Competition in the Market
Questions:
1.Consider the three key forces driving the new marketing realities. How are they likely to change in the future? What other major trends or forces might affect marketing?
2.What brands and products do you feel successfully speak to you and effectively target your age group? Why? Which ones do not? What could they do better?
A market is considered as a place where consumers go to purchase the products and services that satisfy the needs and wants of the consumers. Marketing realities play a great role to enhance the demand for the products and services. New market realities can be discussed by giving focus on the three key factors:
Competition
Competition is one of the new marketing realities taken into consideration to conduct the day to day operations of the business. By giving focus on the recent scenario, it is evaluated that company has to give focus on promotional strategies so that survival can be maintained for long-term in the competitive market. Competition is related to a number of companies conducting the operations in the same sector or field (Kawsar and Raj, 2017).
To accomplish goals and objectives in an effective manner, it is evaluated that company should give focus on enhancing the satisfaction level of the consumers. To survive in the competitive environment it is important for the organization to consider proper promotional strategies so that the activities can be conducted effectively. To minimize the level of competition it is evaluated that the company should adopt a proper competitive strategy that enhances the sales of the products and services (Payaud, 2014).
Globalization
Globalization is one of the important new realities that are considered by every organization, so that the profitability and productivity level can be enhanced. It is related to the change that is considered for every organization. Nowadays the consumers mostly purchase the products and services through online and also the discounts and offer given by the company induces the customers to avail the services (Baker and Saren, 2016).
Latest technology
In the process of marketing, Technology plays a significant role in the organization. If proper marketing has to be done then company gives focus on investing in latest technology, so that the activities can be conducted smoothly. By adopting latest technology in the organization the direct impact is seen on the employees and on the overall performance of the company. It is seen that the company gives emphasis on the latest technologies, as it is helpful to survive for long-term in the competitive environment. The work or the task can also be completed when the company takes into consideration latest technology to enhance the market share. It is essential to give emphasis on adopting the latest technology so that the productivity can be doubled or enhanced in less time (Demangeot et al., 2015).
Competition
Competition is one of the essential elements that give change in the marketing strategies of the company. If the company has proper strategies then it can be analyzed that profitability can be attained effectively. To compete in the competitive environment it is seen that proper promotional activities should be considered by the company so that the goals and objectives can be accomplished. With the enhancement in the competition level, the companies try to give their best so that they can survive for a long time in the market (Czinkota and Ronkainen, 2013).
Enhancing Consumer Satisfaction
Globalization
Globalization gives help to the companies. It is a platform by which the products and services are promoted in an effective manner. On an international level, the products are introduced and supplied to be availed by the consumers. Globalization gives helps to the company in conducting the day to day activities of the company. If the promotional tools are adopted by the company then it is evaluated that products are promoted in the international market. By introducing the products in the international market gives direct impact on the market share of the company (Hollensen, 2015).
Social Factors
Marketing is an essential factor that should be considered by every organization to enhance the goodwill in the market. If the company does not market the product by taking into the needs and wants of the consumers, then it is analyzed that negative impact is given to the sales. Social factor gives direct impact on the marketing. If promotion of the product is not done by considering the society needs then the operations cannot be conducted (Smilansky, 2017).
Economic Factors
By giving focus on the current economy it is evaluated that the direct impact is given on marketing, as it has a relation to the spending pattern of the customers. The marketing should be done by considering all the four-stage like recession, prosperity and also recovery. The expenditure pattern of the consumers is more at the propensity stage (Sheth and Sisodia, 2015).
Competition
Marketing is essential so that the company can compete in the competitive environment in a proper manner. With the latest technology company can easily promote the products by creating attractive advertisements. Like Nestle promote its chocolates by giving focus on making attractive taglines that induce customers to purchase the products. If the business has many competitors in the market then it is essential to give focus on promotional strategies. It is essential to give focus on the needs and wants of the consumers, so that the company can survive in an effective manner (Scott, 2015)
The product that is taken into consideration for this topic is Maggi. The discussion will be made on the product Maggi. The company gives focus on targeting the individuals who are in the range of 15 to 45. T is evaluated that Maggi enhances the satisfaction level of the customers. It directly impacts on the operations conducted on daily basis and also on the profitability. The age group on which emphasis is given is from 11 to 40. Due to the taste and quality of the product, the product has acquired the large market share. The customer can only be attracted if the company offers quality products. The demand for the product is more in the market as proper marketing strategies are adopted by Maggi.
