Marketing Tools That Can Help Marketers Capture Their Target Market Better - Term Paper Example

Becks Marketing Consultants Dr. ………………. UQ Marketing Department Respected Sir, It’s my pleasure to present the report on developing directing marketing tools that can help marketers capture their target market better. The report has been prepared in accordance with the guidelines and format provided by you. While preparing the report different materials which are available online are used. Along with it journals and theories along with examples has been used to compile the report. The report satisfies and looks into every detail that will help the marketer to improve the manner in which marketing will improve. The report is true to my knowledge and all details have provided is true. Yours Sincerely, (My name) CEO of Becks Marketing Consultants A REPORT DESCRIBING USE OF NEW DIRECTING MARKETING TOOLS FOR SMS, MMS, MOBILE PHONES & OTHERS; ALONG WITH THE BENEFITS & COST INVOLVED WITH EACH Executive Summary The different direct marketing tools provide marketer an opportunity to use the different tools to market their products. The development in technology has ensured marketers to use different tools like mobile marketing, SMS, MMS, ipods, and social media to ensure that they are able to tap customer. The paper presents the manner in which the marketing activities have shifted from the traditional methods to more sophisticated tools. This has ensured that marketing reaches a new platform as new marketing tools like mobile marketing ensures that the target customer is aimed at. This has helped marketers to gain advantage of the newer technology to penetrate the market. The paper also presents the manner in which the new direct marketing tools can be applied to different products and services and the maximum benefit will reap from which marketing mechanisn. It also highlights the benefits and cost involvd in each of the direct marketing tools. This presents the manner in which the marketers need to understand the marketing environment and based on it decide the tool they wil use in the future. Using the different marketing tool will thereby help marketers to improve the marketing strategy and will ensure that the resources are not wasted. This will help to improve efficiency in the marketing strategies and will ensure that the organization is able to retrieve long term benefits due to it. Table of Contents Introduction 5 Certificate Authorship 5 Purpose of the report 5 Scope & Limitation of the report 6 Consumer Buying Behaviour 6 Using Social Media for marketing 9 Products sold through social media marketing 9 Advantages of social media form of marketing 10 Disadvantages of social form of marketing 11 Mobile Marketing 12 Products that can be sold through mobile marketing 13 Advantages of social media form of marketing 13 Disadvantages of social form of marketing 14 Conclusion 15 Recommendations 15 References 16 Introduction The world has been using different media of communication to market their product. With the advent of technology; the growth in this sector has been phenomenon. The human world has been using different forms of media like mobiles, ipods, internet, sms, social media and other forms of media to advertise their product. The marketers as a result are looking towards identifying the different techniques and tols which will help to improve the marketing strategies. CERTIFICATIONOF AUTHORSHIP: I certify that I am the author of this paper and that any assistance I received in its preparation is fully acknowledged and disclosed in the paper. I have also cited any sources from which I used data, ideas or words, either quoted directly or paraphrased. I also certify that this paper was prepared by me specifically for this course. Student’s Signature: _________________________ Purpose of the report To identify the different direct marketing tools which is gaining prominence in the marketing world To identify the advantages and disadvantages the different direct marketing tools have for the marketers. To identify the different products that can be marketed through the direct marketing tools Scope & limitation of the report The report looks towards presenting the manner in which the new marketing tools like social media, mobile, SMS, ipods help marketers to market the product. To understand it various examples have been drawn along with the growth in the usage of these devices over the years. The report looks into the qualitative aspect of the new marketing tool but ignores the quantitative aspect as no survey is carried out to gather the information both from the marketers and the customers. Consumer Buying Behaviour Consumer buying behaviour “is a process of deciding what to purchase after analyzing various factors” (Tyagi & Arun, 2008). “It’s very difficult to find out what customers prefer as their behaviour is irrational” (Abraham, 2009). The buying habit depends on a lot of factors. This makes it tough for the companies to decide which all factors they will consider while making forecast. So, the job of the marketers increases. Marketers need to be very alert and even a slightest of information needs to be communicated else it will result in piling of huge stocks. It is important that marketers put in their best effort and try to understand what customers want so that the product can be designed accordingly. This has made it possible for marketers to use new marketing tactics due to development of technology. Using Social Media for marketing The usage of social media has also “strengthened the marketing as marketers use blogs to demonstrate their products where customers are able to understand the product better”. (Kotler, 2002) This helps to create a chain of customer. A higher customer satisfaction will ensure that more consumer purchase the similar product thereby increasing their bargaining power and will help them to ensure customer satisfaction increases. This