Marketing in the digital era - Essay Example

? STRATEGIC MARKETING: MARKETING IN THE DIGITAL ERA: “DO MARKETERS NEED TO CHANGE THE WAY THEY THINK OR THE WAY THEY ACT TO SUSTAIN THEIR POSITION INTHE MARKET?" By Name Course: Lecturer: Institution of Affiliation: City and State: Date: Word Count: 2151 Executive Summary The essay provided a brief introduction on the way marketing in the contemporary society is undergoing a rapid change in the digital era. The researcher analysed various marketing theories that many organisations can employ in achieving a competitive advantage in the competitive market. The researcher revealed the way marketers could employ marketing strategies but need to change on the way they act in order to sustain their position in the market. Employing effective marketing mix, competitive positioning and a wider media strategy are vital. Marketers can think and utilise these strategies in achieving successful business performance. The researcher analysed the way marketers can employ a marketing strategy that meets the expectations of customers. The marketing strategy can also provide marketers various advantages including increased financial savings and continuous engagement with customers. Marketers should focus on a strategy that can enable them to increase their financial savings and maintain their position in the competitive market. The researcher examined the way marketers can differentiate products and add value to their products. They should understand the effective distribution channels and media services effective for communicating about the available products in the market. Lastly, the essay revealed the way employing CRS model, segmentation strategy and understanding the need for cultural change are crucial. This is because they will enable marketers to maintain their position in the market. Strategic Marketing: Marketing In the Digital Era: “Do Marketers Need To Change The Way They Think Or The Way They Act To Sustain Their Position In The Market?" Marketing in the digital age is undergoing an accelerated change. Marketers need to change the way they think or act in order to sustain their position in the market place. This is because many industries have emerged with a digital strategy of marketing their activities through online marketing as a conventional means of marketing. Electronic marketing is increasing because marketers want to achieve a competitive advantage in the competitive marketing cross the globe (Ataman, Berk, Harald and Carlf 2010, p. 871). Online marketing has become commonly used in marketing of brands; thus, marketers should change their ways of thinking and acting in order to maintain their position in the competitive market. Marketers should employ effective marketing mix and expand their brands beyond the media mix in order to widen their commitment with consumers. The wider media strategy and competitive positioning strategy are effective because they provide marketers various advantages, which include increased financial savings and continuous engagement with customers. In the marketing digital era, marketers should focus on a strategy that can enable them to increase their financial savings. Resource based view of the organisation is one of the ways that can enable the firm to utilise the scarce resources effectively in achieving their demanding goals (Fahy 2000, p.98). Organisation attributes include resources and capabilities vital for achieving a competitive advantage. Therefore, marketers should utilise them effectively in order to maintain their position in the market. This is because resources are scarce; thus, the marketers may end up losing opportunities in case they mismanage the resources. Barney (1995, p. 42) asserts that an industry can defeat their rivals in case it can only create a difference that it can sustain. This is through employing an effective marketing strategy that can enable them to achieve a competitive advantage. Marketers should understand that an effective strategy is built on process; thus, they should design marketing strategies basing on the available resources of the industry. These strategies should emerge within the deliberately implemented organisational rules. It is vital for the management team to focus on distinctive attributes and the find means of leveraging the resource based of the firm to the best of their advantage. Marketers need to change the way they act when employing distribution channels or employing media services in marketing their products. Understanding the method of distributing brands and the means of communicating about the available products is essential. The marketers should get the right mix and channels through which they can reach the targeted consumers. For instance, use of internet and social media sites are among the effective marketing means for promoting the products in the market. Internet and social media sites have become increasingly used in many industries for communicating about the brands available in the market (Cesareo 2004 p. 106). However, marketers need to think about the way they can identify and disseminate information efficiently to customers. This is because use of social media can impact or create higher risk to organisational performance (Wertime and Fenwick 2008, p 68). Companies that are striving to achieve a competitive advantage should employ effective marketing strategies in the contemporary digital market. Marketers can change the way they act in order to continuously sustaining their positions in the market. An effective, competitive advantage is achieved through employing SWOT