Marketing is one of the contributors to commercial success, as it helps deliver a positive message to the audience and communicate a company’s vision to the target market (HHS.gov: marketing 2016). In other words, Kotler and Levy (cited in Iyamado & Otubunjo 2013, p. 18) define marketing as the following:
Marketing is seen as the task of finding and stimulating buyers for the firm’s input. It involves product development, pricing, distribution, and communication; and in the more progressive firms, continuous attention to the changing needs of customers and the development of new products.
Nonetheless, despite its positive intentions, such as enhancing brand image and recognition, maximizing profits, promoting business, and increasing the customer’s awareness of market opportunities, typical disadvantages include high costs of implementation, need for a substantial amount of time, potential misinterpretation of customer needs, and possible development of a conflict of interests. In the context of this paper, analyzing both advantages and drawbacks will help understand marketing from dissimilar angles and propose potential recommendations, which will help minimize the existent gaps.
Findings and Discussion
In this case, literature review and secondary sources were viewed as the principal sources of information to discuss the major pros and cons of marketing. In the first place, marketing campaigns have a direct connection with the company’s recognition. They assist in developing a particular image and are one of the first steps in creating consistency and equity for a brand (Zhang 2015). Using this method effectively can positively change consumer behavior while establishing new trends and a novel market niche. Taking advantage of these aspects will contribute to creating a distinct competitive edge and strengthen a firm’s position in the market.
Simultaneously, one cannot underrate marketing’s initial function, which pertains to promoting the company, its products, and its brand. Reflecting these ideas in advertisements is vital for the organization and its recognition since it helps establish a rapport with potential clients (Terkan 2014). For instance, digital marketing is one of the most popular approaches utilized in the modern business world to deliver a firm’s ideas and notions to the target audience (Yasmin, Tasneem & Fatema 2015; Yadav, Joshi & Rahman 2015; Khan & Siddiqui 2013).
It is evident that social media tends to increase in popularity, and this positive trend will continue to emerge as more and more people become active users of social networks such as Instagram, Facebook, LinkedIn, and Twitter (Luarn, Lin & Chiu 2015). To support this point, Figure 1 portrays that Instagram is leading in its interactivity while engaging different users of the social network in the process. These graphs depict that the digital market offers a plethora of possibilities, which can enhance a company’s image and help build trusting relationships with customers. In this case, it also increases consumer awareness of the products and expands the vision of the clients regarding current possibilities within the market.
Despite marketing’s substantial focus on the promotion, one cannot underestimate the role of this business tool in increasing the company’s profits when contributing to the financial prosperity of a firm (Peterson, Gordon & Palghat 2013). For instance, Figure 2 displays that the revenue acquired from social media marketing continues to grow, and it is expected to reach $41 billion in 2017 (Statista: social network advertising 2016). Consequently, the marketers and management of the firm have to pay vehement attention to this trend, as it has a high correlation with the financial success of companies.
Nonetheless, it remains evident that marketing is associated with high costs of implementation, as even advertising needs substantial investment. Alternatively, designing and planning marketing campaigns require a significant amount of time.
Otherwise, the outcomes of this process may not meet the initial goals set by the company. Another issue that takes place pertains to big data, as insufficient usage of information hurts interpreting trends and defining the principle features of consumer behavior (Rogers & Sexton 2012). A combination of these matters can be viewed as critical challenges, and the described gaps of knowledge have to be successfully addressed to minimize the potential consequences.
Alternatively, the issues of false labeling and misinformation often arise. This matter may be a potential driver for the conflict of interests between a firm’s executives and its principal stakeholders, such as consumers and the community. For instance, companies in the food industry appear to trick clients into using synthetically produced substitutes and flavor enhancers such as E407, E1422, and E392 (Blythman 2015). Classifying products such as salami with E392 as organic creates a conflict of interest and may affect company image adversely (Blythman 2015).
The above analysis indicates that overall marketing is a crucial aspect of any business since it tends to affect revenues, increase customer awareness, and expand customers’ understanding of current market opportunities and possibilities. Nonetheless, problems such as false labeling and misinterpretation of consumer behavior exist due to a lack of knowledge in the selected areas and constantly changing business environment. Displaying and determining the nature of these gaps will help establish the relevant strategies and tactics, which can optimize this process and increase its effectiveness.
Based on the factors provided above, the main recommendations focus on technological innovations and current marketing trends, as they help the company to stay competitive in the market. One of the possible solutions is taking advantage of new digital instruments. In this instance, the companies have to use various search engines and analytical tools to determine the preferences of consumers and their needs.
This aspect will assist in interpreting the message correctly and determine the current marketing trends. Using this method will help increase ROI and improve the quality of the designed messages while making them more interactive and interesting for consumers (Rogers & Sexton 2012).
Furthermore, marketers have to understand that the role of clients is still emerging, and they cannot simply be regarded as passive consumers of the products. In this instance, the phenomenon of creative customers is increasing in its popularity, as they become important contributors to the development of innovative solutions and creative notions in a firm (Berthon et al. 2011; Goksoy, Vayvay & Ergenely 2013). Using a combination of these methods will help a company maximize its profits and enhance its marketing strategy.
At the same time, living in the era of digitalization provides a plethora of opportunities for making marketing cost-efficient. One of the examples is using social media advertising to expand a company’s recognition and minimize the costs of implementation (Kirtis & Karahan 2011; Paquette 2013). This approach not only helps to take advantage of the present trends but also increases a company’s responsiveness to the business environment and makes business flexible to changes.
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