will help marketing achieve the objective and ensure that relationship improves. A study has also shown that enterprise needs to spend time to improve the quality of service provided by reducing stress and freeing up time to come with product development so that it helps to improve the productivity and the financial figure (Lucas & David, 2008). The growth in social media for advertising is due to the growth in the usage which has 83% of the people in the age 13 to 54 using it (Blanford, 2009). This has made marketers look towards using this medium of marketing to ensure that the correct target base is aimed at. The user of social media is as follows Marketers use social media through different form to market their products. Some of the ways used by marketers are as follows You Tube: The growing importance of video marketing has caught the attention of both consumer and marketers. Marketers through this form of media ensure that the customer is provided complete and true information about the product (Lake, 2011). Face Book: Marketers by creating different account for the product or services are looking towards customer. This is helping marketers to ensure that they identify the potential customer and look towards tapping those by having a marketing program for the same (Lake, 2011) Twitter: Marketers are using twitter which is one of the fastest growing platforms for people to communicate. This has made marketers have a concentrated effort in this direction so that they are able to market their product (Lake, 2011) Products sold through social media marketing Every retail company is looking towards selling their products through the social media. Some of the industries which have a presence in are IT, telecom, Hospitality, Retail, Television, Fashion and others who are able to create a market for their product or services due to the widespread usage of the social media. The industries using the social media is as follows (Social Media, 2011) This is further substantiated by the fact that the following companies are planning to use social media in the future. The chart for it looks as follows (Social Media, 2011) Thus we see the growing importance of social marketing methods for marketers. Advantages of social media form of marketing Firstly, the marketing can be directed in such a manner that there is a one to one approach. This could help in direct selling and also solving the problem of the customer on a one to one basis. (Crocker, 2010) Secondly, the marketing process can be designed in such a manner that it arise specific interest of the customer. This will thereby enable to tap a wide market at the same time give the customer an opportunity to look at the different products being offered. (Crocker, 2010) Thirdly, the usage of internet marketing is cheap and can appeal to a lot more customer if the marketing program is designed in such a manner which gives maximum leverage. (Crocker, 2010) Fourthly, another advantage is that it helps to attract different segment of people with by targeting the correct customer base (ALK Solutions, 2009). People today want everything to be simple and easy. This has made more marketers look for newer ways to market the product. This provides an excellent opportunity to market it directly to the desired customer. Disadvantages of social form of marketing Forstly, social media form of advertiding might consume more time than the company expects as it takes time to create a network for people to get acclimatised with the new marketing form (Advantage, 2011) Secondly, companies need to understand the form of social media they want to use to market their products or services as using the wrong form could backfire and could result in loosing vital customers (Advantage, 2011). Thirdly, social media could affect employees productivity as employees instead of working might spend time on looking into the different sites. This could result in wastage of resources and might create a situation where the company looses (Advantage, 2011). Fourthly, another disadvantage is that competors might use it to exploit the company by posting wrong post into the blogs. This might affect the long term prospect as it will hamper the manner in which the organization wants to perform resulting in defame for the company (Tribby, 2010) Mobile Marketing Mobile marketing is another form of marketing marketers is looking to use with the changes in technology. With the increase in penetration level it provides widespread opportunities for the marketers to use this medium to advertise. Today there is a vast demand in developing countries as it helps to ensure proper marketing mix by the company. This is proving a vast market to cater to which is catching the marketers to use it more extensively. An example which highlights the usage of marketing through mobiles is the coffee shop where customers with a link on their the mobile can get a plastic card which is accessible through mobile so that the customer can pay the bill via that mode and at the same time receive updates and free gifts. (Butcher, 2009) This markting tactics makes more customers use the link thereby spreading awareness of the new marketing techniques. This will help the coffee shop to ensure that frequent visitors are given something in exchange. It will make the coffee shop realize the potential of the market. Martehers through this form is looking towards the following ways to market their products SMS marketing: Marketers are looking towards using the short message services through Cell Broadcasting Services (Mobile Advertising, 2011). Through this form of advertising the marketers can target those customers whom they think will like the product. MMS Marketing: Another development in the mobile marketing sphere is the use of multi media messaging (Mobile Advertising, 2011). This allows the marketers to send video message which can be creative thereby ensuing that the customer look at it. The growth