Modern Marketing Strategies - Essay Example

Modern marketing strategies as responses to how consumer satisfaction of their needs and wants by Student’s Name Code+ course name Professor’s name University name City, State Date One great need for managers is to understand business and to develop marketing strategies and programs for their services and products. The success of a business is based on the ability to build a growing marketing strategy that satisfies the customers. The modern strategies of marketing are built around the concept of marketing which makes the managers and directors to focus on identifying the needs of a customer and satisfying them, mostly at a profit. Putting the interests of a customer first are the most popular phrases used by companies from large retail businesses to small scale businesses. Any marketing strategy or program has a chance of being productive if it is well timed and designed to solve problems of their customers and those of the potential customers. The marketing is however carried out in a way that customers will easily understand and trust the quality of the products and services. It is not surprising that the traditional marketing strategies are no longer effective in reaching out to customers and to potential consumers. The people are tired of emailing, texting and online marketing as ways of marketing and they are going to an extent of blocking such emails through spam filters. Therefore the intention of this discussion is to bring out the modern marketing which marketers are using in order to respond to the needs of the consumers in order to offer high quality services and products. The modern firms cannot count on push marketing strategies if they want to survive in the modern competitive business environment. They have to use inbound marketing strategies and pull their clients to them[Jef12]. There are various reasons as to why businesses adapt marketing strategies which follow the behavior of the customers. First, there is a growing economic globalization around the world. As it is being said, the world is a flat small village in the modern days. This means that the businesses must engage in modern marketing strategies to offer products and the marketing campaigns in order to appeal to a wide base of marketing. Therefore globalizations creates a market that is diverse that differs in culture, income, tastes and preferences, ethics, attitudes and identities. Globalization has introduced complexity in marketing sector since corporations have learnt various important factors for the designed products that satisfy different needs and wants of the consumer. It is important to note that diversity in marketing has introduced the concept of mass customization and differentiation. Globalization has therefore created uncertainty in regards to the actual wants of the consumer[JMc12]. The number of consumers is yet another reason that takes a considerable effect on the kind of marketing strategy that is to be used since there will be a large amount of information that is to be delivered to the consumers if they are many. This means that the marketers must put up in place an intelligent system for consumer that is able to deal with the large marketing information. Accurate information lets companies occupy a better and advantageous position in the market. Similarly, the consumers will make well thoughts out of the marketing strategy. The customer who wants to purchase a certain commodity in the place of the market will easily find the product’s bundle and therefore make a purchase if the price is affordable. A market that is transparent is a place that has information readily available to the consumers and hence creating an environment that the consumers can easily find their optimal consumption bundle. This reason for promoting the modern marketing strategy, the company will be able to identify optimal choices and hence be able to monitor the consumption psychology of the consumers. This way a company will be able to know a product that is not popular among the consumers and hence the tastes of the customers will be a priority since the consumers will be able to test every product[CSu12]. Another reason that makes the marketers adopt the modern marking strategy in regard to behavior change among the consumers is hyper differentiation. This is an aspect that needs some consideration of the behavior of the customer. The choices of products are increasing on every day bases in the market and to top on that, the increased choices have mini categories. Hyper differentiations mean that a business firm is able to produce various categories of products that the consumer may potentially want. A good example is the food company which may sample various ingredients, change packaging and color and even introduction of various support programs. Therefore, hyper differentiation calls for companies to consider various products that the consumer may prefer to consume from a wide range of items. During earlier days, corporations have been using marketing strategies that follow national, regional and cultural differences. Customization is the modern marketing strategy that is used to reach out to the consumers. Customization follows that individual behavior strive to get products that appeal to the needs of the people[JKC12]. Customization will frame products to a single consumer’s specific needs; an example of this is where productions of goods and services take place to meet the orders of the individual. This is a common strategy especially in the food and craft industry where it is important for the producer to note that such kind of production will take place along the line of products that are produced and which the business is able to provide[FHa13]. For example, in the fast food industry, people order for foods that have specific ingredients and spices. Businesses have invested in various kinds of customization. For businesses to face large customization the business must change styles in various environments in order to satisfy the tastes of the local and international consumers. All businesses should focus on future development of strategies that would ensure that the firm remains on the competitive edge in the market; it is profitable and sustainable in the long run. The company should seek the ideal plan it therefore should consider the objectives, specific situations, opportunities and resources. A portfolio analysis should therefore be able to give strategic support to complete the stipulated strategies. This would gain attractiveness to many business organizations. Market- product analysis is another method that is used in marketing strategy. Key elements comprehend what a firm is producing and the attractiveness in the future market. The market-product analysis includes the assessment of the size of the market and the rate of growth of that market. The analysis measures the profitability of the market, the cost structure, trends and channels of distributions and core factors of success. Market-product analysis helps companies understand their strengths and weaknesses to and against the firm’s opportunities and threats. Another mechanism is changing prices to suit the needs of the consumer (Clemons,2012). The two companies that I picked from ASX 200 are A-CAP resource Limited and ALS Limited. A-CAP resource Limited is an organization that has incorporated the modern marketing strategies that has led to its success. The company has incorporated the multimedia platforms that have enabled it to leverage a high content of information to their customers. The multimedia marketing strategies have enabled A-CAP resource limited to be in a position to have end to end solutions to what they produce, optimizing and targeting their market. By combining the world’s largest multi channels and optimized networks the company is able to get to the large number of customers across the world as these allows a continuous and comprehensive flow of work and platforms. The multi-media network allows the company to engage in its daily production and opportunities in every corner of the world. ALS Limited is yet another organization that has put in place modern marketing mix that have facilitated to its success. The organization has used the pricing marketing strategy that helps in reflecting the image and the needs of the consumer. The organization has ensured that the up market products come along with premium prices. The organization has used the cost plus pricing technique where the organization ensures that the cost does not surpass the cost that is charged on a certain product and services[Edw13]. The writer’s opinion is that marketing is a technique that is used by companies and it is customer oriented and usually has positive impacts on businesses. It enables the firms to improve the quality of goods and services that they offer to their customers. This further goes to improvement of the living standards of the people by offering a wide range of products and services and by treating the customers as king. Many organizations have therefore engaged in marketing research which will enable them to make the best decisions concerning the type of products, pricing policies, channels of distributions and sales promotions which greatly promote the strategies to be used in order to achieve their goals and the same time satisfy the consumer needs and wants. Reference list Jef12: , (Hayzlett, 2012), JMc12: , (McDermott, 2012), CSu12: , (Suelin, 2012), JKC12: , (Collins, 2012), FHa13: , (Harris, 2013), Edw13: , (Jimson, 2013), Read More