EMERGING TRENDS AND ISSUES IN MARKETING MANAGEMENT
- Use of advanced technolog1y-computers;ict advancement
- Emergence of customer care services department to handle financial matters only.
- Tele marketing.
- Globalization-this is a process whereby different systems and parts of a related trade, function as a closely-knit system at the international level. Communication and transport have vastly improved and affects many aspects of marketing from competition policy to monetary policy and agricultural policy.
- Mergers and joint ventures of institutions so as to increase the institutions capital base.
- HIV aids and drug abuse menace.
- Corruption .
- Tight budget and allocating, spending and measuring of ROI is a running battle in marketing departments.
- Social media grow up.
- Games-marketers already have been adding games to their sites and doing product placement deals with sites and doing product placement deals with sites and using games to more customers along the decision making path they are shaping their websites with questions, tasks and rewards designed to keep customers engaged with all kinds of brands, from insurance to cars.
- Bar codes-recent adoption including snap tags including brand logo with most of smart phones now capable of scanning the codes, and advertisers are using them to link in store shoppers to manufacturers website or connect to a nearest store.
- Tv talks-interactive tv advertising by use of satellite and cable companies fitted with set-top boxes.
- Digital wallet-electronic payment and couponing systems with electronic payment systems coming up e.g. mpesa,airtel money and equitel.
- Intrapreneurialism grows-being highly agile and flexible.
- Metrics mature-this is the ability to measure every click ,tweet and page view and is both a blessing and a curse and is used to gage a companys performance.
- Emergence of consumerism movements-this is an organized movement of citizens and government agencies to improve the rights and power of buyers in relation to sellers
- Emergence of environmentalism movement-this is an organized movement of concerned citizens and government agencies to protect and improve peoples current and future living environment.
- Cloud computing.
- Adoption of new marketing strategies e.g. e-marketing to search for more customers.
- Competitors coming up with new improved product.
- New government polices i.e. media bill.
- Emergence of fraudsters producing counter fake products.
- Changing customer basis and needs.
- Emergence of new product life cycle stages ie fads ,fashions and style products.
CHALLENGES POSED BY THIS TRENDS.
- Some trends and issues require more resources inorder to meet the new trends and issues e.g. more funding.
- Government policy which might really affect the new trend/issue.
- New/more competitors coming into market.
- Changing market needs and wants.
- Coverage of wide market area-due to globalization aspect.
- Changing the approach to get more customers or maintain the existing ones.
WAYS OF COPING UP WITH CHALLENGES.
- Adopting new marketing strategies.
- Employing more resources in marketing teams.
Coming up with legal measure to deal with fraudsters.
- Reaching a wide market to stay relevant.
- Coming up with model or design that would move customers.
- Using update technology to reach wide markets to make the market efficient.
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