The Strategic Management of Marketing: An Integrated System - Research Paper Example

?The Strategic Management of Marketing: An Integrated System Table of Contents Introduction 4 Traditional Marketing Tools 7 Digital Marketing Tools 10 Comprehensive Marketing Strategies 16 Integrated Marketing: Combination of Traditional and Internet Marketing 19 Conclusion 20 References 21 Introduction Marketing Marketing is recognized as a management tool which is utilized to classify, predict and gratify customer requirements. It is described as a procedure to enhance customer values and relationships, which result in augmentation of corporate image and loyalty of the organization in the long run. Moreover, marketing activities are also performed by an organization to enhance customer awareness and consciousness about the varied types of characteristics of the products, leading to reduction of switching cost of the buyers. With due regard to this fact, it also facilitates in augmentation of customer satisfaction and orientation level, which is extremely essential to retain in this era of competitiveness. Consequently, it also facilitates in amplification of the productivity and the profitability of an organization, ensuing augmentation of its market share and value proposition within the minds of the customers. As a result, it also facilitates an organization to enhance its identity and dominance among other competing enterprises in the market. Real Time, Adaptive Marketing Ecosystem In order to cope up with irregular challenges of the environment, it is essential to alter the marketing designs and concepts as well. Therefore, to tackle the situational changes, the approach of marketing ecosystem is adopted by most of the modern day organizations as a technique to promote their products and/or services through digital media. It is regarded as an advanced tactic of strategic management, in which the procedure of marketing of a product and/or service is entirely based on five pillars namely paid search engine marketing, offline media, word-of-mouth, mobile devices and organic search engine marketing to attract large number of customers (Visibility Magazine, 2012). This new trend of marketing ecosystem came into reality due to the introduction of information technology, resulting in augmentation of the inclination for search engines. Characteristics and Preparation of Real Time, Adaptive Marketing Ecosystem One of the significant features of marketing ecosystem is high dependence upon digital media, social marketing sites and online search engines in order to augment brand visibility. In this era of globalization, marketing ecosystem acts as nuts and bolts of the marketing system of an organization. It can be established with the help of three steps such as measurement, optimization and examination of the internal and the exterior environment of an organization. This aspect is shown in Figure 1 below: Figure 1: Preparation of Marketing Ecosystem Source: (Visibility Magazine, 2012). After thorough planning and evaluating of the underlying strategies, objectives and values of an organization, its target customers, market nuances, competitive advantages and competing companies, industry specific marketing ecosystem can be designed. It might help in enhancing the level of efficiency and profit margin of an organization in the long run (Omniture, Inc., 2008). Conceptual, Illustrative Diagrams Marketing Ecosystem In recent decades, the landscape of marketing has entirely changed. Due to the introduction of prospective online sources, promotional techniques are also becoming more interactive and transparent. The importance of social media is also becoming highly significant due to increased craze for search engines. Moreover, in recent era, marketing ecosystem also includes corporate social sources, mainstream media, blogs and paid media along with various major and minor social networks (Singer, 2008). It is depicted in the Figure below: Figure 2: Marketing Ecosystem in Recent Times Sources: (JB Media Group, LLC, 2011) Traditional Marketing Tools Marketing is an activity utilized by the organizations in order to recognize the demands of the target customers and to accomplish them in an efficient way. Marketing also helps to augment the brand portfolio of an organization, resulting in enhancement of customer dependency and reliability. Therefore, to cope up with the changing trends in the business world, alternating at almost every nanosecond, marketing is also rolling underneath a whirlwind of changes (Asbcentral, n.d.). Apart from e-marketing or online marketing the other considerable approach is traditional marketing. Traditional marketing mainly follows the four Ps i.e. marketing mix such as product, price, place and promotion. Furthermore, it also offers attention upon the categorization of its target customers in order to analyze the profile of the buyers. Moreover, traditional marketers also attempt to highlight the Unique Selling Proposition (USP) of their products and/or services to augment their reach and array of customers in the global perspectives. The traditional marketing techniques mainly utilize two types of advertising trends such as Above-The-Line (ATL) and Below-The-Line (BTL). ATL includes print