The world is based on fully-fledged economy that helps in thriving on different markets that is based on the different consumer tastes and preferences. The assignment is motivated in order to answer the question that is relating to the different factors that has to be considered while analyzing the meaning of the marketing realities. In the next section, different concepts and theories has been identified in such a manner that helps in mapping different considerations in an effective manner.
A marketing reality is the changes and this governs the road of marketing with the hope of different endeavors. The different kind of businesses is leaving different provisions of change in order to evolve the different realities of marketing. The different electronic giants like EBay, Alibaba that have flexible structure of business to go with the continuous flow of ease of nation.
In the next section, it will discuss the different major forces that affect the realities of marketing to date and time. The new realities are losing sheen and it includes both online along with offline platforms. The different offline platforms are witnessing the different change in the business of the seller’s attitude towards analyzing the tastes of the customers with use of technology. The reality is the usage of technology by different businesses and in the next section; different sellers use the number of different technologies to reachability in the market (Kim et al. 2014).
Three Major Forces and effect of change in future
- Prediction of the behavior of consumers is essential factor previously, presently and it will be important in future as well. Before the era of the internet, there were no e-commerce and base of customers existed. In the present stage, this is the e-commerce stage wherein there is fully explored stage. The customers are treated in an effective manner and online retailers gain competitive advantage. The combined power of analytics, big data and technology serves a revolution in platforms of e-commerce (Baker and Saren 2016). However, it is difficult for the retailers to gain competitive advantage in the market for 91.6%.
- Budgets in marketing are essential factor and this takes huge chunk that is spent in the business. There has been different studies that has been demonstrated as the rule of budget rules in the marketing strategy of different businesses. It is governed by different factors that include size of business, changing technology and economic balance of nation. According to the research, average budget of global marketing is increasing and it changes from 1% to 15% with the help of different campaigns. Triggered campaigns are believed in order to cross more than 58% to total revenues of retailers. The spending of the budget is determined with different aspects from size of company and size of economy along with regulations and this will help in analyzing budget in an effective manner (Buckley 2016)
- Evergreen challenge of competition and technology will not fade the elements as major factor affecting the line of business. The competitive environment is boon for the pocket of customers and this is bane for the sellers (Lamberton and Stephen 2016). This kind of challenge of competition is huge in decision-making approach and this cannot be avoided in nature. This is recent quest to clinch title in war among businesses and the competition takes a toll on the marketplace that will limit and this will overlapping the campaigning the strategies of electronics along with different other sectors.
Other Potential Forces
There are different potential forces that affect the marketing realities:
- Channels of marketing: This is a business along with allocation of budget that has to be wise in selection of channels of marketing
- Information Technology: This is generic term, it has total power to topple sentiments of market
- Globalization: This helps in questing to clear different limitations that is territorial and this is motivation to different emerging businesses
- Deregulation: Ease of performing the business is essential that goes in hand with globalization
- Loyalty: The different loyalty programmes of brand is essential in retaining the customers and for major and small businesses
- Delivery: The delivery system is essential in nature as this will help in making the different things easier in nature (Woodside 2016)
- Convergence: When there are more than two industries join hands, it creates huge impact on existing future and realities
The ability of the brand to speak to a customer goes a long way in determining the success of a brand. A brand should possess the capability to communicate its value to its customers and persuade them to purchase the given product (Laroche, Habibi and Richard 2013). In the given section , certain examples of particular brands will be presented to illustrate the success stories of certain brands who were effective in communicating their importance to the target market group which can be described as the college crowd and student with age groups around 18-25.
Apple- Apple is an electronic and software company, which produces phones, tablets and laptops. It has various software’s such as iTunes also which are very successful amongst the users. The power point of the given brand is its sleek design and powerful capacity. When a user associates itself with the given brand, they consider themselves to be fashionable and technologically advanced (Romaniuk and Nenycz-Thiel 2013). It is often a craze amongst the youngsters to use these products, which matches with their status, and hence, the given brand is successful to speak to the young crowd.
Nike- With the recent popularity of fitness as an attraction factor, the brand offers the customers with a huge variety in their sportswear. The brand offers affordable and latest trend s in its offerings. With association of various globally popular sports stars, the brand has the ability to convince the consumer. The consumers would want to purchase the product because of the celebrity association and fashion factor.
Amazon- The online e-commerce website has become hugely popular for its affordable pricing and good quality products. Amazon offers a large variety of product to its consumers, which makes it a favorite among the users. The young crowd is specifically attracted to the consumer because of its ease of use. The application is available on all platforms, which helps the young crowd to shop at their convenience.
Pepsi- The brand offers drinks and snacks to the customers. The reason behind its popularity among the young college crowd is that, it is easily available and extremely affordable. The young crowd generally prefers to eat out and this provides it with a perfect option (Nysveen and Pedersen 2014). The brand itself tries to associate itself with the college crowd by using emoticons of various messaging applications, which people use. This makes it apt for the users.
However, there are certain brands that fail to associate it with the young crowd. The examples of such brands are given below:
Honda- Honda is a automobile brand, which produces automobiles like cars and bikes. The brand has failed to attract the millennial crowd because of its association with the high end and heavy products. The young crowd was unable to associate with the brand and this is the reason, they could not be successful in marketing their products to this crowd (He and Lai 2014). The young crowd has always been associated itself with products that are fashionable and trendy. Though Honda tried to attract the younger crowd, it failed in changing the design, which made the brand hugely unpopular.
Microsoft- Microsoft is the computer brand, which sells software as well as hardware. Through over the years Microsoft has been faced with a huge competition from brands like Apple, recently it has failed to communicate its message to the customers. The perception of the young crowd has also changed for the company. They no longer view the product as stylish or a fashionable one with which they can associate (Krystallis and Chrysochou 2014). Had the brand, adopted new ways to adapt to the satisfaction level of the consumers, they would not have failed in the mindset of the young minds.
Coca-Cola- Though coca cola has been an extremely popular brand since the past few decades, recently its popularity with the young crowd has dropped considerably. The young crowd has started to perceive the brand as someone who only offers junk food and drinks. The popularity of Coca-Cola has fallen tremendously in the past few years with other health drinks coming up. The college crowd generally prefers health to junk today and this has led to the failure of the brand to attract the young crowd.
Therefore, it can be stated that the brand positioning plays a key role in the mind of the consumer. The way a brand presents itself in the eyes of the consumer is extremely crucial in deciding its fate. The younger generation is extremely particular about their image and hence they prefer to associate themselves only with brands that will uplift their image in their social group.
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