Recent Trends in Marketing Management

Recent Trends in merchandise ManagementThe present date is the era of trade. Marketing Management has taken over entirely the other functions of business management. The crossing send off which was earlier an exclusive production function is now the primary function of trade management. Human preference Management is also been throttled by Internal marketing. Even Strategic Management now implies marketing management. Marketing now has taken the drivers seat in business and the truly word marketing now defines the carriage we live. So marketing is no much a marketers domain exclusively a co-venture of marketers as closely as customer.Marketing in the 21st century has experienced a paradigm shift. The new millennium gave a new dimension to marketing by converting the customer-oriented marketing approach of 1990s to customer-driven marketing. Involvement of customers in product design and development, branding packaging and advertising decisions is now what is world pra cticed. To relate to this idea, we can insure back to the Frito lays ad campaign where they invited options from customers for launching new flavors and then again public voting for the closing flavor. some other example can be public voting being carried out for the selection of an actress for playacting the role of grown-up Aanandi in the famous Ballika Vadhu.The guiding philosophy of marketing like a shot is not products for the people but the product by the people as well. The advent of service economy has made customers the co-creators of products, so more and more involvement of customers is being sought. Customers ar being involved at every stage of product development in an attempt to generate loyalty from variety-spoiled customers.Another trend that has up surged recently is output placementsWe are now quite used to watching advertisements during movie intervals and in between our favorite shows on the television. An ad exposure during interval may not find sufficie nt viewers and remote of a TV set gives the viewer full liberty to switch-over the channel..so the new thing that is being tried and true for effectiveness is the product placement in movies or in popular TV shows. Now we a great deal see our favorite actors and actresses using some brands as a part of their natural lifestyle or hoardings or showrooms of some brands as a backdrop of some important scene. Such product placements are being so naturally embedded in the settings that the viewers sub-conscious registers them strongly in their mind.A very undercover trend is neuro-marketing -marketing to mind.Understanding the complex kinetics of consumer mind is a real challenge of the advanced(a) times. The attempts of marketers to acknowledge what a consumer wants done varied research methods are now not generating effective insights into consumer minds because the consumer today is smart, intelligent and sophisticated enough not to let anyone extract the unwarranted information and moreover the dynamics of human behaviour are so intricate that in about cases we as consumers dont even know rightly why we buy something. So what the marketers are now doing to get deeper into the consumer psyche is something which is still being debated for its ethical concerns. Various psychological techniques are being used to explore the consumer mind and above that fMRI scans of consumers are also being taken to know what happens in the consumer mind while experiencing a point service or what appeals to the consumer mind more while watching an advertisement.Many such trends have been maculation up recently but the future of marketing lies in technology with which consumers now spend most of their timethe winding phones and the earnings. Times are fast changing from counting the customer footfalls to the counting of eyeballs. That promoter how many customers will actually buy the product now depends on how many customers see the products and the advertisements on th eir diligent phones or through internet. Wireless technology enabled media defines the new age of marketing. All the latest explorations of marketers are oriented towards this coitusly new media. Internet is a new way for people to connect, gather information, share, assemble and build their business or buy their products. Ensuring web-presence has become a pre-requisite for every business be it teeny-weeny or large. New generations belonging to any strata of society now extensively use internet and active technology. And the literate sections of senior generations are also catching up fast with it. Looking for a mobile phone, booking of travel package, sending flowers and greetings on special occasions, listening and downloading songs, chatting with a distant friend and relative..whatever we want to do and know the internet is ready with it..So obviously it has become the key driver for marketing systems.The trends that have emerged as an outcome of this big change are mainly fuelled by a pious platitude known as Viral Marketing. It refers to marketing techniques that use pre-existing social networks to produce increase in brand awareness or to achieve other marketing objectives through self-replicating viral processes similar to the circulate of virus. It can be word-of-mouth delivered or enhanced by the network effects of the Internet.Viral marketing takes the form of Mobile marketing, email-marketing, blogging, Gaming, video marketing and above all social media marketing. Mobile marketing is all about marketing to people through their mobile phones and smart-phone devices. Demand is increasing dramatically for mobile applications and mobile web-browsing due to wider adoption of devices like the iPhone. Video marketing is a very effective tool of internet marketing where in Countless buying emotions and memorable brand moments are possible to be presented through musical, adventurous, motivational or funny video messages. These videos are viewed, lik ed and forwarded by the viewers hence spreadhead the message like a viral network. Social networking sites are attracting millions of people of all age groups. Staying attached through Facebook, Twitter, Youtube etc is part of ones daily regimen. No wonder Social Media is the strongest marketing trend which is not retributive a fad but a trend to stay more and more companies have been plug-in on various blogs, creating profile on Facebook, tweeting on Twitter, or posting news on Digg.com ,etc and by simply clicking like on such pages we are becoming part of the marketing network .Another related trend is taking the web marketing one step further it is called Social Appvertising The lead story brands are now starting to create special interactive Facebook applications to maximize consumer involvement. A soft drinks seventh cranial nerve Profiler application finding your twin on Facebook Or American Express contest for creating your own ad through a Facebook application.So a lot is to be explored about these trends. With the dynamics of ever changing consumer behaviour, dynamics of marketing will keep on changing.the changes that are important, inevitable and essence of life..RAMNEEK KAURMBA, M.COM, M.PHILASSTT. profGURU NANAK INSTITUTE OF MANAGEMENT TECHNOLOGY,MODEL TOWN, LUDHIANA.