media, television, radio, magazines, newspaper, posters, leaflets, yellow pages and hoardings. On the other hand, BTL comprises public relations, merchandising and sponsorships among others (Asbcentral, n.d.). Direct Mail Direct mail is a renowned traditional marketing technique utilized by most of the organizations of recent decades to augment customer fidelity and consistency, leading to reduction of business threats. Moreover, with the help of direct mails, an organization can offer varied types of information about its inventive products and/or services or corporate policies and plans. It helps in augmentation of customer relationship, which is highly valuable to sustain in this age of aggressive competition (Burnett, 2008). Telemarketing Telemarketing is considered to be one of the most significant sources of traditional marketing. The organizations of modern age offer considerable focus upon telemarketing, because it serves as a primary source of generating positive leads by one-one interactions. It further helps in enhancement of total sales and profitability of an organization, by improving its status and supremacy over other apparent players in the market (Visibility Magazine, 2012). Schematic Diagrams of Direct Mails and Telemarketing If not satisfied with offered information Accepted From the diagram, it can be described that in case of both direct mails and telemarketing strategies, the organizations would offer requisite information about the existing products and/or services to the customers. If the customer is agreed with or is satisfied with the information presented by the organizational executives then he/she might decide to purchase the products and/or services. Case Studies Case study method is another considerable procedure of traditional marketing. It helps to describe the stories of other customers’ valuable experiences due to the utilization of the organizational products and/or services. Case study is implemented as a marketing technique as it offers an opportunity for creating a specific perception for the product and /or service, thereby influencing the buying behavior of the customers. Moreover, it also helps in enhancing the brand image of the organization along with customer relationships (Koroberi Inc, n.d.). White Papers Advertisements through white paper are also another important strategy, utilized by the organizations for creating positive sales leads. These prospective leads can be used in future times to augment the demand of the products and/or the services, resulting in amplification of the profit margin of the organization. Moreover, it also helps in enlargement of the brand attributes and position of the organization among other competing companies in the market (Koroberi Inc, n.d.). Sponsorships Sponsorships are one of the fastest emerging forms of marketing technique which is utilized to prop up the total sales of the organization. It is also used by the organizations to increase the awareness of the products and/or the services within its target consumers. As a result, it also widens the visibility of the brand as well as the organization among other companies within the mind of the customers. Thus, it reduces the risks of the new entrants thereby amplifying its supremacy in the market (Rettie, 2003). Thus, it can be avowed from the above mentioned facts, that traditional marketing is highly essential for the organizations operating in this competitive scenario. Digital Marketing Tools In this era of globalization and industrialization, promotions and advertisements act as the backbone for enhancing the demand of the products and/or the services of an organization. With due regard to this fact, digital marketing techniques have prospered at a remarkable extent in the recent years. Digital marketing is a type of promotional technique used by the organizations to attract new customers, ensuing amplification of the equity and the uniqueness of the brand. It mainly utilizes digital technologies to generate an integrated, targeted and quantifiable relationship within its customers, leading to enhancement of its level of uniformity. For this purpose, digital marketing is also recognized as an interative approach, which facilitates in developing customer relationships. This can be done with the help of two marketing strategies such as push and pull that helps an organization to communicate directly with the customers, leading to enhancement of their level of stability. In order to accomplish this objective, varied types of sources are utilized such as emails, mobile promotions, corporate websites, blogs and newsletters among others to attract desired consumer demographics (CMO Council, 2011). Therefore, it can be revealed that digital marketing is a type of method, which is used by diverse organizations for the promotion of their products and/or services with the help of digital technologies to reach the target customers in requisite time and cost. Development of Corporate Website, Blog Sites, and Micro Sites Development of corporate website is one of the most substantial techniques of digital marketing for the organizations operating in this competitive period. Corporate website includes large amount of information and facts regarding the organization and its existing products and/or services. Moreover, corporate website also