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There are two topics and students need to discuss both topics

  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 marketing?

  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?

The Three Key Forces Driving New Market Realities

The three key forces driving new market realities are technology, globalization and heightened competition.

In the last two decades there have been great achievements in the field of information technology and it has changed the way in which the business has been conducted. The most striking points about information technology is the concept of innovation. It is basically a network of devices which are connected with each other and help in processing data into meaningful and useful information. Information technology is extremely useful in providing marketing services including website development and maintenance, advertising and communication campaign planning, development and execution. It also facilitates the identity package development. Information technology accounts for the birth of fast and effective marketing. The role of information technology in marketing is defined by the customer relationship management, internet marketing and digital marketing (Roth and Dressler 2012).

Globalization has generated a number of benefits for marketing activities in organizations. The most important benefits generated by a globalization strategy is the possibility of generating important economics of scale by standardization of operational marketing and in specific packaging and communication. The speed to market is also important as the globalised firms centrally plan and organize new product introductions worldwide within a time period which is less than one year. There is also the possibility of market expansion that might lead to a significant decrease in the sales volume (Fill and Turnbull 2016). There is also an advantage for creation of a unique worldwide brand name and brand identity for the companies which have a global presence. Globalization also influences the product strategy, price strategy and promotional strategy.

Increased level of competition is one of the major reasons for the introduction of new tactics and new marketing realities. Competition has a positive impact not only on the well being of the consumers but also on the economy of a country. Competition influences an increase in the productivity and the international competitiveness of the business sector and promotes the dynamic markets and also the economic growth. Competition is the rivalry between those companies which have or sell similar products. This competition puts the requisite pressure on the companies to create products which can score over all other products available in the market (Sheth and Sisodia 2015).

Information technology plays a role in the purpose driven marketing and also a role in its authenticity. It is likely that information technology can shape the way in which the future of marketing will turn out to be. Technology is also likely to change the way in which the characteristics of good advertising are perceived. By enabling the unparalleled access to information, there has been a change in the customer expectations due to technology (Wilson and Gilligan 2012). The existing power which the marketing departments typically had in terms of being able to manage customer expectations will disappear. The concept of the existence of technology will actually be a potent tool in the hands of the powerless and there are bound to be uses which have been found in surprising ways and hence in this respect it can be said that the rich-poor gap or the divide which has been a topic of concern in the present world, will be bridged in ways which are incomparable (Bell and Figueiredo 2012).

How the Forces Are Likely to Change

The most noteworthy factor in terms of the future impact of information technology is in its ability to bring about more transparency and accountability in the society. The companies or those organisations which promise certain things to the public need to have a certain amount of transparency as the public are more likely to understand the true standards due to the immense power of connectivity of the technology. Technology is also capable of strengthening the institution of family and also assists in the survival of modernity and individualism by creating newer and richer touch points. There is also a trust factor which can be instituted by the use of technology (Hollensen 2015).

Globalization is also likely to change the trade barriers and there are changes which are likely in the ethnic, cultural and religious composition of the countries. The competition all around the world is likely to impact the way in which companies conduct business in the world. Globalisation and the increasing competition are determinant of the emerging market realities in the present world (Sheth and Sisodia 2015).

Different factors are likely to affect marketing, including the economics of the business, the prevalent social or cultural beliefs, the technological aspects, the significant segments of the consumers and businesses and so on. These factors are interrelated to the businesses and have the potential to impact crucial aspects of the business (Armstrong et al. 2015).

The trends which are likely to affect the market realities are several in number. There is bound to be increasing complexity in the purchasing decisions as the consumers use different types of media for their decisions. Personalization in the product design and the communications will be much more prevalent which is a trend that affects marketing. Mobile communications are becoming the centre of marketing and therefore the companies that communicate with consumers more and more via their mobile devices have higher chances introduction of improved market realities. The transparency is also bound to dictate brand-customer relationships. The brands or the companies which are much more transparent are bound to be more popular among the customers. There are much more accurate metrics which are bound to emerge. The marketing organisation will increasingly move from digital to integrated teams. All these trends are likely to affect the marketing realities (Fosdick 2012).

