?
The report gives focus on the concept of marketing. Marketing means to promote the products and services offered by the consumers. In the report, the new marketing realities will be discussed. The main emphasis is also given on the marketing forces that affect the activities that are conducted by the organization.
In the recent scenario it is seen that the marketing play a different role to promote the products and services in the market. The three key forces are:
The change is seen in the organization that gives emphasis on the single country and also the activities are conducted in multiple countries. The change that is taken into consideration is worldwide and also the impact of globalization can be categorized into following parts:
Globalization related to production: Globalization is considered one of the methods that assist the smooth flow of the products and services of the organization. Thee trade barriers also enhanced that has given direct impact on the trade between the two countries. Production is also affected by globalization as it is seen that the activities that are required for production of the goods, can be impacted by the globalization factor (Pieterse, 2015).
Globalization related to market: With the help of globalization it is seen that the company can easily promote the products and services of the company. The preferences and taste is changing of the consumers by analyzing the recent scenario of the organization. The small companies can also reach to international market easily. The company should always give focus on the needs and wants of the consumers, so that the products that are introduced in the market can attain success. If the product that is introduced in the market is according to the taste, then it can be easy for the organization to survive for long term in the competitive environment (Sheth, and Sisodia, 2015).
By taking into consideration the latest technology it is seen that the company can promote the products in effective manner. Technology is one of the essential factors that help the company to enhance the marketing. The new marketing reality is technology that has given opportunity to the company to enhance the marketing pattern. Digitalization has also given assurance so that the production level and also the communication can be done smoothly. In the recent scenario to promote the product is not a difficult task but it can be done by taking into consideration the advancement in the transportation and shipping process. The buying decision making of the consumers is also affected by taking into consideration the latest technology.
Technology helps the consumers to purchase the item easily. Many consumers purchase products and services by giving orders through online process. To survive in the market the latest technology has brought a change that gives any benefits to the organization. With the latest technology the company can easily enhance the sale of the products and services. It saves time of both the consumer and the organization. The company can easily conduct the activities of the organization in effective manner. With the use of latest technology the activities are conducted easily without the wastage of time (McWilliams, 2014).
Social responsibility plays a great role to conduct the activities of the organization. To attract more customers towards the product it is seen that the company should take into consideration social responsibility. The positive impact is seen if the company gives focus on social responsibility. The image of the company increases in the mind of people if proper contribution is given by the company. Productivity and profitability of the organization enhances when company gives focus on the social responsibility. There are many companies that give focus on social responsibility like P&G, Dabur, Hindustan Unilever ltd.
Globalization
This factor gives direct impact on bringing change in future. The change in future can be seen in the products and services offered by the organization. For distribution of the product it is important that proper access should be there of the transport and shipping, so that the customer satisfaction level can be enhanced (Trainor et al., 2014). By taking into consideration international export and import of the product it is seen that the sale of the products and services is enhanced. Globalization gives a large platform to the company, so that the products and services can be easily promoted in the market. The products and services of the company are promoted by giving emphasis on the needs and wants of the consumers. If the product is introduce without taking into consideration the needs and wants then it can be evaluated that company can face difficulty to survive in the competitive environment (Hirst et al., 2015).
Technology
Latest technology helps the company to promote its product in effective manner. By taking into consideration the latest technology like laptop and mobile phones, the company can easily promote its products by sitting anywhere in the world. To connect with the consumer is the difficult task for the company. Technology helps the organization to communicate in effective manner. The brands take into consideration or market the product by taking into consideration marketing campaigns like social media and display advertising. Marketing is important to introduce the products and services in the market. By considering the future of the company it is seen that the globalization can enhance the products and services globally (Aslam et al., 2015).
Social responsibility
Social responsibility brings change in the future. By giving emphasis on the social responsibility, it is seen that the organization can easily increase the profitability and growth. To introduce the product and service in the market it is important that the company should consider the taste and preferences of the consumers (Korschun et al.,2014). The positive outcome can be attained if the company promotes the product by giving focus on the social responsibility of the company. Marketing is very important to enhance the sale of the products and services. If the company promote the product by presenting the product with some social responsibility then it can be possible that consumer get attracted towards the products and services offered by the company (Crane and Matten, 2016).
