Bus104 Introduction To Marketing Answers Assessment Answers

Answer:

The business world is a constantly changing one and it is seen that the strategies and the tactics that proved useful in the earlier times are ineffective in the present times (Baltes, 2015, p. 111). This can be attributed to the fact that the world itself is a constantly changing one with significant advancements made in fields of science and technology almost on a daily basis (Baltes, 2015, p. 111). In addition to this, the changing needs of the end users of the products or the services offered by the business enterprises is another factor which has made it imperative for the organizations to take the help of new strategies and business idea (Stone and Woodcock, 2014, pp. 4-17). In this particular context, the innovative tool of digital marketing is the one that has not only helped the various organizations to meet the requirements of the modern day business world but at the same time has helped them in the process of the growth of their organization in a significant manner (Stone and Woodcock, 2014, pp. 4-17). This essay will discuss about the manner in which digital marketing has emerged as one of the biggest tools within the machinery of marketing itself and also the manner in which this particular tool can shape the future business world.

The process of marketing generally refers to the series of actions that the various organizations undertake not only for the promotion of the services or the products offered by them to the customers or the end users but at the same time for the actual sale of them from which they derive their maximum revenue (Taiminen, and Karjaluoto, 2015, pp.633-651). Furthermore, the machinery of marketing also requires the various organizations to conduct diverse kinds of market researches and at the same time to analyze the results of the data or the information that they have derived from these market researches. It is important because of the numerous benefits that these market researches as well as data analysis provides to the diverse organizations (Taiminen, and Karjaluoto, 2015, pp.633-651). Firstly, these marketing researches help the organizations to understand the current marketing trends and design the products or the services that they are offering on the basis of this particular factor (Järvinen and Karjaluoto, 2015, pp. 117-127). Furthermore, they also help the concerned organizations to set the quality parameters as well as the prices of the products or the services on the basis of the results that these organizations have derived from the various marketing researches. In addition to these, it is also seen that the customers of the present times have become a very fickle lot and they normally expect the products or the services to offer diverse kinds of benefits (Järvinen and Karjaluoto, 2015, pp. 117-127). Furthermore, the wide range of options that are available to the diverse customers has at the same time made it difficult for the various business enterprises to attain a significant amount of competitive leverage over the competitors. The various marketing researches are thus conducted with the inherent desire to understand the expectations and the demands of the customers in the most pertinent manner so that the products or the services offered by these organizations can integrate them within themselves in the most effective manner.

Globalization and the advancements in technology are considered to be the most important factors which have significantly changed the world of business in the recent times (Kannan, 2017, pp. 22-45). It is no longer enough for the organizations to operate their business in the domestic market of one particular nation using the traditional precepts of the world of business (Kannan, 2017, pp. 22-45). It is a reflection of this particular fact that the various business enterprises are increasingly taking the help of diverse kinds of new ideas for the process of their business operations not only in terms of the strategies that they follow but at the same time for the wide range of services or products that they offer to the customers or the end users of the products or the services offered by them. One of the most important tools that had gained a significant amount of prominence in this particular regard is the tool of digital marketing.

Digital marketing commonly refers to the use of the electronic media or the diverse kinds of new technologies by the various business enterprises for the process of marketing of the products or the services offered by them to the customers (Stephen, 2016, pp. 17-21). Broadly defined the tool of digital marketing is the use of the digital technologies more pertinently the use of the internet and other relevant sources which are increasingly being used by the various individuals for the process of not only advertisement but at the same time for the conduct of diverse kinds of market researches which are likely to help these organizations to understand the expectations of the customers from the products or the services that they are opting for (Karjaluoto, Mustonen and Ulkuniemi, 2015, pp. 703-710). The individuals of the present times are increasingly becoming dependent on the various forms of technologies and more particularly the internet for dispensing their day to day activities. According to an estimate more than 93% of the population of the world take the help of services provided by the internet in their day to day activities in addition to more 59% population of the world which actively takes the help of the social media tool of Facebook for the process of interacting with their friends and family members from the diverse parts of the world (Kannan, 2017, pp. 22-45). It thus becomes the use of this particular technology for the purpose of the promotion of the products or the services offered by the various organizations and also for conducting diverse kinds of market research are likely to help these organizations in the significant manner for the process of their business.