The brands and products which effectively target my age group that is the age group of the youth are many in number. These are Nike, Apple, Adidas, Samsung, Microsoft, Coca-cola, Pepsi, Amazon, Mc Donald’s among others.

These brands have effectively targeted the youth. The advertisements and the sensibilities of these brands have been able to establish a connect with the youth. Due to this the youth have successfully accepted the brands and they have become successful. The support of the youth has made the brands successful and they have become famous globally. The fitness brands and the gear of the companies like Nike and Adidas have successfully established connect with the youth. It has also been seen that the companies like Samsung have become famous in a very short span of time due to the services they have on offer. The brands like coca-cola and Pepsi are popular as well as competitors and the brands like Amazon are global super giants. All in all the relatable nature of the brands have made them global superiority.

There are certain brands like Good Humor, Hewlett- Packard, Hyatt, the Ruth’s Chris Steak House, Maxwell House and even Pizza hut which were favourites of the retirees. It was basically assumed that these brands were not really targeted for the youth of the society. However, keeping the present scenario in mind where the millennials comprise almost half of the population, these brands are getting a major makeover in order to appeal to them.  

In order to become more appealing to the millennial generation, the brands should clearly articulate their vision and also their interest to elicit a positive response to the brand or message. It is a characteristic of the millennial generation to be a part of something that is larger than themselves. The marketing strategy should be clearly mentioned in the social networking websites, in order to target the millennial audience before there is any sort of crowd in the platform or the network. It is desirable that the businesses remain on the top of new platforms by tech or media blogs in order to be always on the minds of the youth. The advertisements of the brands should have great content. The brands and products should also focus on giving value for money. The brands should be easy to follow and they should focus on personalised efforts as well as giving back to the customers.

There should also be a certain amount of honesty in content and also in case of community. There should also be a certain amount of convenience in use of a particular product or service. There should also be a conscious effort on the part of the brands to involve their customers and the youth. This is because the youth want to get involved in the conversation concerning the products or whatever they aim to do. The uniqueness and individuality of millennial generation is responsible for them valuing them.

References:

Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.

Bell, M. and Figueiredo, P.N., 2012. Building innovative capabilities in latecomer emerging market firms: some key issues. Innovative firms in emerging market countries. New York and London. 1ed. Oxford: Oxford University Press, 1, pp.24-109.

Fill, C. and Turnbull, S.L., 2016. Marketing communications: brands, experiences and participation.

Fosdick, M.A.G.G.I.E., 2012. The globalization of social media: Consumer relationships with brands evolve in the digital space. Strategic Direction, 28(6).

Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.

Roth, R.J. and Dressler, W., 2012. Market-oriented conservation governance: the particularities of place. Geoforum, 43(3), pp.363-366.

Sheth, J.N. and Sisodia, R.S., 2015. Does marketing need reform?: Fresh perspectives on the future. Routledge.

Wiedmann, K.P. and Hennigs, N. eds., 2012. Luxury marketing: a challenge for theory and practice. Springer Science & Business Media.

Wilson, R.M. and Gilligan, C., 2012. Strategic marketing management. Routledge.

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[Accessed 16 July 2024].

My Assignment Help. 'Key Forces Driving New Market Realities And Brands Effectively Targeting The Youth, Essay.' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/hi5004-marketing-management/key-forces-driving-new-market.html> accessed 16 July 2024.

My Assignment Help. Key Forces Driving New Market Realities And Brands Effectively Targeting The Youth, Essay. [Internet]. My Assignment Help. 2021 [cited 16 July 2024]. Available from: https://myassignmenthelp.com/free-samples/hi5004-marketing-management/key-forces-driving-new-market.html.

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