Developments and advancements in technology have impacted marketing and promotional campaigns. The most successful organizations currently have fully embraced the use of technology in promoting their products and services amongst the targeted audience. Technology has the benefits of making the marketing campaigns more personalized, enabling them to address the specific needs and interests of the customers in the market. Technological advancements have created an enabling environment for marketers to yield big from their operations. Effective use of technology in marketing creates an effective interface between the customers and the various brands being promoted.
Some of the common technologies that are ideal for marketers include using Asynchronous text like emails, Synchronous text like chats, and File transfer protocol (FTP) to exchange files online, telnet, audio-video, among others. Many marketers have embraced the use of social media platforms, the common ones being Facebook, Instagram, and you tube.
The platforms have occurred due to technological advancements and present huge benefits to marketing practices, considering the small costs involved and reaching a large audience within the shortest time possible. Marketers must be well conversant with the cost-benefit analysis when determining the marketing and promotional methods to use. The chosen methods should be cost-effective when compared to the benefits to be realized.
Such practice is critical because it makes it possible to maximize the profits of the concerned firms, which is the ultimate goal of any profit-making organization. Marketers directly impact the financial growth and sustainability of the firms they serve. Therefore, they must be careful with their decisions and actions to enhance the sales and profitability levels (Villanova et al., 2021).
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Marketers experience various problems, affecting their marketing decisions and the company’s marketing goals and objectives. When formulating marketing questions, it is ideal that the marketers consider researching the pressurizing issues within the companies they serve.
One of the most significant problems is understanding how customers make purchase decisions. Such knowledge is ideal in enabling the marketers to offer the most satisfying products and services, which comprehensively address the customers’ varying needs, tastes, and preferences. A feasible research question, in this case, would be; What factors guide customers’ purchasing decisions?
- Do you prefer low or highly-priced products?
- Does the quality of a product or service affect your purchase intentions?
- Do you like purchasing products from retail stores or online?
- Do marketing and promotional campaigns affect your purchase decisions? (Bin et al., 2018).
External information relating to this issue mainly considers the customers and factors influencing their purchasing decisions, such as economy, income levels, peer pressure, and psychological factors. Such factors are beyond the firm’s control, and therefore, they may adversely affect the firm’s marketing and promotional campaigns. Internal factors are those within the company and determine its ability to address the varying needs of the customers satisfactorily.
Some of these factors include; creativeness, innovation, skilled workers, operational efficiency, cost control, etc. The internal factors define the quality and pricing of the final products and services. Communication in marketing is essential. The marketing teams must consider adopting the most appropriate communication channels and strategies, which can reach the targeted audience at the right time while maintaining message accuracy (Hentschke et al., 2021).
The most critical skills to my industry and career path are creativity, decision-making, communication, persuasion, and cultural competency. Aspects of the course that I would like to study further include; carrying out research, converting challenges to opportunities, understanding marketing problems, etc.
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One of the key things I enjoyed researching and that can be extremely important in my career path is the importance of extensions to a given brand. Through research, it has become apparent that no matter how successful your brand is it’s possible to make bad extension decisions that result in failure. Whether it’s Amazon and its failing video games division, or as Vianna mentioned Colgate’s frozen entrees.
Company’s like Apple have shown that extensions can shape and even grow a company through its iPhone, iPod and, iPad products. Apple’s method required them to make attempts at new products away from the usual PCs but also remained safe and familiar with them being tech-related. This was easily my favorite aspect to study and I hope to have more interactions with brand extensions in the future as it provides a sense of imagination and freedom in considering what could potentially be.