Market forces driving new realities
One of the most important things in the marketing world is the marketing realities, making the marketers aware of the real marketing dynamics, which are full of challenges, compelling the marketers to undergo obstacles in order to achieve success. Herein lays the need for adopting new technologies such as Network Transformation Technology, Heightened Competition and Consumer Buying Power among others (Drucker 2012).
Success stories of different companies and organizations are evidence regarding the adoption of new platforms and technologies to upgrade the standard and quality of the business performance. Strategic vision towards the utilization of these technologies has enabled the marketers to achieve those goals. However, consistency needs to be maintained for gaining large-scale customer satisfaction (Jobber and Ellis-Chadwick 2012).
Network information technology
Network information technology is one of the major forces in the new marketing realities. The digital revolution has been one of the major things that is sending the age of marketing to a different new level (Schwalbe 2015). As a matter of specification, information technology has altered the business scenario in the workplaces of the companies and organizations. Along with this, the instances of cyber crimes have resulted in the loss of confidential data. Introduction of security policies for the clients and the customers can secure the privacy of the organizational data. Along with this, adoption of new and efficient communication systems would strengthen the bondage between the customers and the brands. This would result in the introduction of lucrative offers and schemes (Afonso and Sousa 2012). Market research and partnership with the trade union members would be beneficial in terms of overcoming the financial instabilities, acting as major obstacles in the enhancing the productivity. (Schwalbe 2015).
Another vital tool in this scenario is the heightened competition between the different organizations. The experienced and expert marketers chalk out some ways on how they can compete with the other marketers. The competition is so much high that the organizations have to change their pricing strategies very regularly (Wu 2012). This competitive environment has to be dealt with much proficiency and farsightedness. There are the threats of the new entrants all the way so the organizations have to assess the market condition and apply their strategies as per the requirements of the customers. The customer shift is a very regular thing. In order to prevent this, the marketers can opt to arrange some surveys on how they can improve their products and be more presentable to their loyal customers (Kumar and Reinartz 2012).
Consumer Buying Power
Another important part in this segment is the fact of customer buying power. It has to be understood on how the customers can buy a specific product of the company. Only on this basis, the organizations will likely make their pricing strategies (Kendall 2014). If the organizations do not understand the buying power of their target audience, they will simply lose them. It is because the customers will never negotiate if the prices of the products are very high. The supply and demand of the products will vary on the consumer buying power. If the consumer buying power is low, the students will have to price their products according to that (Kendall 2014).
The marketing realities can change very radically in the future. For coping up with these altering realities, the marketers need to conduct target segmentation. In this way only, the marketers can achieve high marketing growth. The use of technology has been becoming one of the major facts in the future of marketing. Perhaps, this will dominate the entire marketing scenario in the upcoming years. The marketers must have the ability to make some strong predictions about the future trends that will dominate the market (Sheth and Sisodia 2015). The following strategies, if adhered would help the marketers to tackle the radial alterations in the business activities:
Growth of emerging markets
The already established marketing brands are not safe altogether since those firms can face the challenge of new entrants as well. Several new firms are emerging within the same industries. This has become one of the major worries in terms of securing the place in the market (Cavusgil, Ghauri and Akcal 2012). There are spaces for improvement at every frequent period. If the firms do not improve themselves, they will fall behind and other emerging brands will surely overtake them.
Communication is one of the reliable forces that deepen the contact between the brands and the customers. If the communication level is not proper enough, there should be a gap. This gap will lead to miscommunication and loss of brand loyalty for the customers (Bovee, Thill and Raina 2016). The firms must establish some ways by which the firms and customers can communicate more rapidly and smoothly. This is why they should take the help of the digital technologies that will be carry their deep communication across all other markets. The customers will be able to know about the pricing and quality of several other brands. Then only they will select their most preferable brands (Bovee, Thill and Raina 2016).
A supreme powerful force in the marketing of the modern world is innovation. This has a very deep effect on the field of marketing (Morabito 2014). If the marketers run short of certain innovative ideas, they will not be able to compete with their rival competitors. The traditional products have to be improved and presented in a new way. This process will help the business markets to grow profoundly.
