Personal Experience of Marketing Management in the 21st Century - Term Paper Example

?Project on Personal Experience of Marketing Management in the 21st Century and Emerging Issues By , City (please place all data on the title page) 1. As an internet marketing manager, I see immense opportunity for growth in this field. In today’s world of globalization, the internet can provide a strong tool for marketing and promotion. I have been working in this field for quite a few years and have worked on the marketing and promotion of different kinds of products and services, ranging from software development companies to films. Internet marketing is the future of marketing. The challenges that this field can face in the future will mainly be related to the quality of content involved in the promotion. However, challenges which do occur in relation to internet marketing will cause difficulties for both consumers and companies. One example of this is connection speed. The speed that consumers can access the internet, and as a consequence web based content varies significantly. If a consumer has low bandwidth, or for other reasons is unable to access the internet at a fast rate, this can affect the use of animate movies, such as flash animations, as well as graphics that are very large or detailed as methods of advertising. The amount of consumers that suffer from slow internet is rapidly decreasing, with dial-up and slow connections being replaced with cable internet and high speed broadband. Another problem with the use of internet marketing is that there is often no method for consumers to try a product before they decide to buy it. Some exceptions to this would be services that offer a full refund if the customer is not happy, or that offer a trial period. For other situations, such as purchases from online stores, consumers get around the problem of not being able to test a product by getting familiar with it at physical stores, testing it there if required, before buying it online. This however is only possible for products that are accessible from a physical store, and consumers that are able to go to the stores. It is important that promotion and marketing strategies are effective and that they can reach out to the maximum number of people. Good quality of content can make sure that people get interested in the product or service. The emerging issues that internet marketing professionals face are mentioned as follows: Commodity (Product) – It is important that products and services sold over the internet are of good quality and that they are able to compete successfully with physical stores as well as other online ventures. Price – Monitoring prices and being aware of where they stand in relation to prices of competitors is an important factor in internet marketing. The costs in relation to hosting products and services on the internet and advertising them are low compared to that of a physical store. As a consequence price of online goods and services is generally lower than that of physical goods and services. However, this is not always the case, especially with cost of shipping involved in many internet purchases. Promotion – There are a large range of tools available to help a company or an individual promote both their site in general as well as their products and services. Such tools include search engine optimization (SEO), which involves manipulating particular components of the site, such as use of specific words in order to make it appear early in search engine listings, the use of advertising such as banner ads on other websites, and communication with consumers and marketing through email. Other tools include affiliating with other websites, using social media such as Facebook and Twitter for marketing as well as using forums and blogging as means of more effectively engaging the consumer. Point of sale – The point of sale is the physical location where the sale occurs. For a store that operates electronically this is the website, or for a store this is the physical location of the store. If the point of sale is a website, then the design and usability of the site play an important role in assuring effective sales and customer satisfaction. Point of sales is an important issue. For example if products are sold online, we have a website. Attention needs to be paid to the speed of loading, working with payment systems, delivery terms, work with clients during and after the sale, etc (Shah, 2010). 2. A good internet marketing manager should primarily be able to make consumers receive information about products. It is important that the approaches to marketing that he devises are aimed at reducing costs, such as the cost of wages, costs of website designing and costs of advertisements on other sites. In addition the expansion of the company, whether it be transitioning from the local market to the national, or from there to the international market, is an important factor. Marketing on the internet on average is less expensive than comparative advertising in ‘traditional’ media such as TV, newspaper and movies. However, care does need to be taken in choosing the types of advertising used, as some are significantly more expensive than others. The wealth of information available makes it relatively simple for an internet marketing manager to create a statistical analysis of how effective the marketing strategy is being, and make decisions based on this. All these characters must be used while facing upcoming challenges. There might be different types of challenges faced by managers and a successful marketing manager should be able to handle all the challenges with proper knowledge and experience. A successful marketing manager will also be able to take difficult decisions for the organization. Different kinds of problems might arise in any organization. Economic downfall can come anytime. Problems in daily work might also occur. The marketing manager is also responsible for the development of newer marketing strategies and keeping the current ones up to date. 3. As I am a part of online advertising part, my plan of action will be entirely based on internet marketing. There are several components of internet marketing and each of them has different advantages and disadvantages. The main components of internet marketing are, social networking, social bookmarking, blog posts and press release. Social networking is one of the major components of internet marketing. This is very simple and it can be implemented quite easily. Most of us are familiar with the social networking websites like Facebook, Twitter as these are quite popular at the present time. Huge numbers of people like to spend time surfing these social networking sites. These social networking websites allow different organizations to post their advertisements in some specific area. Members who are registered with these sites can easily view these advertisements and can know about the companies (Lee, 2001). As a result, the company gets promoted among a huge number of people across the globe as these websites can be accessed throughout the world. That’s why I would like to use this. Social bookmarking is another most popular internet marketing technique. There are numerous social bookmarking websites and they can be found by searching in search engines like Google, Bing etc (Charlesworth, 2009). The lists of these social bookmarking sites will be displayed as results and anybody can click on these sites to open them. After opening it, some fields will become visible and companies can post their advertisements and information as required by the website in appropriate fields. After one day or two, the advertisements will be visible in the websites. Most of the social bookmarking websites are free to use. The best thing about the paid social bookmarking sites is the approval is done instantly after reviewing and the search engines show these paid websites at beginning of their listings, so that a lot of people can see the advertisements. This is my preferred internet marketing technique because it takes significantly less time to get visible and there are many people who surf these social bookmarking sites on daily basis to fulfill their requirements. There are some other internet marketing techniques too that I like and I would like to implement all of them in order to get faster response from customers. References: Brian Halligan, B. & Shah, D. (2010). Marketing on the Internet: how to attract customers using Google, social networks and blogs. Dialectics. Lee, O. (2001). Internet marketing research: theory and practice. Idea Group Inc. Charlesworth, A. (2009). Internet marketing: a practical approach. Butterworth-Heinemann. Read More