MARKETING

Emerging Marketing Trends

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Emerging Marketing Trends

Introduction

As the businesses are evolving is getting more and more complicated, rapid development and expansion has become necessary for survival and success. In this era of globalization where companies are seeking international markets, marketing plays a critical role towards positioning a business while giving it a strategic direction. The heart of a business rests in the successful marketing umbrella broadly covering advertising, public relations, promotions, and sales. Marketing is the art of introducing products or services offered to the customers and the success entirely depends upon the planning and execution. A business may offer the best product in the industry but if they are not marketed and served wise to the customer, the business would eventually collapse. Marketing involves creativity and strategy to target prospect customers and cater to their diversified preferences. It is a crucial process to boost sales, build brand name and product recall while promoting awareness amongst the customers (Fahey & Lloyd 2000, 167-183).

Entrepreneurship and marketing activity have been around for a very long time and its role is still central to direct a business in the desired direction. During the industrial revolution in nineteenth-century Britain the term entrepreneur was used to describe the individual who formulated a venture idea, developed it, assembled resources, and created a new business venture. At all stages, the entrepreneur was seen as a key figure responsible for operating within a market. All of this thinking, almost ten years on, is relevant to the world the entrepreneurs and marketers find themselves in today (Riedman 2011, 15).

Discussion

This social entrepreneurial activity is also reflected in its impact on marketing. The concept of marketing as understanding, creating, communicating, and delivering each stage can be associated with the new business model. Understand implies responding to customer's views on the environment, stimulating interest in customer segments, linking to values (organization and customer). Creating means production processes (pollution), production conditions for workers, materials used, waste, characteristics of products, e.g. energy efficiency, innovation of new “green” products, e.g. wind, wave energy. Communicating involves accuracy of advertising claims, labeling, use of recyclable materials while Deliver infers carbon footprint, packaging (amount, type), waste management (ability to recycle), service agreements/guarantees (longevity) (Fahey & Lloyd 2000, 167-183).

Scope of Marketing

As the scope and importance for marketing is rising while becoming more and more crucial, costly, and a complex process. The world is progressing, the needs of people and their preferences are evolving, and to keep pace with the rapidly developing customers demographics is the key to marketing techniques. Philip Kotler rightly defines marketing as 'identifying and meeting human and social needs'. Identifying these needs has become a key element and yet, the most complicated and challenging part of the marketing strategies(Berner et al 2005, 86-89).

Emerging Trends in Marketing

Creating a business strategy has always been one of the key tasks and manias of any business enterprise, but they fundamental element is to develop winning strategies that enjoy guarantees of success over the medium and becomes a true ...