offers considerable amount of information regarding the introduction of varied types of inventive products and/or services along with its underlying benefits. Corporate website is quite safe on the part of an organization to place its varied types of information as it would remain in a controlled way. Furthermore, blog sites and micro sites are also utilized in order to attract large number of customers, resulting in augmentation of the demands of the products. Therefore, it facilitates an organization to augment its market value and distinctiveness among other players in the market (Koroberi Inc, n.d.). Pay-Per-Click Advertising Campaign Pay-Per-Click is also another important model of promotion used to attract customers towards the websites with the help of internet or World Wide Web. It is also known as PPC or cost per click as the advertiser offers the amount to the publisher after the advertisement is clicked by a customer. PPC also helps in enhancement of the visibility of websites with the help of internet, leading to Search Engine Optimization (SEO). As a result, the demand of the existing products and/or services of an organization also may enhance resulting in amplification of its brand preference and insistence among other substitute enterprises operating in the similar segment. Development of A Smart, and Comprehensive SEO (Search Engine Optimization) Strategy Sponsored links can be utilized by an organization to enhance the visibility of its products and/or services or its website. This is because these types of links are paid sites and an organization can present varied types of information in these sites in an appropriate way, which can be observed by the visitors. Moreover, in order to augment the viability of SEO, the management of the organization might offer more attention upon the design, layout, web themes and density of keywords among other factors. In addition, the heading of the SEO might include the remarkable position of the organization so that it can attract more customers (Emetrics, n.d.). Social Media Marketing Social media marketing is also a renowned technique utilized by the organizations of recent period as it comprises both web and mobile based technologies. These are mainly utilized to interact with the customers to maintain their loyalty and trust upon the organization, which enhances its sustainability in the long run. Varied types of social media platforms are used such as photo sharing, blogs, podcasts, message boards, chat rooms, widgets, micro blogging and social networking sites among others (Emetrics, n.d.). Photo Sharing It is the technique in which the user attempts to share various types of digital pictures with others with the help of social media to present numerous types of information. It also facilitates the user to attain diverse facts and ideas from the feedback offered. Moreover, the segment of customers visiting the information can also be evaluated, which might prove extremely beneficial for the management of the organization (Emetrics, n.d.). Blogs Blogs are also utilized to evaluate the segment of customers visiting the site. It also helps to gather information about its potential competitors, through these types of blog sites. In addition, varied types of information regarding the position of its products and/or services can also be acquired from the feedbacks of the customers of various regions (Emetrics, n.d.). Podcasts Podcasts are one of the most considerable strategies of online advertising enabling the chance to augment product awareness among an organization’s potential customers. It is also used by organizations as business commercials to introduce the benefits of the inventive products towards the customers. Moreover, interviews of various business icons can also be displayed through podcasts, which might help in attracting new customers (Emetrics, n.d.). Chat Rooms, Widgets, Micro Blogging and Social Networking Sites Chat rooms, widgets, micro-blogging and social networking sites are also another important online advertising media that help in offering varied types of information about the preferences and desires of the customers in the global perspective. Moreover, varied types of social media tools are also used to share diverse facts to one-another with the help of Twitter, You Tube, flickr, Facebook and wordpress among others. Consequently, social media monitoring tools such as social metrix, buzzlogic, wildfire, sysomos, social friends and spiral16 among others are utilized all round the world to attain various types of facts (Emetrics, n.d.). Web Analytics and Customer Data Mining The most vital web analytics techniques include Google analytics, Kissmetrix and mix panel that are utilized to attain detailed information about the number of visitors serving the websites in a particular day (Mansueto Ventures LLC, 2012). It also offers ideas about the behaviors and the buying attitudes of the visitors, which facilitates an organization to introduce products according to their tastes and preferences. Substantially, SAS analytics, Google chart API and datameer analytics solution are certain considerable tools of data-mining used to analyze customer characteristics, thoughts and likings to understand their personality (Ruotsalainen, 2008). Location Based Services