Recent Developments in Marketing Management - Essay Example

?Project on Recent developments in marketing management By (please place all data on the title page) Marketing management is one of the most important elements of any type of business. The role of marketing management is focusing on the practical application of different kinds of marketing techniques and managing the marketing resources and activities. Today, during the age of globalization, companies are not restricted in their own country any more. They have started to think beyond their boundaries and they are successful in spreading their business across the world with the help of international marketing policies. Some advanced features have been added to the marketing management techniques by the companies which helped them to bring their business in front of global people. Some recent developments in marketing management offer various opportunities in business which contributed a lot for future. The recent economic crisis has been faced by almost all the companies who are involved in global businesses and that is the main reason why the companies are trying to bring some developments in their marketing management techniques (Lee, 2001). Most of the companies were dependent on manual marketing techniques like newspaper, Television advertising, radio etc but it was found that the companies were only able to attract their local customers through these marketing techniques and they were able to promote their products in local people. It was quite difficult for them to reach the potential customers of other countries and they were facing trouble in their business. The modern marketing techniques are mostly based on internet. Internet is a great source to reach global people at a very low cost. The modern inventions of search engines have changed the way to find information related to every business a lot. People can make their decision in a very short time and quite easily with the help of these search engines. The search engines can provide the detailed information on every business by entering a suitable search term which is often called as keywords. The most popular search engine “Google” can find all related results to the search term entered (Chaffey, 2001). People can visit the websites of the businesses which is searched by Google and they can make their decision. Website is a great way for the business owners to reach global people as the websites are not confined within a city or country. People from any country can visit the websites from any other country. There are some other developments in marketing management too. Today, people of a particular country can watch the television channels of another country which is quite a good way for marketing. People can watch the advertisements of the products of foreign countries and they can order for them. The online shopping method is quite popular now-a-day and people can buy everything sitting in their home by ordering through internet or telephone. It helped people a lot to buy products from foreign companies. The best thing about internet marketing is it is quite cheap. If we look at the earlier days we can see that the companies used to spend a lot of money in order to promote their business. The earlier sources of marketing like television, newspaper, radio etc charged a huge amount of money to place the advertisements of the companies and their products and it was not possible for the small and medium level companies to afford the amount of money but today, the companies can post their advertisements, details of their products in numerous social bookmarking websites for free and a major portion of modern people visit these websites in a daily basis. So, this technique seems to be very useful for small and medium level companies who do not have enough money to promote their businesses through television, newspaper and other sources. People are quite tech savvy today and they like to spend hours sitting in front of computer and surfing internet. There are lots of social networking sites have been introduced today and these social networking sites are great to promote the business worldwide (Charlesworth, 2009). The top two social networking sites the companies are using as their sources of marketing are Facebook and Twitter. Facebook is one of the strongest tools of marketing in today’s world. Facebook is a website which allows users to create and operate social networks. Facebook not only provides individuals the opportunity to create a page and to operate, but also provides marketing options for a wide variety of artists, famous people, businesses and brands. Facebook distinguishes the following Categories: Local companies on site Company, organization or institution Brand or product Artist, band or public person Entertainment Community concerns Such performances are part of social media marketing and public relations activities. Possible targets of appearances are: to promote the establishment and maintenance of a positive brand image to increase awareness to optimize the number of visitors of a website customer acquisition to positively influence (word-of-mouth, referral marketing) to increase customer loyalty develop products / services / offers (innovation management, such as discussion of possible product features) to recruit potential employees (Social Recruiting; insight into the corporate culture) It is usually easier to manage the acquisition of fans on Facebook for different kinds of products or services. Obviously, the reputation of the product has a very high impact on the success of a page. Recent developments in June 2011 have been mentioned here. In November of last year Coca-Cola was the first brand. The 20-million-Fang Renze did better four months later. Another two and a half months later, Coca Cola reached the 30-million mark and its community increased in the past seven months to more than 55 percent. On average, the communities of the world's most brands grew with fans during the June 2011 at 5.0 percent, and have risen by 47.6 percent. The highest growth rate recorded since the beginning of the year was of Play Station with about 110 percent, followed by MTV (around 87 per cent increase) and Disney (just under 70 percent growth). The highest absolute growth in the first half of 2011 was of MTV (up by 11.7 million fans mark). It was followed by Disney (plus 10.9 million) and Coca Cola (plus 10.1 million) (Eldon, 2008). Twitter is an application for micro-blogging. There is also a communication platform, social network or a defined most publicly accessible diary on the Internet. Individuals, organizations, corporations and mass media use Twitter as a platform for the dissemination of short text messages on the Internet. Twitter was founded in March 2006 and quickly gained worldwide popularity. It is one of the most effective and dynamic marketing options today. Registered users can enter their own text messages up to 140 characters. These text messages are displayed to all the users who follow this user. The editor of the news is on the website of the service with a figure as the sole author of its contents. The posts are frequent and written in the first-person. The micro-blogging is too easy for the author and reader to handle in a real-time medium for the representation of aspects of their lives and opinions on specific issues. Comments or discussion of the reader to an article is possible. Thus, it acts as both the medium for the exchange of information, thoughts and experiences as well as the for communication act. This is a great way of promoting a brand, product or services. Almost all celebrities have twitter accounts these days. There is an option called ‘retweet.’ This allows a user to share a follower’s tweet amidst his other followers. If a celebrity can be made to tweet or retweet a message about some brand, it is bound to get promoted. Different independent and private businesses have used this method to reach out to millions of people. The purposes for which Twitter is being used on the individual communication also are varied. Public institutions provide information, for example, the U.S. space agency NASA maintains Twitter feeds on various projects. There were also several feeds from space. The Los Angeles Fire Department used the service to disseminate information during the Forest fires in Southern California in 2007. In high school teaching first experiences are collected for use of Twitter. Individual universities distribute information to their students and use Twitter for educational evaluation. Scientists also use Twitter during conferences to inform absent colleagues. Companies are using Twitter to provide product information and communicate with their customers. The micro-blogging serves as a marketing and research tool for product and business development (Israel, 2009). These recent developments have revolutionized marketing management and have changed the concept of promotion for ever. The marketing costs have been reduced and promotions can be done almost for free with the help of online marketing options. Internet based publicity is the future of marketing as more and more people are becoming net savvy day by day. Today, a brand can reach out to countless prospective clients or customers irrespective of geographical boundaries. References: Chaffey, D. (2001). Internet Marketing. Apogeo Education. Charlesworth, A. (2009). Internet marketing: a practical approach. Butterworth-Heinemann. Eldon, E. (2008). Growth Puts Facebook In Better Position to Make Money. San Fransisco: VentureBeat. Israel, S. (2009). Ville Twitter: How Businesses Can Thrive in the New Global Neighborhoods Lee, O. (2001). Internet marketing research: theory and practice. Idea Group Inc. Read More