The Impact of Technology on Marketing Management
The marketing management is one of the key functions in every organization. The methods of marketing have changed a lot these days, and the credit for that goes to the advancement of technology. The technology is changing very rapidly, and therefore the companies have to keep changing their process and functions according to the demand of the marketplace. Almost all the departments have got a huge impact due to changing trends, for example, the recruitment of the employees, e-training modules for the employees, and methods of reaching and informing consumers with the help of various online techniques etc. The internet and the other latest digital techniques have changed the way the companies used to market their products and services and that too at a very fast pace. The marketing management as an overall process has transformed in the last couple of years, and it has also made connecting with the consumers easier for the organizations.
THE AREAS OF MARKETING WHERE TECHNOLOGY HAS IMPACTED
The technology has made it easy for the managers to collect data and analyse it fast. The reach of the organizations has increased many folds. The organizations have devised new and creative strategies to make the customers aware of their products as well as services. The marketing methods have changed, and the advertising formats have also developed. Nowadays the companies have endless information, several communication channels and endless online places to approach the customers. Therefore the main marketing forte is gradually changing into digital marketing. Almost all the organizations are investing increasingly in the digital marketing processes and techniques.
All the areas which are associated with the marketing have been affected by the changing trends. The whole marketing mix has got effected, and the most prominent influence of the technology is on the following aspects:
The online platform which is offered by the internet has a tremendous effect on the products and the services the companies are producing and selling these days. With the help of the internet, the companies can offer personalized and packaged products and services to the customers that too apparently in no time. The organizations these days also give value-added services which are related to their products. Creating a positive image of the products by communicating with the consumers directly and in short periods of time has transformed the service and product industries altogether. But the competition has also risen a lot because the marketing techniques on the internet are easy to start and manage. They are choir cost effective as well as compared to the conventional marketing techniques. Moreover, the companies can change the content and marketing strategy without investing lots of time, energy and money on that.
The customers have gained power due to the technological advancements because they can know about the features and benefits of the products or services without much hassle. The clients can also know about the prices of a certain product and can also compare it with other products in no time. But this ease to customers has increased the difficulties of the companies. With the use of technological gadgets or the computer systems the production costs have decreased a lot, but due to this, the competition among the firms have increased.
The customer now pays for their porches without moving from their house or using the cash. The online payment options have made it far easier to pay for the shopping, and it has also made it easier for the suppliers to collect the payments.
The location of the manufacturing unit or the retail outlet has lost its significant as the customers from any part can buy the product produced and supplied in an altogether different area. Th managers can now identify a profitable segment of the market more easily now with the help of the data available on the internet. Organizational reach has increased significantly, and therefore the companies are targeting the markets regardless of the geographic locations. The internet is the most prominent catalyst for the globalization. With the help of digital marketing strategies within the reach and budget the smaller players can compete with the big companies in their industry, and due to this, the markets have become even.
All the aspects of promotional strategy have the maximum impact due to the technological progressions which have been discussed as below:
- The Public Relations Management
Now the companies can communicate with the consumers with electronic media such as text messages, emails, and other online mediums. It is far easier now to craft a tailor-made and interactive message to engage the customers and attract their attention. The cost of printing and postage has also decreased substantially. Moreover, the organizations now can reach as many numbers of customers at the same time. Maintaining the dialogues with the consumers has also become easier, and the firms can tell about their products and services to their valued customers. Now they can save and retrieve as much information about the customers and then contact them according to their orientations.
- The Advertising strategy
Every company need a website these days. A site is a place where the visitors can get to know an-bout the company, its products or services, the benefits they will get by choosing a specific company. It is an easy way to connect with the customers at all levels. TV has also changed the direction of broadcasting and advertising these days. Due to the mass advertising, all types of companies can think of creating a network and awareness about themselves by using TV or internet as the medium of communication.
- Direct marketing
The direct marketing has also transformed a lot due to the digitization of the marketing strategies. With the help of the email system, the managers can connect with the key clients and customers in the blink of an eye. The creatives and graphics have also changed the way the companies used to communicate with the customers.
If you want to understand the promotional mix in great detail, then you can read the article “The key aspects of Promotional-Mix in marketing”. It will give you an in-depth insight into the promotional strategies which are used by different organizations to prove their products and services.