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MARKETING

Future trends in marketing

Marketing and selling in favourable economic conditions:

Prasanna Perera, Marketing and Management Consultant, Chartered Marketer, CIM U.K.

Prasanna Perera

As markets change and environments become more complex and turbulent, marketing as a discipline is also dramatically changing. In this brief article, my endeavour is to highlight some of these changes.

Expansion of the marketing mix

From the traditional 4 P’s to 9 P’s i.e. Product, Price, Place, Promotion, People, Process, Physical Evidence, and Public Opinion and Politics, specially for Asian markets.

Public opinion and politics are the two additional dimensions included, given the emerging power of the Asian Continent.

Mass customization

With the increase in modern ways of living, the needs of individuals become prominent. Mass customization is the ability to customize products and services for individuals, within a mass production framework.

For example, a customer can order a customized pair of Levi’s jeans from the Levi’s website.

Online distribution (e Distribution)

With the growth in ICT, physical distribution channels are gradually being replaced by e Distribution channels. This trend is being observed across several product and service categories.

For example, in the US a customer can become a subscriber of Nexflix and obtain video content through the internet or other interactive mediums.

Ethical marketing

With consumers rejecting unethical marketing practices, Marketers are moving into ethical marketing. Examples include truthful advertising, unhidden promotional offers, avoiding the use of women and children in advertising (unless relevant) to name a few. Consumers around the world are showing preference to brands that are deemed as ethical. The Body Shop comes readily into mind.

Brand Loyalty continues to be strong

Contrary to popular belief, consumers still demonstrate loyalty to brands across different product and service categories. This is due to the fact that the brand provides the assurance the consumer looks for, in highly populated market spheres.

Explosion of social media networks

Consumers are hitting social networks by the millions, to interact with family, friends and even business associates. Facebook users have crossed the 1 million mark in Sri Lanka. Twitter, MySpace and Youtube are also very popular networks.

The message to marketers are clear.

Today’s consumers live in social networks and unless your product and service is represented in same, brand awareness and recall levels will be hard to build. Social media needs to be added to the media strategy of marketers.

Customers want privacy in relationship building

Many marketers are developing and implementing loyalty programmes, with the intention of retaining customers. This is perfectly in order, provided the customer’s privacy is protected. Therefore Permission Marketing needs to be practiced at all times.

Green marketing

Consumers are going green, meaning they are becoming increasingly environmental conscious. Hence, marketers are being forced to adopt green practices and develop green products and services. Environment friendly packaging, natural ingredients, carbon neutral processes are all part of the going green initiative. GreenMarketing practices can be used by marketers to gain a competitive advantage.

Spiritual marketing

This is a new trend emerging, where all marketing practices should be aimed at elevating the consumer experience beyond the normal transactional satisfaction. It is a combination of social, ethical, community and environmental marketing. (A total spiritual package). In spiritual marketing, the customers entire anatomy is effected. (Body, Mind and Soul)

Techno marketing

Information and communication technology (ICT) combined with consumer electronics, is creating an amazing range of products. Customers are techno crazy, even if they do not totally understand the new technology.

Hence, marketers need to introduce new products at an increasing pace to keep the interest in their brands alive. Take for example the innovativeness of brands such as Apple, Samsung, Sony, HTC (China), Blackberry, BMW, Google to name a few.

Customer delight

The need to exceed customer expectations is greater than before. Why? The customer now has greater choice than ever before. Exceptional customer service, coupled with world class customer engagement practices is a must. Raving fans is what is required, not merely satisfied customers.

In this article, I have outlined 11 future marketing trends. These trends will transform marketing as a discipline to a level never experienced before. Marketers of today, please take note and incorporate them in your strategies.

Prasanna Perera

 

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