Marketing is a vital element of any modern organization. It is the part of the company that links the company with the consumer and turns its goods or services into actual revenue. Leading organizations and firms seem to be falling behind in sectors where they were once the dominant players, a clear recognition that the previous status quo cannot be maintained.
Today, all kinds of businesses embrace marketing. Manufacturing companies have marketing departments, telecommunications companies, law firms, supermarkets and car companies, hotels, name them. All have marketing departments. In fact, even some marketing companies have marketing departments!
This is because organizations do not occur in a vacuum and are affected by many factors that cause them to change the strategies and programs according changing effects of the factors. The marketing environment consists of internal and external forces that directly and/or indirectly impact that organization. Mushrooming competition and vibrant environmental changes create opportunities and threats for the organizations. Today’s environment is a characteristic of turbulence for the marketer. Rapid changes in economic conditions, changing consumers’ tastes and preferences, technological advancement and mobility enhancement coupled with globalization, security concerns and political instabilities have made organizations to accept marketing more than never before.
Connectivity:
Constant connectivity has transformed how people connect with others. Many more consumer moments than ever before have been provided and powerful alternative ways to be present to the consumers at the time of their need have increased.
Consumers are now more empowered by being able to connect across a number of devices in a myriad of situations. There is the concept of immediacy and an urgency that consumers have developed, and it is only the organizations having concrete marketing departments will survive. They want to buy now; to interact now, they want information now and not any other time from now. Being relevant at the time and now is the concept for a winning organization. Marketing is using this connectivity concept to thrive.
Automation of Marketing:
There is ultimate automation of the marketing practice. Formerly marketing focused on emails as the only technology in marketing communication. Now, websites, social media etc give deep insight into success of marketing by helping moving of sales leads into being actualized as sales. The presence of consumers’ data all over the place, and information about their buyer behavior then marketing automation is helping marketing make sense to organizations.
Need for Communication:
There is need for need for proper communication with the market for the organization. It is not only the product but also the message which needs to reflect the current consumer mind. Today’s message needs to reflect sentiments of care and protection, rational and considered behaviour and performance and value. The tone must always be appealing to the consumers or else the organization will lose them. Communication is also good if the organization needs some marketing intelligence. Marketing function has the power to provide fantastic communication etiquette.
Changes in Social Behaviour:
Rapid changes in consumers’ culture or norms have made them develop different needs and buy different products. Single-parent families and Professional workers, for example, may need a NI card unlike families with both mom and dad or manufacturing laborers. A couple who moves from rural areas to a town set up will buy different products. Different cultures buy different products. All of these changes present outstanding opportunities to an organization that employs marketing concept and thus is able to seize them. It is thus apparent that marketing Business is High on List Today.