The 21st century offers many choices for marketing communications. Companies sti
ID: 2733239 • Letter: T
Question
The 21st century offers many choices for marketing communications. Companies still have access to traditional tools, such as newspapers, radio, and television, but also have a wide range of online tools, including social media. More choices are a good thing; they present opportunities to connect with more in different ways than ever before. More choices people on top of the many option also represent challenges, however. Staying available can be time-consuming and sometimes costly .
1. Based on the statement above, explain the concept of marketing in the 21st century by providing some relevant examples. What are the popular marketing medium used and the challenges faced by the companies? (6 marks)
2. From your point of view, what is the future of e-marketing? Provide your argument in relation to 5 P's of digital marketing such i e. pulse, pace, precision, performance and participation. (6 marks)
3. Do you agree with the observation that the global internet will drive styles, tastes, and products to converge and create a more homogenous global marketplace? Why or why not? (8 marks)
Explanation / Answer
1.Marketing in the 21st century is very different from its early beginnings. Today's marketers have more choices in terms of support, media opportunities, and communications. They also have more competition from varied sources, especially as the Internet has made it possible for companies around the globe to compete virtually.
Examples of marketing are
1. Trade show
2. Product placement in entertainment
3.Search Engine Marketing
4.Newsletters and articles
Challenges Faced are
1.Identifying Right Technology you need
2.Experienced Staff
3. Covering Global Market
4.Managing your Website
5.Within your Budget
ANSWER 2
1. ‘Reality optimization’ will become a thing.
2.. Non-digital ads will die.
3. Content feeds will become finely-tuned for each individual.
The fundamental five Ps of marketing are the best place to start looking for gaps in your small business marketing plan.
• Product. Your product--which also includes the service offered in service businesses--should solve an urgent need or pain for the customer. Your product needs the right features: It should be easy to use, visually interesting, and well-packaged. If you own a catering business, the team delivering the service as well as the food, are all considered the “product.” Make sure they have matching uniforms and are trained in how to speak to the customers, and ensure the food is nicely plated and properly served. Presentation is everything.
• Place. For local businesses, place matters. Often store-front businesses pay for prime locations so they can have the needed foot traffic. Doing your research is important. You want to be located on a highly coveted corridor, in a location that provides you easy access to the target customer. A residential cleaning company might open shop in a neighborhood instead of a business district. However, if you’re focused on corporate clients, then a commercial district is where you want to be. Not having the right location is a reason that many small businesses fail.
• Promotion. Write this down! Without proper promotion to attract your target customer, you won’t grow your revenue. Good promotion starts with a budget and marketing plan. Today, social media provides small businesses low-cost opportunities for marketing. If your customer is hanging out on Facebook and Twitter, you need to be there too, building a relationship that you will eventually be able to turn into commerce.
• Price. When pricing your product you must know four things: your cost, what the competition is charging, the standard markup or profit margin in your industry, and the value to the customer. Ask yourself this key question: “What will it cost the customer to not have what I’m offering?” If you can’t determine a perceived value, then you need to redesign or reposition your product. And don’t compete on price. A customer who’s deciding solely based on price is not a long-term customer and will switch to a neighboring business for just a few cents less.
• Profit. Profit is how we keep score in business. Specifically, it’s the difference between your cost of goods or services and the price you’re charging the customer. It allows you to grow the business, pay employees, and donate a few times a year to your favorite charities. Be sure you understand the margins typical for your industry. If you’re a food business, you would average a 20 percent margin, while a clothing retailer averages 50 percent. There are no hard rules on this, if you run your business efficiently, there’s no limit to your financial success.
ANSWER 3
The Oxford University Press defines global marketing as "marketing on a worldwide scale reconciling or taking commercial advantage of global operational differences, similarities and opportunities in order to meet global objectives. " The emergence of the Internet in the early 1990s and its gradual commercialization through the early 2000s would coincide with the globalization of media and cultural products. Brands around the world have since attempted to take advantage as well as keep abreast of the commercial, technological, and cultural trends around Internet marketing.
Time and Space Compression
The Internet's most obvious benefit is the elimination of geographic and time constraints. Organizations have quickly realized that operating costs can be significantly reduced by moving services from physical locations into the digital world. Employees can work remotely from locations hundreds or even thousands of miles away from office headquarters, delivering the same services to clients and customers as employees working on-site. Virtual help desks can be outsourced, allowing technical staff to log into online systems to assist customers located in distant cities, states, and countries.
This same immediacy applies to global marketing, as it allows brands to reach consumers in various ways and offer a wide range of products and services simultaneously. The scope and reach of the Internet is especially beneficial for companies looking to deliver public relations, advertising, and sales messaging consistently across a broad and diverse audience.
The costs of traditional media (television, radio, print and billboard advertising) limit this kind of reach to multinational markets. For small businesses, eMarketing opens up access to potential customers around the world, all for much less the cost than traditional advertising.
The Internet's accessibility and low barrier to entry enable anyone with an Internet connection to book a flight, test drive a service, or purchase a product with just a few clicks of a mouse. Moreover, the perpetual nature of the Internet makes business occur 24 hours per day, seven days per week, 52 weeks per year. By speeding the time between the delivery of marketing communications and the gathering of consumer responses, the length of the consumer buying cycle is reduced and the volume of lead generation is increased.
Demographics and Targeting
One of the biggest challenges of global marketing is not only communicating a consistent message and brand image, but developing a deep understanding of the cultural differences that separate consumer markets from one another.
Luckily for global companies, web monitoring and tracking tools have become increasingly sophisticated and offer insights into consumer behavior both online and offline. The nature of the Internet is such that users tend to organize themselves into far more focused groupings and in greater concentrations than in offline settings. For example, social networking websites and personalization features can offer valuable information for global marketers looking to access hard-to-reach and overseas markets.
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