Discuss about the Importance of Online Marketing.
The article discusses about the importance of online marketing and how the small and medium scale organizations are focusing on the online marketing for the purpose of reaching out the maximum number of consumers. In order to do so, these companies are not depending on any external marketing agency but they have their own marketing team. This has automatically helped them to be more responsive towards their target group of consumers and they can also personalize their online and digital experiences. The discussion is based on the marketing concepts as proposed by ‘Kotler and Keller’ in their global edition book on marketing.
Marketing concept 1:
Understanding Marketing Management:
According to Kotler and Keller, a good marketing can never be an accident. It is a result of a careful planning and execution. The internet has fueled the marketing process and today’s consumers have become more internet friendly. As a result of which, major organizations are spending greater percentage of their marketing for the online medium only. The authors have highlighted how the big companies like BMW or American Express have also shifted their marketing paradigm from the traditional marketing to online marketing. The main intension of marketing is to identify the needs and wants of the consumers so that the company can shape their product accordingly. Internet is the best medium to reach out the consumers in the shortest possible time. The role of social media networks cannot be denied when it comes to communicating with the consumers. If the internet is used for the same of marketing the product, one can easily communicate with the target group of people. It has to be understood, one of the major elements of marketing is STP (Segmentation, Targeting and Positioning). This can be easily done by using the social media networks. For instance, there are pages for every genre of people. This has made it easier for the marketers to target the right group of people for their products.
In the article, it has been highlighted that the traditional marketing is perhaps fading and the online marketing is taking its place. There are indeed certain vital reasons that make the marketers to think about shifting their marketing style from the traditional to the new media. Selecting the best suitable marketing and distribution channel is of the prime criterion for marketing. Selecting the right platform where the promotion and marketing would be carried on lead to the success of the marketing campaign. The new marketing has changed its pace due to technology. There are many factors that play significant roles when it comes to marketing. The two main factors are globalization and social responsibility. In order to compete with the huge competition that has increased due to globalization and free trade market, marketers have to undertake the right marketing strategies to target the right group of people. Going digital is the only means of targeting global people. The demographic segment has narrowed down due to the internet and it has become possible to connect with anyone at any point of time easily. Similarly, factors like poverty, pollution, climate change or wars have also created situation where it has become the primary responsibility of the big companies to be socially responsible as well. This is also another approach that the major organizations undertake for their promotional activities.
Marketing concept 2:
Developing Marketing Strategies and Plans:
The marketplace has changed dramatically and so is the capability of the marketers. Developing marketing strategies and plans is the foremost thing when it comes to promoting a particular product or service. Marketers would also focus on the budget of the marketing. The aim is to select the right platform that can reach out the target group of people in the least possible time with the minimum budget possible. Although every company keeps 10-13% of their profit for the marketing purpose, they think of the best possible way of attracting the target group. The strategic planning includes strategic formulation and goal formulation. When it comes to investment, the role of the stakeholders of the company cannot be ignored. This is the reason that strategic planning becomes more important. From the article, it has been evident that most of the companies preferred to get their own marketing team who shall be responsible for designing and carrying out the social media marketing. Having a website of the company is a must and so is the presence of the organization in the social media. The role played by the social media sites like Facebook and Twitter in recent time cannot be neglected at all. All the organizations are focusing on their social media advertising in order to attract more numbers of consumers. Marketing also takes the shape of marketing campaign as well. At many times, it is observed that many companies design a marketing campaign and then they focus on making the same campaign viral among the people. In such cases as well, the internet and the social media sites plays the major role in making the campaign successful. For the global companies, this mode of marketing can be considered as the most acceptable and the correct form of marketing.
In the formulation of strategic marketing, the role of the leaders cannot be neglected. Planning the nature and the content of the marketing greatly depends on the leaders of the organization as well. They are the ones who guide the entire marketing plan and make it possible to target the right people for selling the particular product or service. The online advertising can be easily regarded as the modern advertising. The marketing and promotional technique is fast changing in terms of both art and science and internet and technology has a vital role to play in this case. The whole marketing scenario is converting virtually and the industries are taking this approach to shape their marketing activities. There are many organizations as well that depend on outsourcing their marketing tactics as well. In such cases, the marketing companies take the responsibility of marketing for the company on the lieu of money. This is also another means of carrying out the marketing activity. However, in such cases communicating each and everything with the marketing company also becomes challenging at times. This is the reason that major companies focus on setting their own marketing team internally only that would eventually help them to carry out the marketing activity without depending on other organizations. This way the companies also saves good amount of money that they can eventually use for the marketing purpose only.
To end the discussion, it can be easily said that the promotional and the marketing techniques have changed to a large extent from the traditional Television or print advertising to the internet based virtual advertising. Every small, medium and large industries, are undertaking this mode of marketing as the scope of reaching out people is higher that too within a limited budget. The online market also gives the chance of better innovations as well, that is one of the important reasons that make it easier for the marketers to use this means of marketing for their organization. It is important to adapt to the changes and change the marketing scape accordingly in order to cope up with the changing marketing scenario. If the organizations are able to adapt the changes accordingly, then the marketing activity would be successful. The marketing pattern is changing and the companies have to adapt themselves with these changes in order to create greater domination in the market and combat against the increasing competition
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