in the interface of mobile though various applications like maps, games, in text messaging, multimedia has made it possible for marketers to look towards at ways to ensure that itcan be used to ensur effective marketing strategies (Zuheb, 2010) Products that can be sold through mobile marketing Since, mobile marketing is a form of marketing where the custoers are directly targeted therefore the products or srvices which can use this marketing medium needs to be determined tactfully. Some of the product and industry which can look towards mobile marketing is financial products, hospitality industry, banking, industrial products and some consumer products. Advantages of mobile marketing Firstly, Mobile advertising can be used one to one. The marketers can send message only to their target customer thereby ensuring that the markeing programme achieves their objectives. Secondly, Mobile advertising has an ease of reach as it can even reach far of customer at the click. This helps to ensure that a wide area is covered and helps the marketers to spread awareness about the product (SMS Marketing, 2011) Thirdly, mobile marketing helps to communicate privately with the customer as the message send by the marketers are directed directly to the cutomer. This helps to ensure that the message is directed privately to the customer (SMS Marketing, 2011). Fourthly, mobile marketing is economical as wide audience can be reached at a small cost. At the same time it is effective because people receiving the message open it and cannot be deleted as spam (SMS Marketing, 2011). Disadvantage of mobile marketing Firstly, it might result in invasion on the private property as people who receive the message might get irritated and might never purchase the product ever. His might result in creating a bad name of the company (Cons, 2011) Secondly, receiving too many messages from different companies might make the customer look towards a way of blocking such message by informing the telecom provider about it (Cons, 2011) Conclusion Different form of direct marketing is thus helping marketers to use the development in technology to their advantage. While determining the different form of direct marketing tool that will be used the markter needs to evaluate the benefits and cost involved with the same. This will help the marketers to understand the manner in which different tools can benefit the company. The marketers while deciding the tools to be used ned to lay stress on identifying the different products thjat can be advertised through a tool so that the corect tool is chosen. This will help to improve the efficiency of the marketing program and will ensure that the marketers are able to achieve their objectives. Recommendations The different direct marketing tools like SMS, MMS, mobile marketing, social media, ipods provide an opportunity for the marketers to use those and develop their marketing program accordingly. The marketers should look at the products they will advertise and based on it should draw the marketing program and tool to be used. The marketer should also ensure to use different tool based on their target market and should give time for the marketing took to reap the benefits as desired. This will help to check the defeciencies which might arise and using a strategy which identifies the tool will help the marketers gain maximum benefit from using the tool. Marketers thus by using the tool can benefit greatly and will be able to garner a bigger market and will be able to achive better marketing strategies. Reference ALK Solutions. 2009. “Opportunities with Microsoft Surface”. ALK Solutions, US Abraham, S. 2009. “Consumer behavior, evolution of preference”, Maastricht University Advantage. 2011. “Must know advantage and disadvantage of social media”. Retrieved on March 20, 2011 from http://blog.thoughtpick.com/2010/11/10-must-know-advantages-disadvantages-of-social-media.html Butcher, D. 2009. “Ink! Coffee launches mobile gift program”. Retrieved on March 20, 2011 from http://www.mobilemarketer.com/cms/news/database-crm/2807.html Blanford, R. 2009. “How to use social media for effecive marketing”. Retrieved on March 21, 2011 from http://www.suite101.com/content/how-to-use-social-media-for-effective-marketing-a122743 Crocker, S. 2010. “E- Business and marketing”, Free Marketing Zone Cons. 2011. “The Pros & Cons of SMS Marketing in South Africa”. Retrieved on March 21, 2011 from http://www.retail-tips.co.za/smsmarketing/pros&cons-smsmarketi.htm Kotler, P. 2002. “Marketing Management”, 11th Edition, page 147-149, Prentice Hall, India Lucas, B. & David, A. 2008. “Effective time management in organization”. European Journal of scientific research, Volume 24, Number 1, pp 12-18 Lake, L. 2011. “Social Media Marketing: Put it to work for you”. Retrieved on March 21, 2011 from http://marketing.about.com/od/internetmarketingstrategy/a/socialmediamrkt.htm Mobile Advertising. 2011. Different forms of mobile advertising”. Retrieved on March 21, 2011 from http://www.rylanclayne.com/mobile-marketing/different-forms-of-mobile-advertising Social Media. 2011. “Using Social Media Byond Marketing: Survey”, Retrieved on March 21, 2011 from http://www.techdivine.com/tdblog/2011/03/using-social-media-beyond-marketing-survey/ SMS Marketing. 2011. “SMS Marketing: Advantages & Diadvantages”. Retrieved on March 21, 2011 from http://headphones-cancelling.com/sms-marketing-advantages-and-disadvantages/ Tyagi, N. & Arun, P. 2008. “Consumer behaviour”, 1st edition, Atlantic, Pearson Education Tribby, M. 2010. “The advantages & disadvantages of social media”. Retrieved on March 21, 2011 from http://workingmomsonly.com/issues/the-advantages-and-disadvantages-of-social-media/ Zuheb, S. M. 2010. “Mobile Marketing: A Blooming Garden in the Vast Confines of the Internet”. Retrieved on March 21, 2011 from http://www.thesearchagents.com/2010/04/mobile-marketing-a-blooming-garden-vast-confines-internet/ Read More