Marketing aims to inform and enthuse the public about a company’s goods and services. A marketing team’s efforts in market research and consumer trends assist businesses in constantly satisfying customer wants by guiding the strategy behind other business areas.
Recent Development in Marketing
The recent concepts in marketing have evolved new dimensions in the liberalized economy, which are as follows:
1. Networking Marketing/Multi-Level Marketing (MLM)
It is a marketing strategy where sales personnel are not only reimbursed for sales generated by them but also for sales generated by those sales personnel they recruit. This forms a multi-level distribution channel and remuneration system. Multi-level marketing is referral, network, or direct marketing.
2. Viral Marketing
It is generally an internet-based marketing approach where different pop-ups, blogs, and temporary websites (casually designed) promote a new product or service. Viral marketing focuses on unusual and non-popular incidents for promoting new products or services rather than planning a high-budget advertisement.
3. Guerrilla Marketing
The guerrilla marketing approach uses an entirely different approach to market the products and services and anticipates creating huge sales with minimal resources. It is the development in marketing. All this can be done in several ways, such as street shows, PR stunts, product giveaways, etc. New and innovative approaches to guerrilla marketing also involve mobile digital technologies to influence customers.
4. Green Marketing
It is a challenging task to define green marketing, as all exchange activities aim to satisfy the needs and wants of the consumers. Green marketing is the part of development in marketing. The activities like product modification, changes in the production process, packaging changes, and revised advertising methods all come under green marketing. In green marketing, the exchange process only occurs when the organization and its customers are delighted.
Nowadays, m-business is the most popular marketing approach. It has become a powerful tool for marketing which must be addressed in years to come. The future of M-business is so bright that it would remain the most preferred approach of ordinary people. It will replace traditional desktops and computers for all e-business operations. Mobile business is a channel to build and enhance new business processes, new business opportunities, and customer relations with the help of mobile technology. Therefore, all the businesses running on mobile technology are termed mobile businesses.
6. Online Marketing
The marketing of products and services online is called online marketing. Web marketing or web advertising is a web-based promotion of products and services. It is also termed e-Marketing, Internet advertising, and Internet marketing.
7. Customer Relationship Management
It involves developing a business philosophy and several strategies, systems and programs to identify profitable customers and build customer loyalty. It is one of the importance of recent development in marketing. It functions on the philosophy that building solid relationships with better customers can increase the organization’s profitability as the profitability level attached to all the customers is different. Thus, the main aim is to create loyal customers who frequently buy organizational products.
8. Experiential Marketing
This marketing approach believes in demonstrating the features and benefits of a product rather than just communicating or promoting it. It is very different from traditional marketing as it targets the customers’ experiences, i.e., sense, feel, think, act and relate, which are essential to customers’ perception. For example, Mahindra sponsored the Mahindra Monastery Escape campaign, i.e., a trip from Delhi to Leh, an authentic Himalayan experience for adventurers.
In a new economy, e-business assists in improving the organizational process, which helps to deliver value to its customers. E-business also enables the organization to understand the significance of electronic means and platform which is most effective for a particular business. The internet helps the organization operate efficiently, accurately, and economically and provide customized services to its customers. Several organizations have set up their website to promote, communicate and inform their customers about their offerings. Not only this, but the organizations also provide intranet facilities for their employees and extranet facility for their suppliers and distributors to exchange and communicate information.
10. Data Warehouses and Data Mining
It acts as a warehouse where all the information related to the customer is gathered. Here, the customer comes across different departments for handling activities like a customer purchase, a customer-requested service call, an online query, or a mail-in rebate card. This information helps the organization analyze and evaluate individual customers’ needs and wants.