Over the course of my life, I have found that one thing is certain and that is change. Due to the innovative nature of our society, we are continuously evolving. Every generation is more advanced and because of this, the world around it has to do the same. Consequently, as production advances, so should methods used to market them. Marketing, in order to keep up with time’s evolution, has changed in many ways: economic, technological, political and legal, cultural and social, to name the majors.
Economic growth for marketers is inevitable. For this reason, Marketers should have the ability to foresee this change and directly prepare his or her firm for it. Many conditions in the environment contribute to this change, the most vital ones being inflation, employment and income levels, interest rates, taxes, trade restrictions and tariffs. More contributing conditions include current and future stages of the business cycle: prosperity, stagnation, recession, depression, and recovery. This unavoidable cycle has caused for instability in our nation’s economy. So, how do we get consumers to still purchase? To answer this question, it is the marketers’ job to favor their product/service over its monetary value. Over the past ten to twenty years, marketers have realized that consumer confidence has become one of the most important aspects of their firm’s success.
Consumer confidence assures the marketer that no matter the state of the economy or the consumer’s personal financial state, this consumer would still prefer the product/service on the sheer notion of value alone.
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Another major change in the economics of marketing is the consumers’ overall interpretation of a product’s/service’s value. Over the last 50 years, many consumers have been attentive to the intangible services and information in contrast to the tangible goods.
2100 Virtual Marketing is one of many companies with a website that specifically caters to the technological advancement of marketing. Their main focus is bettering the success of the marketing profession by expanding the market to more potential consumers through the Internet. This new innovation is called E-Marketing. Under the wide spanned umbrella of E-Marketing, many new age approaches are being taken, such as E-mail marketing, social network marketing, blogging, mobile marketing, and online videos, to name a few. These methods were constructed to make marketing more lucrative for the firm and more convenient for the consumer. E-Marketing allows firms to take products/services directly to the consumer in his or her daily routine. Finally, E-Marketing is proving to be a pillar in advertising simply because our newer generations are being founded upon technology & Social Media.
Already many companies have successfully included E-Marketing into their marketing strategies. Facebook, for example, uses social network marketing heavily by allowing other firms to advertise on their website and through Facebook users’ pages. Overall, E-Marketing works to allocate the firm’s budget to maximize return on investments (ROI) and minimize the risks of low negative return, which is the goal of any successful company.
When it comes to marketing, not many people think of the legal and political aspect of the business. I didn’t, at least. Interestingly, successful marketing has a lot to do with them both, and even more as society changes. While many organizations view political factors as beyond their control, organizations that do business with government entities must be especially attuned to political trends. In as early as the past five years, the government has been taking a closer look at the political involvement of many influential companies. For this reason, many firms have been making their political stand very visible.
On the legal side of the business, there are many laws that can influence marketing transactions. Due to the fact that avoiding these laws can cause penalties, many firms readily comply. Since recently, most firms have been E-Marketing. Overtime, the government has made many modifications to the laws that protect marketers and the products they market. The concept of being mindful of political and legal regulations as a marketer is most relevant to globally operating organizations. This is important because these marketers must, not only, be mindful of United States guidelines; but they must also be familiar with the guidelines of the international countries they are in business with. Therefore, its up to the marketing manager to make sure they are well educated in political and legal matters for the betterment of the entire firm.
Since there are many more firms trying to sell their product today then there was about ten years ago, it takes more to differentiate products. One way that marketers have learned to stand out is by showing sensitivity toward social and cultural matters.
One of the major social and cultural changes since 2000 is the migration of all different cultures to the United States. Consequently, marketing to these demographics has become a huge part of the evolution.
Also, research suggests that the number of Americans age 65 years older will increase nearly 150 percent within the next 50 years. With these figures facing the future of the country, marketers must now be preparing to appeal to this demographics and the others evolving as well. “Cultural marketing is a profit-making enterprise.” This quote by marketing analyst, Dr. Felipe Korzenny, is defined, as the “core of marketing”. Korzenny explains that when marketers tap into the “beliefs, feelings, and cultures” that these different demographics share within their individual cultures, the job of building long-term, confident consumers would be no sweat at all.
Overall, the evolutions of all these trends are equally important to the marketer. As time progresses, these trends will continue to advance and change. The ultimate job of the marketing manager is to keep the firm he or she works for readily prepared to cater to the societies needs, and in turn, assuring that their company keep and attract confident, long-term consumers.