Can a company take personal marketing too far?
The first question in the report is about the personal marketing and its future implications in the industry and the ways how the companies can take this thing too far. It is also known as the individual marketing and the benefits of this marketing are it can reach the customers individually by offering them various details about the new products using social media and digital platforms. An example can be given that if Apple uses personal marketing and reaches to their customers individually by explaining about their products, their customers will automatically be attracted to use their products.
Conflict of interests in marketing
Conflict of interest is a widely used term in marketing and management spheres. This generally can be attributed to an individual or to a firm. Firms which deal with the marketing aspects go through a lot of things which have conflicts of interest. It can signify the matter that prevents a company or an individual from acting in the impartial way and when the client’s best interest is looked into. An example can be provided in this context that when an organization has been committed to provide best opportunities to its clients, it faces conflicts of interest if the clients are multiple in numbers. The example of this is when a company produces many types of things; it suffers from conflicts of interest about which product to be given more emphasis on for marketing.
Internal and external influences of consumer behavior
Consumer behavior is a vital part of the consumer decision making process and it has been considered as one of the determining factors by which the buying decisions are affected. There are two factors of this consumer behavior and these two factors are the internal factors and the external factors.
The internal factors are the factors that motivate the consumers in their decision process from within. These internal factors are the perceptions, attitudes, motivation, lifestyles of the human beings and the role of learning. These factors are crucial for the understanding the role of human mind for buying a product.
The external factors are the factors that are responsible for the decision making process of the customers and these factors are categorized as the social factors. These external factors are cultures, social values and norms, role of the families, household structures of the consumers and the socio-cultural groups to which the customer belong. These factors influence the human beings to buy the products.
Role of technology in the buying process
The buying process of the consumers has shifted from the traditional one to the technological one. A lion share of people these days are more comfortable in making technology based buying. This is due to the revolution of technology and the facilities people get from this. With the invention of the digital mobile apps and due to lesser time in this fast working life, people are keener on using technology for satisfying their buying behaviors. When a company like Samsung uses technology and social media to market their products, it influences the buyers to purchase it.
Bases of market segmentation
Market segmentation is a very important aspect in the marketing management procedure. The bases of market segmentation are therefore crucial as well. This helps the companies to assess their market position and helps to develop their market plan. There are mainly four bases of market segmentation.
These bases are 1) Demographic segmentation under which comes age, gender, income and family cycle. Next, it is the 2) Geographic segmentation. After this one comes the 3) Psychographic segmentation under which come personality characteristics and lifestyle of the customer. Finally, comes the 4) Behavioral segmentation, the sub categories of which are occasion, user status, usage rate, loyalty status and buyer readiness stage.
Some companies that use the bases of market segmentation are Apple, Samsung, Hyundai, Mercedes, Woolworths, Wesfarmers, Coles supermarket and many others.
Technology in marketing
Technology is one inseparable element in the modern day marketing. It has a great impact by the technological factors. The organizations are in possession of more data than ever before. The availability of marketing channels has increased so much. The organizations can obtain and analyze that data for their organizational success in a faster way. This is why technology has evolved as a major determiner in marketing. In this case, when a company uses social media to showcase their products, a large range of audience is reached and the influence created is more than traditional marketing.