Marketing is done by the company so that the consumers get the knowledge about the new product introduced in the market. There are many forces that give impact on marketing:
Competition level
The increase in the level of competition gives direct impact on marketing. If the competition level is high, then the company has to take proper marketing and also huge cost is incurred for promoting the product in the market. To survive in the competitive environment it is seen that company should take into consideration proper marketing tools so that the profitability can be attained (Kawsar and Raj, 2017). To survive in the market the company has to give discounts and offers to the customers, so that they can get attracted towards the company. The activities of the company are controlled and regulated by taking into consideration proper marketing techniques. If the adopts effective marketing tools then growth and success can be attained in proper manner. Competition is the major factor that gives effect on the working pattern of the company (Chaffey and Ellis-Chadwick, 2016).
Socio cultural factors
The changes in the social cultural environment also affect marketing if the marketers are not prepared to promote the product in the market. The social cultural environment is the connection between the cultures that directly means the connection between marketing. The factors like cultural diversity and consumer activism can affect marketing (Choudhury and Harrigan, 2014).
Economic factor
By taking into consideration the position of the current economy can also give effect on marketing. The marketing can be affected by recession, depression and recovery. The consumers spend more at the propensity stage as compared to the depression stage. The marketing campaign take into consideration the current economic cycle to be implemented successfully. If the economic cycle is considered then it can be easy to attain success and profitability (Hollensen, 2015).
Conclusion
By analyzing the report it is concluded that in this report new marketing realities are discussed. Also the factors that give effect on marketing are also discussed like competition, economic factor and socio cultural factor. To survive in the market it is important for the organization to take into consideration effective marketing strategies, so that the company can accomplish the goals and objectives. There are various forces also that will help the organization to survive in the competitive environment. Latest technology can help the organization to promote the products and services in a vast number of audiences and in less time. Marketing help the organization to compete with the competitors in effective manner.
The promotion done by the organization should be good enough so that the customer can be attracted towards the company. If the company do not consider the marketing techniques or strategies then it can be difficult to survive in the market. So, every organization small or large should give focus on marketing the products so that the consumer can get knowledge about the products introduced in the market.
References
Aslam, T., Hamid, K. and Arshad, M.S., 2015. The effects of interactive marketing, customer satisfaction and flashes on customer loyalty. EuroEconomica, 34(1).
Chaffey, D. and Ellis-Chadwick, F., 2016. Digital marketing. Pearson. Chaffey, D. and Ellis-Chadwick, F., 2016. Digital marketing. Pearson.
Choudhury, M.M. and Harrigan, P., 2014. CRM to social CRM: the integration of new technologies into customer relationship management. Journal of Strategic Marketing, 22(2), pp.149-176.
Crane, A. and Matten, D., 2016. Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.
Hirst, P., Thompson, G. and Bromley, S., 2015. Globalization in question. John Wiley & Sons.
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Kawsar, M.D. and Raj, R., 2017. Customer Relationship Marketing Tool for Growth of Religious Tourism Business: An Islamic perspective.
Korschun, D., Bhattacharya, C.B. and Swain, S.D., 2014. Corporate social responsibility, customer orientation, and the job performance of frontline employees. Journal of Marketing, 78(3), pp.20-37.
McWilliams, A., 2014. Economics of Corporate Social Responsibility. Edward Elgar Publishing.
Pieterse, J.N., 2015. Globalization and culture: Global mélange. Rowman & Littlefield.
Sheth, J.N. and Sisodia, R.S., 2015. Does marketing need reform?: Fresh perspectives on the future. Routledge.
Trainor, K.J., Andzulis, J.M., Rapp, A. and Agnihotri, R., 2014. Social media technology usage and customer relationship performance: A capabilities-based examination of social CRM. Journal of Business Research, 67(6), pp.1201-1208.
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