MARKETING IN THIS CENTURY
Marketing has now become a must for products, services and it seems to be everywhere. Formally or informally, people and organizations engage in a vast number of activities that could be called marketing. Good marketing has become an increasingly important activity for business success. Marketing profoundly affects our day-to-day lives and it seems embedded in everything we do from the clothes we wear to the Web sites we click on and to the ads we see in all types of media from TV to News Paper.
Two Teenage girls walk into their local small cafÃ© of a reputed chain. One goes to the counter and hands the barista cards for two free peppermint lattes and purchases some pastries. The other sits at a table and opens her Apple Power book. Within a few seconds, she connects to the Internet courtesy of deal with T-mobile to create wireless Hot Spots at over a thousand small cafÃ© stores. Once on the net, the girl â€œGooglesâ€? the name of the band that played the soundtrack of the movie she saw last night. A number of Wed sites come up along with two ads-one for tickets to the bandâ€™s concert tour and another for the soundtrack CD and movie DVD at Amazon.com. When she clicks through to the Amazon, search engine giant Google rings up some money.(Through its ad words programs, it gets paid whenever someone clicks on an advertiserâ€™s ad). Now her friend has returned with lattes in hand. Teen#2 is eager to show off her parentsâ€™ Sweet Sixteen gift to herâ€”a ruby-red A220 Samsung cell phone created by a team of young Korean designers after months of market research and focus groups The phone resembles a cosmetic compact and dispenses dieting tips as well as advice on how to dress for the weather. The two girls are oohing and aahing over the tiny display that doubles as a mirror when they see the reflection of a city bus sporting a giant banner ad for the newest HBO comedy seriesâ€¦
Good Marketing is no accident, but a result of careful planning and execution. Marketing practices are refined and reformed in the Industries to increase the chances of success. Many Companies have created a Chief Marketing Officer (CMO) to put marketing on a more equal footing with the other C-Level executives. Press releases from organizations of all kindsâ€”from consumer goods makers to health care insurers and from non-profit organizations to industrial product manufacturersâ€”trumpet their latest marketing achievements and can be found on their Web sites. In the business press, countless articles are devoted to marketing strategies and tactics.
Marketing is tricky and has been the Achillesâ€™ heel of many formerly prosperous companies. Large, well-known businesses like Sears, Kodak and Xerox have confronted newly empowered customers and new competitors, and have had to rethink their business models. Even the recognized Market leaders such as Microsoft, Wal-Mart, Intel cannot afford to relax. The companies either have to â€œchange or die.â€?
Making decisions for the firm is not very easy. Marketing Managers have to take major decision how to design the new product, give price offer to the customer and how to spend on the advertising or sales. The companies at greatest risk are those that fail to monitor their customers and competitors and to continuously improve their value offerings. They take a short-term, sales driven view of their business so they fail to satisfy their stockholders, employees, suppliers and their channel partners.
Skillful Marketing is a never ending pursuit.
A success case study
Jimmy Alter, founder of BTN Beer Company, whose SAG beer has become a top-selling â€œcraftâ€? or â€œmicroâ€? beer, started in 1985 carrying bottles of SAG from bar to bar to persuade bartenders to carry it. For many years he could not afford to advertise so he sold through the direct sales and through public relations. He worked very hard and the sales passed the $200 million mark as it became a leader in the craft beer market. When it became a leader it spent millions of dollars in advertising, employing salespeople, and carrying out sophisticated marketing research.
The original passion and desire must be maintained to move forward for a continuous success in sales. Market research and innovative trends have to be invented along with product quality improvements to ensure success in the sales and consequent revenue growth for the organization.