Marketing Management Report: Analyzing New Realities and Future Forces

This report provides a comprehensive overview of marketing management, focusing on the evolving landscape and key forces that shape marketing strategies. It begins by exploring new marketing realities, including the impact of technology, the effects of globalization on market dynamics and production, and the growing importance of social responsibility in marketing practices. The report then delves into how these factors are expected to influence the future of marketing, emphasizing the role of technology in connecting with consumers, the continued expansion of globalization, and the integration of social responsibility into business models. Finally, it analyzes external forces such as laws, government regulations, and competition, and their direct impact on marketing efforts. The report concludes by summarizing the critical aspects of marketing management in the current business environment.

Running Head: Marketing Management
Marketing Management

Marketing Management
Table of Contents
Introduction.................................................................................................................................................1
New Marketing Realities.............................................................................................................................2
Technology..............................................................................................................................................2
Globalization............................................................................................................................................2
Social responsibility.................................................................................................................................3
Change in Future.........................................................................................................................................4
Forces that affect marketing........................................................................................................................5
Laws and Government.............................................................................................................................5
Competition.............................................................................................................................................6
Conclusion...................................................................................................................................................6
References...................................................................................................................................................7
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Introduction
The report gives focus on the marketing concept. Marketing is related to promoting the
goods and services in an effective manner. In the first phase of the report, the new marketing
realities are discussed. The last phase of the report gives focus on the other forces that might give
direct impact on marketing.
New Marketing Realities
It is evaluated that the marketplace in the recent scenario is very different as compared to the
earlier times. The three key forces that drive the new marketing realities are:
Technology
In the digital era, it is evaluated that the marketing can be done in an effective manner.
Technology is one of the new marketing realities that have given emphasis on attaining
the success. The revolution related to digitalization has created an information age that
gives assurance to offer accurate levels of production and also to target the large
communication area. The advancement in transportation, shipping and communication
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has made the process easy to market the products. It has also given impact on the buying
pattern of the consumers (Scott, 2015).
Consumers can easily buy the products by sitting anywhere in the world. International
travel has also enhanced as there are many people who conduct the activities in different
countries (Babin and Zikmund, 2015). Technology also considers the state as a mode or
medium that assists the marketers to propagate with the deliverables to the end user. The
best result of bringing in technology has been innovation. Technology has brought a
drastic change in conducting the activities of the organization and also to survive in the
competitive environment. The technology is considered as dynamic by considering from
television advertisements to internet marketing. It has given success to many companies
and also the promotion of the products is done in a proper manner. With the use
technology, the consumers can easily purchase the items and the company can easily
promote the products. Technology plays a great role in enhancing the sale of products
and services in the market.
Globalization
It is concerned with the change that takes place globally and also it is seen that we are
moving away from a more integrated world. It is a change in the organization that takes place
from the single country to one that operates in multiple countries. The impact of globalization on
business can be divided into two categories:
a.) Market Globalization: It is related to the increase and access of the businesses to all over the
world to satisfy the needs and wants of the consumers. Due to globalization, the company is
able to sell the products and services globally and also it is believed that the tastes of the
consumers who are living in different parts of the world are now emerging (Hirst, Thompson
and Bromley, 2015). It is evaluated that the small companies who do not have sufficient
resources can reach to the customers on an international level. It is all due to the
globalization of markets. There are many big markets that have emerged into a single market
by taking into consideration the needs and wants of the consumers (Amin, 2014). So this is
beneficial for both the customers and for the producers.
b.) Production globalization: Globalization is one of the ways by which the nations interact. The
economy becomes integrated as the flow of products and capital enhances. The fall in the
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trade barriers can lead to increase in the trade between the countries (Crane and Matten,
2016).
