According to the American Marketing Association, Marketing is defined as an activity, set of institution and processes for creating, communicating, delivery and exchanging offerings that have value for customers, clients partners and society at large. Marketing is used to create a need and a want for the consumer, by creating value for a specific protect. The Marketing aspect of a business covers many aspects covering advertising, sales, public image and promotions. Successful businesses all have effective marketing strategies, if the consumer base is not aware of the protect they shall never have a need or want for those particular protects. An effective method used to create the want and develop the need is by creating awareness of a specific
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Marketing department accomplished this task by identifying the needs and/or demands of a specific market and finally offering a product that fulfills the need, want or demand.
Broad Shifts in Marketing The following components have led to a broad shift in marketing: technology, decentralization and empowerment. The components are interconnected among each other and have cause for a change on how marketing has adapted to become more effective in a competitive market. Marketing firms can no longer utilize the one size fits all marketing mentality of the past.
Technology
The technological advancement has provided more information for to the consumer, resulting in the consumer becoming smarter are truly understanding their needs and wants. Technology has also provided firms with much data on the consumer allowing them to specifically tailor the marketing to specific users. Marketing firm have had to closely monitor their marketing strategy to maintain consumer engagement. Companies are accomplishing these task by creating targeted advertising campaigns to meet specific consumer preferences and buying …show more content…
The development of the internet and advancement in cellphone technology have provided the consumer access to products and service though the world. No longer does the local option have the competitive advantage. Decentralization has contributed to firms targeting specific target audiences based on the information they gather from data.
Empowerment
The advancement in technology and the decentralization have resulted in an empowerment to the consumer to become smarter and understand all available options for them. Prior to the development of the internet the predicting power belonged to the marketing firms, after the inception of the internet the role began to transition empowering the consumer. The internet provided the consumer with immense amount of data that began to influence the method of their behavior. The empowerment has resulted in marketing firms developing more complex methods to market their particular product.
Major Societal
Marketing department accomplished this task by identifying the needs and/or demands of a specific market and finally offering a product that fulfills the need, want or demand.
Broad Shifts in Marketing The following components have led to a broad shift in marketing: technology, decentralization and empowerment. The components are interconnected among each other and have cause for a change on how marketing has adapted to become more effective in a competitive market. Marketing firms can no longer utilize the one size fits all marketing mentality of the past.
Technology
The technological advancement has provided more information for to the consumer, resulting in the consumer becoming smarter are truly understanding their needs and wants. Technology has also provided firms with much data on the consumer allowing them to specifically tailor the marketing to specific users. Marketing firm have had to closely monitor their marketing strategy to maintain consumer engagement. Companies are accomplishing these task by creating targeted advertising campaigns to meet specific consumer preferences and buying …show more content…
The development of the internet and advancement in cellphone technology have provided the consumer access to products and service though the world. No longer does the local option have the competitive advantage. Decentralization has contributed to firms targeting specific target audiences based on the information they gather from data.
Empowerment
The advancement in technology and the decentralization have resulted in an empowerment to the consumer to become smarter and understand all available options for them. Prior to the development of the internet the predicting power belonged to the marketing firms, after the inception of the internet the role began to transition empowering the consumer. The internet provided the consumer with immense amount of data that began to influence the method of their behavior. The empowerment has resulted in marketing firms developing more complex methods to market their particular product.
Major Societal