An important concept from the is the effect marketing has on the success of an organization. One of the most important aspects of a marketing strategy is to clearly identify the needs and wants of the customers. Some of the most successful companies in the world have huge marketing budgets. For instance the fast food giant McDonald’s spend over $1.37 billion in advertising and marketing expenses in 2011 (Morrison). The use of marketing research can be very useful at identifying the needs of customers. The marketing efforts of a company are instrumental in a company’s success.
It is important for multinational companies to learn about the preferences of foreign customers. In order to optimize the sales and profits of a company a firm must utilize an adequate pricing strategy. A way to increase the volume of sales and market share of a company is by decreasing the price of goods or services. The use of promotional efforts and material can enhance the brand value of a company. The article chosen for analysis is called 5 Surprising Marketing Trends for 2013. One of the hottest trends for 2013 in the marketing world is the continued proliferation of social media websites.
The top social media website, Facebook, has over one billion users worldwide. “We believe 2013 will be the year that small businesses become confident and adept enough at social media integration to pick the specific platforms that make the most sense for their business” (Forbes). Companies have to be aware that not all social media websites are suited for advertising for specific industries. A second marketing trend for 2013 is simplicity will reign supreme.
Often simple marketing strategies that are well focused and targeted on the customer’s needs are the most effective ones. The third trend is less use of campaign based marketing strategies. These types of campaigns often neglect the customer. In the 21st century companies have to focus on using interactive strategies and real time customer engagement. The fourth trend in the world of marketing for 2013 is tying marketing more towards the goal of revenue generation. A study by Fournaise Marketing Group established that 73% of executives do not believe that marketing is significantly tied to creating revenue.
The fifth marketing trend is the use of mobile technology as a marketing channel. During 2012 people purchased more smartphones than computers. There are lots of lessons from the article that relate to the coursework material. Marketing is a very important function that must not be undermined by the managerial staff. One of the most interesting findings from the article is the tendency of smartphones and mobile technology becoming an important marketing channel. This trend is aligned with the concept of keeping up with the changes and adapting to the needs of the customers.
The fact that simplicity in marketing is a hot trend for 2013 shows that sometimes companies should simply stick to the basics to accomplish their marketing goals. Complex marketing strategies are often expensive, ineffective, and time consuming. Work Cited Page Forbes. com. 1 January 2013. “5 Surprising Marketing Trends for 2013.” Forbes. 27 January 2013. Morrison, M. 26 November 2012. “As McD’s New President Works to Lift Sales, Will Marketing Come Under the Microscope? 27 January 2013.