analysis. Understanding the internal strengths, weaknesses and environmental threats and opportunities is essential for companies that strive to achieve the competitive advantage. Barney (1995, p. 57) asserts that SWOT analysis is a valuable tool for analysing the internal threats and opportunities affecting an organisation. SWOT analysis is an effective means through which marketers can achieve competitive advantage; thus maintaining their positions in the market. This is because it can enable marketers to analyse those factors that can enable them to determine the threats and opportunities for successful organisational operation. Marketers can sustain their positions in the market in case they are able to add value consistently. Many customers prefer consuming products that are of high quality; thus, marketers should take into considerations the issue of adding value consistently (Baker 2007, p. 112). Value added products can enable the company to increase customers; hence increasing their sales. This is because consumers prefer consuming or purchasing products that are valuable and can satisfy their needs. Apart from value, marketers should focus on rareness. For instance, capabilities and resources should be rare because this will guarantee marketers a competitive advantage that will make them continue operating in the competitive market across the globe. Marketers should think outside the box because it is through capabilities that marketers can be able to position themselves effectively. The issue of rareness in an organisation is essential because it can enable the market to employ effective strategies for positioning themselves. Rareness in an organisation can enable marketers to implement effective cultural change vital for achieving organisational success. According to El-Ansary and Adel (2006, p.271), value proposition is one of the key elements in positioning strategy. Companies should take into consideration the essential value types including product leadership, customer intimacy and operational excellence. Marketers should continue to design products and create new ideas for producing quality products in the market. This is crucial because it will enable marketers to become product leaders in the market. Marketers can create customer intimacy through delivering products to the market that have customised solutions. The product should offer exceptional services to the customers; hence making customers increase their demanding power. Companies that are focused on delivering value proposition can employ effective marketing positioning strategy (Trout and Rivkin 2010, p. 201). This will enable the marketers to implement effective means through which they will meet customers' expectations in the targeted market. Product differentiation can enable marketers to maintain their position in the market but through designing unique products. Unique brands can enable the company to increase their revenues. This is because customers are always ready to spend on products that are unique from others. Without product differentiation, marketers may end up competing in terms of price, which is a tough strategy to sustain for a long term. Constant designing of unique products can enable customers to pay attention to such products when they are searching through products available in the market (Athaide, Gerard, and Harsha 2005, p.241). For instance, when employing e-marketing, it is vital for a company to design products in different sizes, colors and package them in a unique style that is different from other companies. This is vital because it will make the company stand a chance of sustaining their position in the competitive market. Competition in the digital era is increasing because of increased use of technology; thus, marketers should change the way they act in the market. This is through distributing products that are unique and different from their competitors to targeted consumers; thus increasing their revenues. Cultural change in an organisation is one of the effective means that can enable marketers to sustain their position in the market. Understanding organisational culture is an effective way through which marketers can achieve a competitive advantage in the digital market (Epstein, Rejc and Yuthas 2010, p.42). Marketers should understand the organisational culture because culture is one of the critical elements that can impact successful organisational performance. This is in case it is not taken into consideration seriously. Culture can foster reasonable possibility towards attainment of a competitive advantage. One of the reasons that have enabled marketers to employ electronic marketing is the need to achieve a competitive advantage; thus sustaining their positions in the market. Hence, changing cultural behaviors in the market can enable the marketers to position themselves in a way that will enable them to meet the expectations of customers. Hooley, Piercy and Nicoulaud, (2012, p. 123) argue that the competitive position is the heart of a marketing strategy vital for sustaining superior performance in the market. Competitive positioning is all about the way through which marketers can differentiate their offer and create value for brand offered in the target market. Marketers should change the ways they position themselves in the market because a superior, competitive position contributes to sustained business growth. An effective, competitive positioning strategy should include the market profile, consumer segmentations, value position and competitive analysis. Identifying competitive positions is one of the effective ways