Maggi is successful by giving focus to the age group from 11 to 40. The product has a large market share and also individuals are attracted towards the products in an effective manner. The company gives emphasis on teenagers, as it is easy for the company to increase the sale in an effective manner. If the company focuses on enhancing the profitability then it is analyzed that goals and objectives can be attained in an effective manner. Maggi also tries to enhance the image in the market by giving attractive discounts and also a variety of flavors so that the customers can feel satisfied and can avail the products in a proper manner.
The Role of Globalization
Blackberry
The unsuccessful brand is blackberry that has not attained success in the market. It is seen it is unsuccessful in the market. As the company has not considered the demand of the consumers, so the negative impact is given on the image of the company. It is seen that they target the teenagers but the features and model introduced by the company are not according to the needs and wants of the customers. If the comparison is made with other brands like Samsung it is evaluated that price is high according to the features offered by the consumers (Shree et al., 2017).
The products are costly, so the individual thinks again before purchasing the products. The strategies used by the company are also not so effective. By not taking into consideration proper strategies the negative impact is analyzed on the sale of the products. It is essential to promote the products in a proper manner, so that the company can survive in the competitive environment. It is important for the company to consider the promotional techniques, so that the customers can be induced to purchase the products and services in an effective manner (Hunt, 2014). Blackberry should give emphasis on evaluating the needs and wants of the consumers and should also focus on the features that are offered by the other brands.
The company can easily achieve goals and objectives, but proper marketing is essential to survive in the competitive environment. The cost should also be reduced, so that low-income group can also purchase the products. To make the product successful in the market, the focus should be given on the target market. The target of the company is mainly on teenagers, so the products should also be designed by analyzing the requirements and preferences.
Like Maggi offered a variety of flavors in the market. By having the good image the company has accomplished goals and objectives in an effective manner. If the requirements of the customers are not taken into consideration, then the negative impact is seen on the overall performance of the company (Woodside, 2016).
So, to accomplish goals and objectives the companies should give emphasis on adopting strategies that enhance the share of the market and also the profitability. In the competitive market, it is seen that to establish proper image the company should offer discounts so that the customers can be availed effectively. The company can only attain success when the organization has proper marketing strategies and image in the market. Marketing plays a great to be successful in the market. If the company is successful in the market, then goals and objectives can be accomplished effectively.
References
Baker, M.J. and Saren, M. eds., 2016. Marketing theory: a student text. Sage.
Czinkota, M.R. and Ronkainen, I.A., 2013. International marketing. Cengage Learning.
Demangeot, C., Broderick, A.J. and Craig, C.S., 2015. Multicultural marketplaces: new territory for international marketing and consumer research. International Marketing Review, 32(2), pp.118-140.
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Hunt, S.D., 2014. Marketing theory: foundations, controversy, strategy, and resource-advantage theory. Routledge.
Kawsar, M.D. and Raj, R., 2017. Customer Relationship Marketing Tool for Growth of Religious Tourism Business: An Islamic perspective.
Payaud, M.A., 2014. Marketing strategies at the bottom of the pyramid: Examples from Nestle, Danone, and Procter & Gamble. Global Business and Organizational Excellence, 33(2), pp.51-63.
Scott, D.M., 2015. The new rules of marketing and PR: How to use social media, online video, mobile applications, blogs, news releases, and viral marketing to reach buyers directly. John Wiley & Sons.
Sheth, J.N. and Sisodia, R.S., 2015. Does marketing need reform?: Fresh perspectives on the future. Routledge.
Shree, D., Gupta, A. and Sagar, M., 2017. Effectiveness of cause?related marketing for differential positioning of market entrant in developing market: An exploratory study in Indian context. International Journal of Nonprofit and Voluntary Sector Marketing, 22(2).
Smilansky, S., 2017. Experiential marketing: A practical guide to interactive brand experiences. Kogan Page Publishers.
Woodside, A.G., 2016. Embrace complexity theory, perform contrarian case analysis, and model multiple realities. in bad to good: achieving high quality and impact in your research (pp. 57-81). emerald group publishing limited.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
