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Marketing Essentials

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Marketing Essentials

 Marketing Essentials

 Introduction

The concept “marketing” has been defined by many authors in various ways. The Chartered Institute of Marketing defined the concept as, “Marketing is a management process responsible for identifying, anticipating, and satisfying customer requirements profitably. According to the American Marketing Association, marketing is “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” (Huang, and Sarigöllü, 2014).the world famous author Phillip Kotler outline the concept of marketing as “A social and managerial process by which individuals and groups obtain what they need and want though creating and exchanging products and value with each other.”(Kotler et al., 2015).

1 The current and future trends of marketing

1.1 The modern Trends

Marketing trends can be divided into two parts. The first being the currents trends and the second is the future trends that will be the driving force of marketing. The present of current trends are of three types namely the business marketing or industrial marketing, the relationship marketing and the social marketing. The business marketing or industrial marketing encompasses the concept of selling products to her business organisations that either re-sell them or use them for producing their own product or their operations. There are three revolutions that shaped the concept of business marketing. These are the technological revolution, the entrepreneurial revolution and the third is the revolution with in the marketing. The relationship marketing conceptualizes the basics of short term investments that create strong relationships between buyers and sellers to promote brand loyalty. It encompasses the concept of after sales services and making long lasting strong relationships through deep messages than short term messages encompassing only the goals of selling the product. What makes it possible is the technology of customer relationship management software, which analyses and tracks the customers’ preferences and likes regarding products and advertisements (Anttila et al., 2015, p.17). The basic concept of relationship marketing is the retention of customers by satisfying their needs better that the competitors. The social marketing encompasses the concept of social media marketing through both electronic social media like social networking sites like facebook twitter and instagram and through non electronic social media like news papers and TV advertisements. Social marketing is also linked with the corporate social responsibilities of an organisation. The social marketing divides the products into two basic categories such as products giving long term benefit and the products providing short term satisfaction. The key characteristics entail that products which are insufficient and incompetent satisfies neither long-term nor short term needs. Pleasing products provides immediate satisfaction to the customers however may be of no use to the customers in the long run, salutary products benefits the society in the long run however they provide low short term satisfaction to the society and desirable products provides both long term benefits and short term satisfaction. For the benefit of the society the deficient products must be eliminated (Phan, 2015, p. 904).

1.2         The future trends of marketing

Future trends of marketing are outlined based on the predictions of brilliant marketing minds. For successful business it is important to include the concepts of modern rends in the marketing however to prepare and develop new products it is also important that future trends are predicted. Future is always very near therefore one must be prepare to implement any future trend in the present if need be. The 10 trends that will affect the future face of marketing the most are as follows.

1. Mobile phones will guide the new face of marketing. With the ever ongoing development of smart phones the big brands will son need to launch personalised sopping applications which will do direct marketing and selling of products. In this progressive age of internet and globalisation it is important to understand the needs of the customers and deliver them with what they require in a most efficient way (Shankar et al., 2016, p.37). Hence, going to shops will become obsolete therefore mobile applications will be a new way of business.

2. Brand transparency will attract more customers than most other trends.

3. Rather than making cliché advertisements the big brands will focus more on good content and smart advertisements that provides a good social message outlining the CSR of the company.

4. As of now the user generated content on social media is exceedingly gaining popularity. In the future it will be the new word of mouth.

5. Social media will be the face of next generation internet.

6. Brand community and direct correspondence with customers will enable the brands to own their customers.

7. Brands will son need to understand that targeting the young generation for marketing is the wrong approach. Rather they will need to target the generation that is shaping the minds of the youths.

8. Good brands will focus more on creating quality products than focusing solely on servicing their customers.

9. Marketing strategies driven by personalized data will be more popular in future.

10. More appropriate and accurate metrics and analysis tools will surface for strategising marketing objectives (El-Hawary, 2014, p.239).

2 Marketing process

Marketing process is a collection of multiple steps that organisations implement for identifying the needs of the customers, designing and developing products in accordance with the needs of the customers. The primary concepts of the marketing process entail four basic elements namely situation analysis, marketing strategy development, marketing tactics development and implementation of the developed tactics with control over the entire process (Armstrong et al., 2014).  

 

1Reference List:

 Journal:

Al-Dmour, H., Al-Zu’bi, Z.M. and Kakeesh, D., 2013. The effect of services marketing mix elements on customer-based brand equity: An empirical study on mobile telecom service recipients in Jordan. International Journal of Business and Management, 8(11), pp.13-26.

Battistella, C., 2014. The organisation of Corporate Foresight: A multiple case study in the telecommunication industry. Technological Forecasting and Social Change, 87, pp.60-79. 

Bigliardi, B., Ivo Dormio, A. and Galati, F., 2012. The adoption of open innovation within the telecommunication industry. European Journal of Innovation Management, 15(1), pp.27-54.

Edward, M. and Sahadev, S., 2011. Role of switching costs in the service quality, perceived value, customer satisfaction and customer retention linkage. Asia Pacific Journal of Marketing and Logistics, 23(3), pp.327-345.

Ishaya, T. and Folarin, M., 2012. A service oriented approach to Business Intelligence in Telecoms industry. Telematics and Informatics, 29(3), pp.273-285. 

Jurisic, B. and Azevedo, A., 2011. Building customer–brand relationships in the mobile communications market: The role of brand tribalism and brand reputation. Journal of Brand Management, 18(4-5), pp.349-366.

Kim, J.H. and Hyun, Y.J., 2011. A model to investigate the influence of marketing-mix efforts and corporate image on brand equity in the IT software sector. Industrial marketing management, 40(3), pp.424-438.

Noori, B., 2015. Developing a CBR system for marketing mix planning and weighting method selection using fuzzy AHP. Applied Artificial Intelligence, 29(1), pp.1-32. 



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