through which organisations can achieve competitive advantage in the digital marketing era. Marketers should formulate a marketing strategy through identifying the targeted market and creation of differential competitive advantage. Identifying the targeted market will enable marketers to recognise the new potential for the target market. They can also analyze ways through which organizations can differentiate their offerings by recognizing the social environmental concerns. Doylen and Stern (2006, p. 124) point out that segmenting the market in an effective way can enable marketers to achieve a competitive advantage in the digital era. Marketing segmentation is a better way for maintaining position in the market, but it calls for effective implementation and thinking of better ways of segmenting markets. The marketers should understand the needs of customers in the targeted market. This is through carrying out marketing research in order to understand the lifestyles of customers, their needs or expectations. Market segmentation is effective marketing strategies that take into considerations the age, sex, religion and cultural aspects of consumers. However, markets should think about the way the way they can employ this strategy and merge it with the new product innovation (Rivard, Raymond and Verreault 2006, p. 48). The marketers can deliver products that meet the expectations of consumers in the targeted market. They can transform the brand features into suitable pricing strategy. This is essential because it can improve their products in a manner, which is irrelevant to the expectations of consumers. When designing brands, organisations should need to attach them to expectations of customers. This means that they should segment the market in a manner that reflects the lifestyles of customers. This is essential because valuable brands can truly deliver continued profitable growth. Many companies in the contemporary, competitive environment employ CSR (Corporate Social Responsibility) as an effective model or achieving sustainable responsible business. CSR is a self-regulating mechanism that companies employ in monitoring business. Organisations ensure that CSR comply with the required regulations, international norms and ethical standards in business activities. Marketers should understand the significant of CSR in the competitive market. This is because the CSR model is an effective tool in organisations because it plays vital roles in building the loyalty of customers, since it focuses on ethical standards. Marketers striving to employ unique selling position strategy can employ CSR as a means for building their reputation and integrity in the market. Organisations can use benchmarking as a strategy in the implementation of CSR. Benchmarking requires organizations to measure and evaluate the effects that the organisational policies will have on the environment. It also requires the company to review the competitors’ CSR initiatives and figure out the way consumers understand the CSR concept. For instance, the diagram below indicates CSR as a value creation and its benefits in promoting sustainable business. Figure indicating CSR model and its benefits Marketers should understand the way they position their marketing offering; hence, they need a lot of efforts in finding out the choice of consumers and the place they carry out their shopping. This will enable them to figure out the way they can design the products at a price that are effective for them. In this process, marketing mix is one of the effective strategies that marketers can employ when thinking of the way to act in the competitive market. The marketing mix is a strategy that enables the marketers to deliver the products to the market that meets the needs of customers. The marketing mix takes into considerations 4Ps’ the product, place, price and promotion (Ashill, Nicholas, Mark and John 2003, p. 451). These 4 P’s are essential because they can enable marketers to make effective decisions on the way they can deliver brands to the market. In conclusion, marketers should employ effective marketing mix and a wider media strategy. This is essential because it provides marketers various advantages including increased financial savings and continuous engagement with customers. Marketers should focus on a strategy that can enable them to increase their financial savings and maintain their position in the competitive market. Competitive positioning strategy is one of the effective ways of sustaining a position in the market. Marketers should differentiate products and add value to their products. They should understand the effective distribution channels and media services effective for communicating about the available products in the market. Employing CSR model, marketing mix, segmentation strategy and understanding the need for cultural change are among the ways through which marketers will sustain their position in the market. Bibliography Ashill, Nicholas J., Mark Frederickson & John Davies, (2003). Strategic marketing planning: a grounded investigation, European Journal of Marketing, Vol. 37(3), pp. 430-460 . Ataman, M. Berk, Harald J. Van Heerde & Carlf F. Mela, (2010). The Long-Term Effect of Marketing Strategy on Brand Sales, Journal of Marketing Research, Vol. 47 (October), pp. 866-882. Athaide, Gerard, and Harsha Desai. 2005. "Design and Implementation of an Interdisciplinary Marketing/Management Course on Technology and Innovation Management". Journal of Marketing Education. 27 (3): 239-249. Barney, J.B. (1995). 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