Location Based Services (LBS) are mainly utilized in order to detect the location of the individuals or objects and it works through mobile networks. Various types of information such as discounts, introduction of fresh products can be presented very easily to large number of customers (Dik & et. al., n.d.). Schematic Diagram of Digital Marketing Techniques Used Information transaction Therefore, it can be affirmed that digital marketing systems can be said to be extremely valuable for the professional organizations to acknowledge the preferences and the desires of its target customers, which might prove beneficial for the organizations in future times as shown in the above diagram. Comprehensive Marketing Strategies Comprehensive marketing strategies also act as a vital part, facilitating in enhancement of customer awareness regarding the benefits of the products to reduce switching cost and increase loyalty (Iowa State University, n.d.). Viral Marketing Viral marketing, which is also known as buzzwords, mainly utilizes the already presented social networking techniques to enhance brand awareness and equity to increase total sales and revenue of the organizations. It also facilitates in augmentation of corporate image and sustainability of the organization among other players in the market (Scott, 2008). Guerrilla Marketing Guerrilla marketing is a renowned source of advertising, which mainly utilizes the low-cost alternative means such as sticker bombing as well as flash mobs to promote a specific products and/or service. It is mainly used by the small business entrepreneurs to increase the market share of their products in the market (Mughari, 2011). Permission Marketing In case of permission marketing, the online entrepreneurs ask for the permission prior to sending information through email newsletters to its potential customers. In this type of strategy, one-to-one interactions can be done very easily, which provides detailed information regarding the preferences of the customers (Grundey, 2008). Planning, Budgeting, Measuring and Analyzing Comprehensive marketing strategies are mainly utilized for planning, budgeting, measuring and analyzing the preferences and the predilections of the customers, which is extremely necessary for an organization to satisfy their needs (Scott, 2008). Contextual and Behavioral Targeting Contextual advertising techniques mainly offer more concentration upon the content of the advertisement in order to attract large number of customers. On the other hand, behavioral techniques employ varied types of online sites to enhance the efficiency of the promotion by acquiring data offered by the websites (Yan & et. al., 2009). Measurement and Optimization of Interactive Marketing Campaign Interactive marketing allows the customers to interact with the marketers, which facilitates in enhancing brand image and distinctiveness of the products among other players operating in the similar sector. With the help of this method, the marketer also attains varied types of strengths or weaknesses of its competing brands, which proves highly advantageous for the organization in the long run. Moreover, interactive marketing campaigns prove to be more valuable as it offers varied types of information such as profiles of the guests, country or region, quantity of traffic per day, requisite time spend, keywords, speed of interactions, page views, segments of the customers, age and lifestyle among others. It also offers information regarding the cross-channel measurements, by determining the amount of optimization and return-on-investment (ROI) of the campaigns. Furthermore, the impact of varied types of online marketing media and elements can be easily evaluated with the help of interactive marketing (Ecircle, n.d.). Monitoring the Social Web: Product Review and Rating Sites Social web is a type of social interactions that associates varied number of individuals all across the globe. It links various individuals with the help of World Wide Web, which facilitates in attainment of varied types of information or feedbacks regarding the products and/or the services of the organization. It helps to evaluate the ranking and the viability of various social networking sites (Micro Consulting, n.d.). Integrated Marketing: Combination of Traditional and Internet Marketing Marketing is a technique which is employed by the entrepreneurs to augment the value of its products and/or services by evaluating the demands and the desires of its target market. It can be done with the help of both traditional as well as non-traditional methods. Traditional methods include television, print, billboards, hoardings and audio media for the promotion of the products and/or services, resulting in enhancement of organisational value and image in the market. On the other hand, non-traditional marketing methods are mainly the online advertising methods such as social media, blogs and emails to transfer valuable information to its target customers. Besides, in recent years, the value of non-traditional marketing methods is gaining popularity due to high involvement of information technology and search engines. Therefore, the non-traditional methods also offer higher return on investment (ROI) of the marketing campaigns rather than traditional methods, which