The 21st century offers many choices for marketing communica

The 21st century offers many choices for marketing communications. Companies still have access to traditional tools, such as newspapers, radio, and television, but also have a wide range of online tools, including social media. More choices are a good thing; they present opportunities to connect with more people in different ways than ever before. More choices also represent challenges, however. Staying on top of the many options available can be time-consuming and sometimes costly. Based on the statement above, explain the concept of marketing in the 21^st century by providing some relevant examples. What are the popular marketing medium used and the challenges faced by the companies? From your point of view, what is the future of e-marketing? Provide your argument in relation to 5 P\'s of digital marketing such i.e. pulse, pace, precision, performance and participation. Do you agree with the observation that the global internet will drive styles, tastes, and products to converge and create a more homogenous global marketplace? Why or why not?

Solution

Answer (1)

Concept of Marketing in the 21^st century

Marketing in the 21st century is very different from its early days. Today\'s marketers have more choices in terms of support, media opportunities, and communications. They also have more competition from varied sources, especially as the Internet has made it possible for companies around the globe to compete virtually.

Technology has offered not only more options for sharing marketing messages, but more selections for creating these messages as well.

Marketers can use the internet as a powerful information and sales channel.He can collect fuller and richer information about markets, customers, prospects and competitors

Marketers can tap into social media to amplify their brand message,He can facilitate and speed external communication among customers he can send ads, coupons, samples, and information to customers who have requested them or given the company permission to send them.

Companies can make and sell individually differentiated goods. It can improve purchasing, recruiting, training, and internal and external communications, it can facilitate and speed up internal communication via private intranet. It can improve their cost efficiency by skillful use of the Internet.

The challanges faced by the companies are as follow:

Environmental concerns: Disposing of waste products and recycling programs for scrap and returned materials add costs and complexity to manufacturing, but also result in a healthier environment and protection for customers and workers alike.

Aging workforce: As the employee become older they are leaving the workforce and taking their hard-won skills and experiences with them. Younger workers are not readily available to replace these retirees, and those that are available don’t have the necessary skills for many critical roles.

Healthcare costs: Rising costs of healthcare for workers put a strain on already fragile manufacturing cost structures.

Rise In Cyber-Attacks: According to IBM-commissioned studies of eleven countries by the Ponemon Institute, the average cost of data breach increased by 15% globally. Global chairmen are faced with the reality that no country or industry is safe from cyber-attacks today.

Diversity & International Markets: Dealing with international markets and globalisation pressures has prompted the best companies that have grown over time to become more diverse in the boardrooms. Nomination committee chairs are realizing the best chances of a good decision being made comes from diverse people.