Emerging Role of Marketing
Today there is a new marketing paradigm emerging with the following changing practices.
1) Networking Marketing/Multi-Level Marketing (MLM)
Multi-level marketing is a marketing strategy in which the sales force is compensated not only for sales they generate but also for the sales of others they recruit, creating a downline of distributors and a hierarchy of numerous levels of compensation. Other terms for MLM include direct selling, network marketing, and referral marketing.
2) Viral Marketing
Viral marketing sometimes refers to Internet-based stealth marketing campaigns, including the use of blogs, and seemingly amateur websites designed to create word-of-mouth for a new product or service. Often, the purpose of viral marketing campaigns is to generate media coverage via “off-beat” stories worth many times more than the campaigning company’s advertising budget.
3) Guerrilla Marketing
Guerrilla marketing involves uncommon approaches such as intercept encounters in public places, PR stunts, street giveaways of products, and any unconventional marketing intended to get maximum results from minimal resources. More innovative approaches to Guerrilla marketing now utilise cutting-edge mobile digital technologies to engage the consumer and create a memorable brand experience.
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4) Green Marketing
Green marketing includes a broad range of activities, including product modification, packaging changes, modifications to the production process, as well as modifying advertising. But to illustrate green marketing is not an easy task. All activities are designed to generate and facilitate any exchanges intended to satisfy human needs or wants. Therefore it ensures the interests of the organisation and all its consumers are protected, as a voluntary exchange will not take place unless both the buyer and seller mutually benefit.
M-business, or the Mobile Business, is the hottest property around the world these days. The m-business has acquired a kind of leverage by which it will be quite impossible to keep it down for many years to come. The m-business will only rise, and with the adoption of the mobile rising year by year, it will become the darling of the masses.
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The e-business will get a chance, and no longer will people assess their biz from the desktop. They will shift more and more to mobiles, and this is a thing that will change the face of the www around the world, “mobile business” could be described as the utilisation of mobile technologies to improve, maintain, or extend existing business processes and relationships or to develop new business segments.
Alternatively, “mobile business could also include all processes, activities, and applications which are realised and supported by mobile technologies. According to this facet, “mobile business can be characterised as all types of business applications with the use of mobile devices”.
6) Online Marketing
Internet marketing, also referred to as online marketing, Internet advertising, or e-marketing, is the marketing of services or products over the Internet. When applied to the sub-set of website-based advertisement and promotion placements. Internet marketing is generally referred to as Web advertising (also Webvertising) and Web marketing.
7) Relationship Marketing
Relationship marketing is an integrated effort to identify, maintain, and build a network with individual customers and to continuously strengthen the network for the benefit of both sides, through interactive, individualised, and value-added contacts over a long period.
To increase and sustain brand loyalty, this is the best measure. It makes sure that complaints are reported by the organisation rather than other prospective consumers or media.
8) Experiential Marketing
It promotes a product not just by communicating a product’s features and benefits but it tries to demonstrate how it enriches a customer’s life. Experiential marketing differs from traditional marketing based on focusing on customer experience which is the sense, feel, think, act and the relation these are becoming increasingly vital to customer’s perceptions.
Focuses on the consumption situation and views customers as emotional and rational. For example, a recent advertisement for Sony Handycam, says that please don’t forget to take Sony Handicam during your vacation.
E-Business is the transformation of an organisation’s processes to deliver additional customer value through the application of technologies, philosophies and computing paradigms of the new economy. E-business defines the use of electronic means and platforms to conduct a company’s business.
The advent of the Internet has significantly increased the ability of companies to conduct their business faster, and more accurately over a wide range of time and space, at a reduced cost, and with the ability to personalise and customise customer offerings. Numerous companies have set up websites to inform and promote their products and services.
They have created intranets to facilitate employees communicating with one another to facilitate uploading and downloading information to and from the company’s computers. Companies have also set up extranets with major suppliers and distributors to facilitate information exchange, transactions, orders, and payments.
10) Electronic Commerce
Electronic commerce generally refers to all forms of transactions relating to commercial activities, involving both organisations and individuals that are based upon the processing and transmission of digitised data, including text, sound and visual images.
It also refers to the effects that the electronic exchange of commercial information may have on the institutions and processes that govern and support commercial activities. Although most current use of electronic commerce occurs at the inter-organisational and inter-corporate levels, electronic commerce services aimed at particular consumers are developing rapidly.
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11) Virtual Marketing
Virtual marketing is the fastest-growing form of direct marketing. Recent technological advancements and improvements have created a digital age. Widespread use of the Internet is having a dramatic effect on both buyers and the marketers who serve them.
The internet, an extensive public web of computer networks, connects all types of users all around the world and to an amazingly large information repository. The Web has fundamentally changed customers’ ideas and notions of convenience, price, speed, product information, and service. As a result, it has given marketers an entirely new way to create value for customers and build relationships with them.
12) Customer Relationship Marketing
CRM can be defined as a business philosophy and set of programs, strategies, and systems that focus on identifying and building loyalty with a marketer’s profitable customers.
It enables companies to provide excellent real-time customer service by developing relationships with each valued customer through the effective use of individual account information and based on customer attributes, companies can customise market offerings, services, programs, messages, and media.
It reduces the rate of customer defection and increases the longevity of the customer relationship. It enhances the growth potential of each customer through cross-selling, up-selling, and “share of wallet,” and focuses disproportionate effort on high-value customers.
13) Data Warehouses and Data Mining
It captures information every time and then the customer comes into contact with various departments. The touchpoints include a customer purchase, a customer-requested service call, an online query, or a mail-in rebate card.
These data are gathered by the company’s contact centre and organised into a data warehouse. Company personnel can capture, query, and analyse the data and inferences can be drawn about an individual customer’s needs and responses.