has augmented its effectiveness in recent decades (Visibles.Com, n.d.). Conclusion Due to amplified craze of internet and search engines, the demand for traditional marketing techniques has become quite lower as compared to digital or online methods. Moreover, with the help of digital or non-traditional techniques, a specific product and/or service can be promoted to the customers all across the world at a reasonable cost. Moreover, non-traditional methods also help in attainment of varied sort of feedbacks of the customers as well, which is highly beneficial for an organization in the long run. References Asbcentral, No Date. What Is Marketing? The Nine Functions of Marketing. [Online] Available at: http://www.asbcentral.com/marketing%20pdf/what.pdf [Accessed June 01, 2012]. Burnett, J., 2008. Global Text. Core Concepts of Marketing. [Online] Available at: http://globaltext.terry.uga.edu/userfiles/pdf/Core%20Concepts%20of%20Marketing.pdf [Accessed June 01, 2012]. CMO Council, 2011. Unify to Multiply. Marketing Ecosystem Effectiveness. [Online] Available at: http://webtrends.com/shared/whitepaper/Whitepaper-UnifyToMultiply-Webtrends.pdf [Accessed June 01, 2012]. Dik, L. L. & et. al., No Date. When Location-Based Services Meet Databases. Mobile Devices. [Online] Available at: http://www.cse.ust.hk/~dlee/Papers/mobile/mis-invited-05.pdf [Accessed June 01, 2012]. Emetrics, No Date. Tough Times Call For Tough Measures Survey Results. Online Advertising. [Online] Available at: http://www.emetrics.org/pressroom/survey_results_eMOSDC08.pdf [Accessed June 01, 2012]. Ecircle, No Date. Inside Digital Marketing. Recession Marketing & The Power Of Email Top 10 Tips During The Credit Crunch. [Online] Available at: http://www.ecircle.com/fileadmin/files/pdfs/04_Resource_Centre/4.3_Whitepaper/UK/ecircle-whitepaper-recession-marketing.pdf [Accessed June 01, 2012]. Grundey, D., 2008. Experiential Marketing vs. Traditional Marketing: Creating Rational And Emotional Liaisons with Consumers. The Romanian Economic Journal, Vol.3, No.29 Iowa State University, No Date. The Emergence and Rise of Non-Traditional Marketing. Three Main Categories of NT Marketing Tools. [Online] Available at: http://www.public.iastate.edu/~sjwong/non-traditional.pdf [Accessed June 01, 2012]. JB Media Group, LLC, 2011. Integrated Online Marketing Ecosystem Diagram. Online Marketing. [Online] Available at: http://www.jbmediagroupllc.com/2011/06/integrated-online-marketing-ecosystem-diagram/ [Accessed June 01, 2012]. Koroberi Inc, No Date. Integrated Media Strategies for B2B Marketers. Maximizing Traditional and Online Marketing Media ROI with an Integrated Media Strategy. [Online] Available at: http://www.koroberi.com/resources/pdfs/Integrated_Media_Strategies.pdf [Accessed June 01, 2012]. Mansueto Ventures LLC, 2012. 4 Essential Data-Mining Tools. Google Chart API. [Online] Available at: http://www.inc.com/magazine/20101001/4-essential-data-mining-tools.html [Accessed June 01, 2012]. Micro Consulting, No Date. Business Solutions. Non-Traditional Marketing Strategy. [Online] Available at: http://www.mcfornc.org/wp-content/uploads/2011/08/Non-traditional-Marketing-Plan.pdf [Accessed June 01, 2012]. Mughari, A. M., 2011. Analysis Of Guerrilla And Traditional Marketing Integration In Improving The Productivity Of Organizational Marketing In Enterprises In Iran: A Case Study Of Kaveh Industrial Estate In Iran. African Journal of Business Management Vol. 5, No.3, pp. 944-948 Omniture, Inc., 2008. Introducing the Integrated Digital Marketing Ecosystem. Business Challenges. [Online] Available at: http://assets.omniture.com/de/downloads/datasheets/08_datasheet_genesis.pdf [Accessed June 01, 2012]. Rettie, R., 2003. How the Internet is Changing Traditional Marketing. Kingston University. [Online] Available at: http://eprints.kingston.ac.uk/6351/1/Rettie-R-6351.pdf [Accessed June 01, 2012]. Ruotsalainen, L., 2008. Data Mining Tools for Technology and Competitive Intelligence. VTT Research Notes. [Online] Available at: http://www.icsti.org/IMG/pdf/VTTDataMiningTools.pdf [Accessed June 01, 2012]. Singer, J. G., 2008. Marketing Ecosystems Framing Brand Management for Business Ecosystems. Blue Spoon Consulting. [Online] Available at: http://www.bluespoonconsulting.com/Marketing%20Ecosystems%20Executive%20Summary.pdf [Accessed June 01, 2012]. Scott, D. M., 2008. The New Rules Of Viral Marketing:: How Word-Of-Mouse Spreads Your Ideas For Free. Documents. [Online] Available at: http://www.davidmeermanscott.com/documents/Viral_Marketing.pdf [Accessed June 01, 2012]. Visibility Magazine, 2012. Digital Strategy & Planning: Defining the Interactive Vision. The Digital Marketing Ecosystem. [Online] Available at: http://www.visibilitymagazine.com/east-coast-catalyst/tim-bourgeois/digital-strategy-and-planning---defining-the-interactive-vision# [Accessed June 01, 2012]. Visibles.Com, No Date. Traditional Marketing Methods. Direct Mail Campaigns. [Online] Available at: http://www.visibles.com/store/prodimages/traditional%20marketing%20methods%20-%20direct%20mail[1].pdf [Accessed June 01, 2012]. Yan, J. & et. al., 2009. How Much Can Behavioral Targeting Help Online Advertising? Behavioral Targeting. [Online] Available at: http://www2009.eprints.org/27/1/p261.pdf [Accessed June 01, 2012]. Read More