The Changing Face of Marketing
The ability to master and exploit change is a fundamental aspect of managers in a business. This is particularly true in marketing, where change is constantly happening in that area of business. The changing face of marketing is expensive, but so is being rigid about it. The challenge managers face is manoeuvring these changes for the benefit of their company as well as to expand the market.
Not all changes in marketing, of course, are equally significant. Some of them are confined to particular industries. Others are broader and more functional in nature. And among these broader trends, there are six changes in marketing whose effects, I believe, will be felt by almost every business.
Dominance of the customer
Demand, or the needs of the customer, are what drives the trends and production. There is an increasing need to understand and anticipate future customers, which is becoming even more essential than in the past. This is because the end users of almost every company’s products are shifting in makeup, location, and number at an ever-increasing rate.
Marketing professionals find this significant for two reasons. First, they cannot assume that yesterday’s customers will be available tomorrow. Second, they need to be certain that they have adequate market information. Without adequate market information, you could end up selling to the wrong people and the wrong time in the wrong place.
Rise of the Computer
The rise of technology has revolutionized the way marketing is analyzed and how data is reported. Generally speaking, I think it must be conceded that companies have dragged their feet in taking advantage of online marketing tools. For instance, electronic data-processing analyses, online communications, and information-retrieval systems as tools to help make marketing more efficient. The extremely advanced marketing technologies these days are quite useful to advance a company’s strategies. However, they can be difficult to learn and find. You can find some quality marketing analytic tool reviews here.
Global Market Planning
The concept of a completely integrated marketing effort is valid and will be increasingly adopted. In many companies operating worldwide, it will stimulate the development of global market planning. top management must think through how best to coordinate a multinational selling effort to assure adequate corporate control over a worldwide marketing plan—yet without unduly restricting initiative and responsibility within each national segment. Also, determining the most efficient way of providing the desired marketing services is an important part of this problem. In many companies today, a central corporate staff directs, if not outright executes, these services.
There are a lot of pressures that come with marketing. Professionals in this field have to be on their toes constantly about changes in the market. The customer controls the market, and computers can analyse the market making it easier to go global with your product. So keep an eye out for the changing face of marketing endeavours.
By Katie Kabat