Effectiveness of modern age marketing

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Topic: Effectiveness of modern age marketing

Introduction

The American Marketing Association defines marketing as a process of management through which valuable offerings and messages are created, communicated, delivered and exchanged with clients and consumers (American Marketing Association, 2013). Decades ago, marketing was very different in terms of approach and concept than it is today’s age of the Internet and social media. However, the concept and objective of marketing has remained the same to a large extent over the years (Hollensen, 2011, p. 593).

The arrival of the Internet and its entrenchment in daily life has brought with it many possibilities which marketers have set out to exploit to great effect in order to attain maximum results (Gordon, 2011). While the traditional and modern marketing techniques have, to a large extent, supplemented each other, the latter are increasingly becoming more common and appreciated, and appear to be gradually replacing the former. In regard to these prevailing trends, just how effective are modern age marketing techniques? This research seeks to delve into an argumentative review to highlight the effectiveness of modern marketing approaches compared to the traditional ones. It will also focus on new avenues and opportunities presented by modern age marketing.

Aims and Objectives

To determine new avenues and opportunities presented by modern age marketing
To evaluate the differences between traditional marketing, and marketing in the modern age
To determine factors that are crucial for a marketing campaign to be effective

Literature Review

Modern age marketing involves the use of information technology to facilitate the creation, communication and delivery of value to consumers. It also helps when it comes to managing consumer relations in ways that are, by extension, of benefit to an organisation and its stakeholders (Chaston and Mangles, 2003, p. 54). With the Internet revolution and its integration into daily life, marketing has adopted several technological advances to serve its purpose more effectively and with greater efficiency.

Modern approaches to marketing operate on the basis of highly targeted and instantaneous advertising. This aspect has been enhanced by the advent of web 2.0, which allows for user interactivity and participation. The new approaches have major advantages in terms of increasing profits for advertisers with lower operational costs (Kaplan and Haenlein, 2010, p. 32).

The instantaneous nature of modern marketing translates to on the spot dissemination of marketing messages. Cost effectiveness is experienced by marketers with the concept of media sharing exhibited by most modern marketing media. In addition, feedback can be instantly received and evaluated in real time; hence, modern marketing is highly efficient. Traditional marketing, on the other hand, tends to be expensive. Radio or traditional TV marketing would normally cost a great deal, especially if the marketing is targeting a large number of people (Fill, 2005, p. 610).

Modern marketing is very immediate and, when used strategically, can result in repeat sales and brand loyalty. It is immediate in the sense that other services and follow up can be performed instantly. Following a transaction, a consumer can be sent customised mail about new varieties of a product or receive after sale services that could be used to market other products. The engagement approach to marketing has spearheaded customer relationship management (CRM). This sense of immediacy and convenience can be crucial in developing customer product loyalty that can ensure an organisation’s client base in an increasingly competitive world. Major organisations worldwide have opted to establish an online presence due to the advantages that it presents (Krishnamurthy, 2006, p. 51; Cohen, 2011).

Modern age marketing is target specific and uses the approach of customer preference in developing its messages. With the advent of web 3.0, there is increasing interconnectivity and more individual specific approaches to Internet use that marketers are able to employ in tailoring marketing messages direct to individuals.

These avenues are also flexible and can host marketing messages in many different forms and modes. Moreover, since they are interactive, consumers are able to contribute to their effectiveness and efficiency in the form of valuable input through opinions, testimonials and general comments that, unlike traditional marketing tools, can help in crafting market and customer-oriented messages (Anderson, 2012). This minimises marketing risks through mutual understanding, because flexibility allows marketers to understand the market through correspondence (Kotler and Keller, 2009). Flexibility allows marketers the opportunity to carefully select when and by whom various different messages will be seen as well as enabling consumers to determine whether, when and which marketing messages they consume.

Modern day marketing is also effective in terms of volume, amplification and reach. Most media employed by modern marketing are not limited in time or space. This implies that information can be accessed anywhere in the world (Edwin, 2015). The universality of such media also allows for instant consumption of a single message across the world at virtually the same time. For instance, a single marketing tweet sent out by an organisation can be seen by mass audiences all around the world simultaneously.

Methodology

Research will focus on the use of a qualitative approach in a bid to gain clear, sufficient and statistical data. Given the context of research, information can be obtained by referring to scholarly peer reviewed secondary sources. These include, among others, books, journals and websites. Interviewing experts in the field is also necessary in order to obtain a first-hand account of the situation. Such interviews will be able to fill gaps in the existing literature.

Ethical Issues

In the case of interviews, confidentiality and privacy will be prioritised. The interviewees will be made aware about the research and the main objectives. They will be informed that they can refuse or withdraw their data at any time. In addition, their personal information will not be disclosed.

Research Plan

The interviews will be done over a two-week interval. Ten professionals in the field of marketing will be asked both open-ended and closed questions regarding marketing as it pertains to the topic. Research utilising secondary sources will also be done during the same period.

References

Ama.org. (2013). Definition of Marketing. [online] Available at: https://www.ama.org/AboutAMA/Pages/Definition-of-Marketing.aspx [Accessed: 23 Feb, 2016].

Anderson, S. R. (2010). How many languages are there in the world? Linguistic Society of America. [online] Available at: http://www.linguisticsociety.org/content/how-many-languages-are-there-world [Accessed: 23 Feb, 2016].

Chaston, I. and Mangles, T. (2003). Relationship marketing in online business‐to‐business markets. European Journal of Marketing, 37(5/6), pp. 753-773.

Cohen, D. (2011). Only 289 Of The Fortune 500 Are On Facebook: Study. [online] Available at: http://www.adweek.com/socialtimes/only-289-of-the-fortune-500-are-on-facebook/368410 [Accessed: 24 Feb, 2016].

Edwin, D. (2015). The effectiveness of marketing approaches – traditional or modern marketing? [online] Available at: http://zappledesign.com/the-effectiveness-of-marketing-approaches-traditional-or-modern-marketing/ [Accessed: 24 Feb, 2016].

Fill, C. (2006). Simply Marketing Communications. London: Pearson.

Gordon, R. (2011). Critical social marketing: definition, application and domain. Journal of Social Marketing, 1(2), pp.82-99.

Hollensen, S. (2007). Global Marketing: A Decision-Oriented Approach. Harlow [U.K.]: Prentice Hall.

Kaplan, A. and Haenlein, M. (2010). Users of the world, unite! The challenges and opportunities of Social Media. Business Horizons, 53(1).

Kotler, P. and Armstrong, G. (2006). Principles of marketing. Upper Saddle River, N.J.: Pearson Prentice Hall.

Kotler, P., Keller, K. and James, S. (2009). A framework for marketing management. Upper Saddle River, N.J.: Pearson Prentice Hall.

Krishnamurthy, S. (2006). Introducing E-MARKPLAN: A practical methodology to plan e-marketing activities. Business Horizons, 49(1), pp.51-60.

Effectiveness of modern age marketing