Q. The world is changing at an increasingly rapid pace. These changes are having a major impact on the practice of marketing. Select one of the “change drivers” impacting the future of marketing. Describe the change and discuss the impact you think it will have on your professional life.
Marketing is the business activity which involves two parties i.e. the buyer and seller. Both party contributes to marketing by giving something of value and receiving something of value.
The modern marketing evolution has been driven by:-
- Customer experience
- Creative technologist
- Marketing management
Technology is playing important role in today’s world. We can’t imagine our lives without technology. Each and every sector requires technology nowadays. Technology has made human life easy by eliminating manual work.
In today’s world, it is very important for the organization to be successful and stand out of the crowd. This can be done by implementing innovative marketing strategies which can make the business successful both in short and long term.
It is very important for the companies to include digital media in their marketing strategies. In order to attract target audience and to create awareness among its customers, business should design marketing strategies which can give clear message to the public.
- Mobile marketing – large percentage of people use mobile phone in their day to day life. Promoting the product or service through mobile will be very advantageous for the business.
- Content marketing – Content can help in increasing the number of visitor in the site and increase the user engagement.
- Social media marketing – Social media gives opportunity to interact and communicate with the customers. It also helps in creating awareness and increasing brand value.
Social media plays important role in business. With the advancement of technology, people are using social media at their fingertip. They share their views, ideas, interact with people across the globe, etc. Business use social media for the purpose of marketing and advertising it’s products, services or brand.
Marketing and advertising are the two important aspects of business which focus on sale. Business use effective marketing and advertising strategy so that it can reach to its target audience. It also helps in creating awareness of the brand and product features.
Social media marketing is nothing but advertising or promoting the products, services or brand in social media like Facebook, Twitter etc. to reach the target audience for creating awareness. Social media plays important role in marketing and advertising.
- It covers large number of audiences globally.
- Social media helps in getting customers feedback.
- It helps in understanding customers perspective about the product.
- It helps in creating awareness about the brand and create positive views for the product.
The best way to market a product or item is by using social media. This can be done by
- Matching the social strategy with customers’ needs and perception.
- It is important to create right content like brand and user generated content. The content should be authentic and should be created in right volumes.
- Building network with people is important to understand what they think about the product or brand which can help in improving it in future.
- The information collected should be used effectively in business.
The technological advancement does not only impact the future of marketing but will also impact our professional life. Business use latest technology for following reason.
- To gain competitive advantage.
- It improve its communication system
- It helps in lowering the cost
- Tasks get completed easily and in time.
- Helps in expanding its marketing and advertising to reach out to large number of audiences through social media, emails, blogs etc.
These positive changes are reducing manual work and improving the quality of work performed by individuals. It is important for people to get good knowledge on latest technologies as most of the organization have integrated these technologies in their business functions. It will have great impact on our professional life in the future as it will make the job more logical and skill based rather than manual. Technological advancement will also increase competition among employees as companies would prefer candidates who will have good knowledge of technology. Thus, it is important to adapt to the change for betterment of our professional and personal life.