Marketing Management Contemporary Issues
Marketing Management Contemporary Issues
Branding is the act of giving particular image and name to a product that reflects the consumer’s mind and identifies the seller’s products and services. It is carried out through various processes including advertising. It is important when starting a new company since there has to be a correct branding for the enterprise’s products. Branding has various aims including attracting and maintaining prospective customers to the organization. It differentiates one product from another hence it is a primary tool in a competitive market as it differentiates organizations products from that of the competitors. The customers know what to expect from the goods and services through branding.
Various Irish and International organizations carry out branding. The first step is to come up with the brand strategy. Dale Farm Limited Company in Ireland is one of the major companies branding their products. It deals with dairy products especially milk. They develop their brand through Dairy Milk Megabrand. A megabrand is designed by choosing products based on their compatibility with the brand identity like in the Cadbury dairy milk there are standalone products like Wispa and Caramel. These products have distinctive features hence to have them incorporated require a strategy. This plan must be communicated. Coca-Cola Company brands through advertisement. It relates its products to global commemorations and events like in 2010 FIFA World Cup.
Companies brand their goods with various aims including; to connect with prospective customers emotionally, to encourage the buyer to purchase the product, it improves customer’s loyalty, confirms the organization’s stability and credibility and directly inform the customers about the products (Morgan, Robert, and Nigel, 1).
These objectives require a better knowledge of the demands and needs of organizations prospects and customers. Branding link several products since you can have one brand name for each product or service provided hence purchase of one product lead to the procurement of the other.
It improves the image of the organization since a branded business appears to be more experienced in the market hence more reliable and provide quality products and services. Customers recognize and are loyal to the organization when they realize its products are branded. Disadvantages of branding include; brand identity is hard to maintain as it is expensive to design, and also when being changed. Brand building is expensive as the customer bears this cost, which makes the brand be perceived in a negative way.
Strategic marketing requires comprehensive buying process that involves engagement across entirety by making salespeople viable to opportunities faster. This requires digital marketing. It takes a continuum approach. It develops a communication platform and enhances distribution platforms whereby the organization acquires prospective buyers.
Digital marketing boosts business operation plan as it has a content marketing strategy that plays a significant role in the company. For instance, it rolls up the overall brand location to allow adequate expression and messaging across the enterprise. Furthermore, it offers distinct company value throughout its operations, ensures company’s position in the marketplace by views of the prospective buyers. Digital marketing also guarantees the company has measurable and achievable goals hence metrics are committed to these objective through online market share. Customers get the best online services through engagement to business since there is active communication between the company and buyers (Morgan, Robert, and Nigel, 1).
Medium term future marketing plan depends on the digital marketing strategies in certain basis since this program looks at the future. Digital marketing helps in future marketing communication and enables the company to compare where it is now and where it wants to be in future. Digital marketing reveals whether the organization is achieving its intended objectives as time goes by. It identifies future challenges and keeps on trialing new approaches to encounter the challenges.
Customer Relationship Marketing (CRM) is a significant shift in marketing since it brought a change in business thinking and a new marketing paradigm. It was known as Relationship Marketing but shifted to CRM. Companies could now retain customers for longer periods. This shows a change in the long-term relationship from transactional marketing. It created significant parties and showed how this relationship can be on one shifted to a one-to-one basis. CRM confirm that customers are not equal and are treated separately. It technologically drives hence involves customers’ centricity.
Customer Relationship Marketing (CRM) is a traditional practice dressed up as a new thing. This because it recognizes the long term values of marketing and involve traditional transactional marketing approach like focus on customer satisfaction. In traditional marketing concept designed fifty years ago, major concerns were on customer needs with the aim of improving profit of the firm like by customer orientation and integration. All these were informing of relationship marketing before it was renamed as customer relationship marketing.
Transactional marketing is business practices that focus on a single sale. It does not intend to improve the relationship with the buyer but maximizes the volume of individual sales. It is therefore not practiced by companies as it does not involve building a long-term relationship with the company and its customers. It focuses on price hence despises other factors like quality and competence of the product.
This results in price wars. It does not emphasize on reputation-building since transactional buyers lack brand loyalty. It makes acquisition of new customers costly. Transactional marketing lowers the return on investment since the products are priced with the aim of making a profit. It depends on the economic boom, which provide better budgets and higher demands for products and faces challenge during slowdowns like a drop in profits. These makes transactional marketing outdated therefore not preferred by many businesses.
There as to be an ethical marketing strategy in a company to guide their pricing and other factors. The presence of essential needs for the expanding global market, low material and labor cost and improved technology in communication has led to a negative impact on the business community. All these have led to criticism of the multinational companies. There has been exploitation of foreign workers. Expansion of globalized business leads to exploitation of foreign workers, massive destruction of natural resources and the erosion of local cultures.
Life brought by globalizing organizations is always insensitive to local customs and immoral like in the case of the reaction of Muslim fundamentalists to western products and corporations. The competition in the development of the good without solving the existing problems like conflict lead increased legal warfare, bloodshed and weak relationship like in the killing of the priests in Africa, bombing of the Trade Towers and ransoming of business people in Colombia.
Corporate Social Responsibility (CSR) is integrated into the business model. It is the process taken to assess and respond to company’s effects on social well-being and the environment. It emphasizes on environmental protection. Companies must have costs meant for it. These costs do not provide immediate financial benefit to the company but impact positively on social and environmental change (Morgan, Robert, & Nigel, 1).
Modern marketing involves CSR in their operations. There is an increase in social entrepreneurship to respond to social responsibility matters. Entrepreneurial skills are applied to achieve the social change targeted. Many companies come to realize that greater opportunities exist if they cooperate with the public. Marketing is always the center of the organization and the public when various issues arise. Marketing organizations are not just sellers of products but also have a social responsibility like on issues concerning the people and the environment. These values are enforced by everyone involved in an organization like the suppliers if raw materials and eventually the retail stores who distribute the goods to consumers. CRS in the modern market is exhibited when business partners manifest it in support of social activities that help the community. Like when marketers sponsor charity events like in health matters.
Morgan, Robert, and Nigel Piercy. “Role Uncertainty and Marketing Performance in Service Firms.” Proceedings of the 1993 Academy of Marketing Science (AMS) Annual Conference. Springer International Publishing, 2015.
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