Importance of Current Marketing Trends
Over the years, marketing has been viewed as a business activity. And although marketing has an important business aspect, it involves a wider range of activities and organizations that are not interested in making profits. That is why it is important to consider the broader perspective of marketing when evaluating the importance of current marketing trends in the 21st century https://super-essays-service.com/
Essentially, marketing has so far evolved within five exact steps of development. It has begun with simple trade era progressing within thousands of years through the production, sales, and the marketing department and company periods. Therefore, this evolution illustrates the importance of considering the marketing trends at any given time for successful marketing, products manufacturing, and sales management. In fact, despite having started much earlier, marketing as a topic first appeared in the America during the early years of the 20th century in the teaching of distribution courses. Wholesaling and retailing dominated any lessons on marketing management during this era. Arguably, the importance of the prevailing marketing trends has always depended on the fundamental marketing mission: to sense the unfulfilled needs and create new and attractive solutions.
Old and New Marketing Strategies
As suggested above, marketing in the 21st century is fundamentally different from its earlier beginnings. The current marketing trends have created more choices for marketers in terms of support, communications, and media opportunities. Modern trends have also started competition from various sources by creating an online environment where companies around the globe can compete virtually. With regard to more communication choices, companies and marketing agencies have access to traditional marketing tools such as television, radio, and newspapers. At the same time, marketers have online instruments such as the social media. Numerous studies have demonstrated that more choices are always advantageous since they create opportunities for marketers to connect with more people in new ways that were not possible before. However, availability of more communication choices also creates challenges in marketing management since it makes it more time consuming and sometimes costly to stay on top of the options. Nonetheless, the tried and true marketing techniques still work despite the new opportunities available for marketers. However, the level of success of a marketing strategy depends on the ability of the marketers to identify a target market, understand its needs, and communicate compelling business messages through multiple channels.
To continue, the availability of more creative options makes it more critical to follow the current marketing trends. Nowadays, it is almost impossible to make decent sales through marketing of products or to sense the unfulfilled needs and create new and attractive solutions without relying on technology. Undoubtedly, technology has revolutionized the way that people receive information. Consequently, the dynamics of marketing management have drastically changed as a result of the proliferation of online businesses and social media. The rapid evolution of portable communication devices that allow quick and targeted access to millions of consumers creates new channels of interaction with organizations and products.
Role and Concept of Marketing in Business
In essence, the availability of new forms of seller-buyer cooperation in the information age driven by developing technologies has created a shift in marketing trends and changed the purpose of marketing. Although some may question whether the role of marketing has actually changed over the years, its development has demonstrated that marketing has evolved from product oriented concept in the 1900s to being more selling focused by the early 1920s. Similarly, the role of marketing post-Second World War into the 1990s changed from products sailing to embracing provision of customers’ needs. Numerous scholars have gone further to emphasize the reality that the role of marketing continued developing after 1990s. Rather than to merely address itself to the provision of products and services that cater for the wants and needs of the customers, the role of marketing shifted and became more focused on establishing and sustaining consumer relationships. To date, marketers are still engaged in establishing and building such loyal connections.
Influence of Technological Development
Although one cannot attribute the change in the role of marketing trends solely to change in engineering, the corporate attitudes towards the importance of marketing and marketing approaches, as well as the power factors in buyer-seller interactions, have correctively been inextricably modified by the swiftly changing technologies. Technology has availed not only more channels for sharing targeted marketing messages but also more graphical and fast selections for creating these messages. Unlike before, marketers can use a broad range of tools to enhance audio and visual communication through sound, graphics, and movement or animation. Moreover, availability of relatively cheap quality cameras means marketing personnel can create media adverts hence saving time and money. The new level of control enjoyed by the marketing department ensures that the quality of produced advertisement materials complements the desired brand image.
That notwithstanding, word of mouth has always been and continues to be an important factor in effective marketing efforts; moreover, social media has made this method a more critical factor. Consumers can interact with millions of potential customers across the globe unlike before when sharing information only occurred over the backyard fence. In essence, one happy customer can market the products or services not only to their close friends and neighbors, but also to millions of other people around the globe. At the same time, the impact of negative publicity and consequent meltdown are also painful and potentially costly if customers share their dissatisfaction with products or services through the social media.
Evidently, bringing the marketing industry to a revolution the technological development has created new products with high demand rates. According to Conick and his American Marketing Association article, the technological appliances become an inseparable part our lives really fast. After CES 2017, experts consider Virtual Reality appliances, 3D audio, and Smart Home technologies are going to attract a huge amount of consumers’ attention and bring huge sales rates to the companies in the nearest future. Therefore, in order to use the new opportunity, marketers will definitely have to adjust their approaches to the new gadgets and techniques.
In addition to significantly influencing the power dynamics in the buyer-seller relationships, current marketing trends have also created more consumer choices. Growing availability of internet around the world has created a new business environment in which the smallest organizations can establish a regional, national, and sometimes international presence. Consequently, more competition for companies from many sources is now easier since competition is not only expected from the store across the road but also from across the entire world. In fact, globalization, hyper-competition, and the Internet are the current marketing trends that have reshaped markets management and businesses. Among others, these three dynamics have far reaching effects on marketing. For instance, all the three forces cultivate cost differentiation strategies by increasing downward pressure on prices.
Product and Competition Development
Under globalization, organizations’ marketers have to move their production to cheaper sites so as to make it possible to bring products and services into a country at lower prices than those offered by the already established businesses and domestic sellers. On the other hand, hyper-competition speaks to the reality that modern marketing trends have increased the number of suppliers competing for the same customer. According to the law of demand and supply, an increase in supply always leads to reduced demand which, in turn, leads to price cuts. As the third force, the internet has made it possible for consumers to compare prices in real time hence moving to the lowest cost offer on similar products or services. Overall, globalization, hyper-competition, and Internet have created new marketing challenge for marketer while at the same time creating more attractive solutions to people’s needs. That means marketing management department have to find ways to maintain competitive prices and profitability in the face of the current macro-trends.
Consequently, the current trends indicate that it will be impossible for companies to hold on to their customers if they are unable to lead in offering the most value. Apparently, marketing management team will have to develop better branding, differentiation, and targeting strategies to remain relevant. In fact, any marketing department that cannot find new opportunities ought to be fired before it brings the entire company to its knees. Lastly, although some world regions seem to prefer becoming more integrated and more protective, this strategy is unsustainable in the long term against a substantial deterioration of value and the current macro-trends.
In sum, the importance of current marketing trends in the 21st century in ensuring business success in a hyper-competitive business environment is enormous. Despite the constantly changing trends, all marketing strategies revolve around sensing the unfulfilled needs and create new and attractive solutions. The importance of current marketing trends is in their ability to create more choices for marketers in terms of support, communications, and media opportunities. Marketing functions have become more diluted with information technologies that are increasing the downward pressure on prices. Apart from influencing marketing strategies, technological development affects the products developed by companies. Finally, it is clear that consumer habits and behaviors will direct the continuous evolution of the marketing role irrespective of whether it is driven by globalization, technology, hyper-competition, or other trends.