Corporate social responsibility
It is the responsibility of the marketers to look after the needs, demands and requirements of the society. Here, society refers to the customers as a whole. Emerging successful in this direction enhances the corporate image of the marketers. In order to compete with the external market forces, the marketers need to develop efficient and effective strategies. These strategies need to be evaluated in terms of assessing their effectiveness, appropriateness and feasibility in comparison to the identified and the specified objectives. Adopting the means of marketing mix expands the scope and arena of the brands. As a matter of specification, CSR reflects the approach of the marketers towards fulfilling the specific needs and demands of the customers. However, the assignment sheds light on customers’ perspective of the social responsibility in terms of satisfying their basic needs. Corporate functions revolve around the satisfaction of the customers. Herein lays the significance of the c’s as mentioned in the concept CSR.
Branding and target segmentation
The products, which are flexible, durable and have long shelf life, are major sources of attraction for the marketers. Adopting the means of survey and feedback helps the marketers to gain an insight into the specific needs, demands and requirements of the customers. Countering this, I think if the marketers experiment with their products and services, they would be able to attract large number of customers. Out of these customers, the marketers would be able to get their target audience (Armstrong et al. 2015). All these aspects align with the tactics, which the marketers need to apply for expanding the scope and arena of their business. This expansion enhances the brand image. On the contrary, the brands who do not apply these techniques do not appeal the customers. This is because it lacks an oriental approach towards marketing.
This type of in-oriental approach compels the marketers to encounter instances like customer turnover, employee turnover. These instances create an utter loss for the brands. Along with this, haphazard approach towards marketing is more prone towards encountering crisis and scandals, which stains the reputation of the brand (Bovee, Thill and Raina 2016).
In case of the products, I think, utilization of adulterated materials results in a very poor customer attraction. This adulteration worsens the health of the customers, compelling the marketers to lose their trust, dependence and loyalty. For example, if harmful chemicals are mixed in the shampoos or the cosmetic products, the customers suffer from various diseases. Neglecting these issues reflects the selfish mentality to grab the hot seat in the competitive ambience of the market.
For averting these instances, the marketers need to expose a strategic vision towards the marketing activities. Inclusion of the following activities within the strategies would help the marketers to achieve positive results in terms of achieving large-scale customer satisfaction:
Transparency in customer-brand relationship
The relationship between the customers and the brands is a very significant one since the success of the brands will be depending on the fact how transparent the brand has been in showing their best qualities to the customers (Jung and Soo 2012). The fact of how the brands have met the requirements of the customers will be the deciding factor in their success. The real value of the products will be appraised by the customers. This will be a strong boost in understanding the customer buying behavior (Kendall 2014). Mixing harmful chemicals in the shampoos would contradict the aspect of transparency, straining the relationship between the customers and the marketers.
Proper advertisement strategy
In the age of the digital marketing and invention of the new marketing technologies by the brands, the role of a proper advertising strategy will be very helpful for the brands to promote their new products (Armstrong et al. 2012). The product launch programs will also be encouraged by a digital way using the latest technologies. The clients can connect with their preferable brands through social media and devices like cell phones, smart phones, wearable gadgets and tablets. This is how the entire perception of marketing can be changed (Armstrong et al. 2012). The brands will be able to build a more compact relationship with the clients. Advertising that the cosmetic products do not have any harmful chemicals, and afterwards it is found that the cosmetics have chemicals, customers afterwards, are the examples of false promises by the marketers. These false promises deprive the customers from exercising their purchasing power.
Introduction of user-generated contents
It may occur that the user-generated contents can grab the focus or attraction of the customers to a large range. This user-generated content will go past the popularity of the branded content. If the brands are not able to create a positive impact on the minds of the customers, they will surely fall behind the line. This will perhaps be the way of heightened competition in the future (Afonso and Sousa 2012). The opinions of the customers hold special significance for the marketers in terms of upgrading the standards and quality of the products such as shampoo or cosmetic products. Consciousness and rationality towards the consideration of the customers’ contents enhances the status of the brands dealing with shampoos or cosmetic products.
Change of Government policies
The impact of the government policies will affect the marketing scenario to a large degree. The fiscal and monetary policies of the governments will be deciding factors in implementing the marketing strategies (Afonso and Sousa 2012). The interest rates are decreased and increased in a frequent time period. This is why the marketing brands have to decide their pricing strategies according to the increase and decrease of the interest rates. These things are very crucial in order to determine the marketing strategies of the firms.
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