One of the best advantages of the use of the social media tools and the internet for the process of advertising and market research is the fact that they are not only inexpensive compared to the other tools of advertisement used by the organizations since the traditional times like the newspapers, television, radios and others (Tiago and Veríssimo, 2014, pp. 703-708). In addition to this, the various social media tools and the internet also enable the various organizations to reach out to a much larger customer base (Tiago and Veríssimo, 2014, pp. 703-708). It is a reflection of this particular fact that the majority of the business organizations of the present times are increasingly taking the help of the internet and the various social media tools for the creation of diverse kinds of brand and fan pages wherein they not only provide information about their organization and their history but at the same time about the products or the services offered by them. In addition to these, the fan or the brand pages at the same time provides the opportunity to these organizations to promote the products or the services that they would be launching in the business market in the future time way in advance of their actual launch (Leeflang et al., 2014, pp. 1-12). This is really important since it not only helps in the promotion of the services or the products that would be launched in the future times in the most effective manner but at the same helps in building an anticipation among the customers about the product or the service that would be launched in the future times.

Brand image is another factor which the use of the concept of digital marketing helps the diverse organization to attain (Ryan, 2016, pp. 45-54). In the present times it is seen that the customers have become very conscious about the brand image of the organizations whose products or services they are opting for. The various organizations are thus required to place the kind of advertisements not only about themselves, the kind of Corporate Social Responsibility (CSR) activities that they are undertaking and also the products or the services offered by the customers that are likely to portray them in the positive light (Ryan, 2016, pp. 45-54). It is a conglomeration of these factors that the organizations like Amazon, Uber and others which use the process of digital marketing extensively in comparison to the organizations like Woolworths Limited, Wesfarmers and others have been able to attain a significant amount of success in the recent times (Kannan, 2017, pp. 22-45).

The benefits that the use of digital marketing provides to the various organizations and also the customers indicates the fact that this particular marketing tool is likely to have a prominent importance in the future times as well (Stone and Woodcock, 2014, pp. 4-17). Furthermore, the extensive research that is being conducted in these genres indicates that various new innovative ideas and technologies are likely to get integrated within this particular tool and thereby make it more diversified in the future times (Stone and Woodcock, 2014, pp. 4-17). However, at the same time it needs to be said that just the use of this particular tool is not enough the organizations need to ensure that they are using it in an effective manner (Ryan, 2016, pp. 45-54).

To conclude, the traditional forms of marketing used by the various organizations had various limitations. The tool of digital marketing intends to cover up these limitations and offer a better kind of alternative to the organizations for the process of marketing. In addition to the inexpensive nature of this particular tool regarding cost and also the wide number of people that this tool enables the organizations to reach encourages the various organizations to take the help of this particular tool for the process of marketing. Thus, it can be said that considering the extensive benefits that this particular tool provides to the organizations for the process of marketing this particular tool will grow in the future times as well and will be used extensively.

References

Baltes, L.P., 2015. Content marketing-the fundamental tool of digital marketing. Bulletin of the Transilvania University of Brasov. Economic Sciences. Series V, 8(2), p.111.

Järvinen, J. and Karjaluoto, H., 2015. The use of Web analytics for digital marketing performance measurement. Industrial Marketing Management, 50, pp.117-127.

Kannan, P.K., 2017. Digital marketing: A framework, review and research agenda. International Journal of Research in Marketing, 34(1), pp.22-45.

Karjaluoto, H., Mustonen, N. and Ulkuniemi, P., 2015. The role of digital channels in industrial marketing communications. Journal of Business & Industrial Marketing, 30(6), pp.703-710.

Leeflang, P.S., Verhoef, P.C., Dahlström, P. and Freundt, T., 2014. Challenges and solutions for marketing in a digital era. European management journal, 32(1), pp.1-12.

Ryan, D., 2016. Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.

Stephen, A.T., 2016. The role of digital and social media marketing in consumer behavior. Current Opinion in Psychology, 10, pp.17-21.

Stone, M.D. and Woodcock, N.D., 2014. Interactive, direct and digital marketing: A future that depends on better use of business intelligence. Journal of Research in Interactive Marketing, 8(1), pp.4-17.

Taiminen, H.M. and Karjaluoto, H., 2015. The usage of digital marketing channels in SMEs. Journal of Small Business and Enterprise Development, 22(4), pp.633-651.

Tiago, M.T.P.M.B. and Veríssimo, J.M.C., 2014. Digital marketing and social media: Why bother?. Business Horizons, 57(6), pp.703-708.