Social responsibility
By considering marketing, it is evaluated that social responsibility is an important factor.
The practice consists of giving focus on the efforts of attracting customers who want to make
positive differences with the purchases. There are many companies that take into consideration
social responsibility strategies in marketing. It assists the community to produce the services and
products that give benefit to the society (McWilliams, 2014).The initial investment is important
to divide the profits attained. Social responsibility in marketing gives emphasis on promoting a
positive image that can give direct impact on the productivity and profitability of the
organization. The companies that take into consideration social responsibility are Dabur,
Hindustan Unilever Ltd, P&G.
Change in Future
a.) Technology: In the field of marketing, it will give impact in bringing change in the
future. With the help of updated technology, it is easy for the company to conduct the
activities in a proper manner. A transformation in marketing is considered as the time
spent on our mobiles, laptops. The challenge for the companies is to connect with the
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consumers. But with the use of latest technology, it will be easy for companies to connect
with the consumers in future also (Skinner, 2016).
The large brands can easily create campaigns that work across social media and also
display advertising. The brands consider the website and mobile applications that have
given change in the nature of marketing. To promote the products, marketing is always
taken into consideration so that the customers can easily get the knowledge about the
products and services. In future also it can be easy for the large companies to promote the
products and can easily communicate with the large mass of audience (Hollensen, 2015).
b.) Globalization: This factor will bring change in the future, as it is seen that with the help
of globalization the company can easily enhance the products and services globally. Also
with the increase in the technology in transportation and shipping, it is easy for the
companies to market the products (Pieterse, 2015).International travel has also given
growth to many people work. It will also give an opportunity to consumers to buy the
products and services in an easy manner. The customers can easily purchase the items
and they have a huge variety to choose the products and services. There are also many
big markets emerged into the single market by considering the wants and demands of the
consumers (Baylis, Owens and Smith, 2017).
c.) Social responsibility: This factor is also essential in bringing change in the future. By
giving focus on social responsibility, it is seen that the company will enhance the growth
and profitability of the market. If the marketing of products and services is done by
considering the social responsibility, then it can be evaluated that the company can easily
accomplish the goals and objectives in future. By giving emphasis to the social
responsibility the company also enhances the image in the market. Goodwill also plays a
significant role in attaining the profitability. This factor also attracts consumers towards
the products and services, which give the positive result on the sales of the products.
Marketing of products can be done effectively if social responsibility is considered, as the
attention of the customers can be attracted towards the products and services (Korschun,
Bhattacharya and Swain, 2014).
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Forces that affect marketing
Every business is affected by some forces. They can give increase and decrease in the
needs and wants of the product. It is essential for the organization to analyze the forces that give
direct impact on the business. The forces that affect marketing are:
Laws and Government
The change in the laws gives effect on all the aspects of the business including marketing.
The new taxes imposed by the government can give impact on the Bottom line and also it needs
a reduction in the amount of marketing that is produced. New restrictions that are imposed by the
government can affect the ability of the customers to shop for the brand. The new law that
governs the age limits of the consumers and also the other factor can hinder the opportunities to
sell the products. In many cases, it is seen that the new laws can be directed to control the
marketing efforts directly. For example: The laws related to privacy can remove the valuable
access to the consumers and can give change in the marketing strategy altogether (Sheth and
Sisodia, 2015).
Competition
Competition level is one of the factors that affect marketing. If the competition level is
high in the market, then it is important for the company to enhance the marketing strategies. If
the marketing strategies are not enhanced, then it can give negative impact on sales of the
products. It is essential to monitor the activities of the organization and also effective design
strategies should be considered so that the controllable variables can be used.
Conclusion
By evaluating the report, it is concluded that the new marketing realities that are discussed in this
report are technology, Globalization, and social responsibility. Marketing is considered as an
important part of the organization. It is important to survive in the competitive environment and
also to enhance the growth. The forces are also discussed that will bring change in the future. In
the last phase of the report, the discussion is made by considering the forces that can give direct
impact on marketing.
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References
Amin, S., 2014. Capitalism in the age of globalization: The management of contemporary
society. Zed Books Ltd..
Babin, B.J. and Zikmund, W.G., 2015. Exploring marketing research. Cengage Learning.
Baylis, J., Owens, P. and Smith, S. eds., 2017. The globalization of world politics: An
introduction to international relations. Oxford University Press.
Crane, A. and Matten, D., 2016. Business ethics: Managing corporate citizenship and
sustainability in the age of globalization. Oxford University Press.
Hirst, P., Thompson, G. and Bromley, S., 2015. Globalization in question. John Wiley & Sons.
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Korschun, D., Bhattacharya, C.B. and Swain, S.D., 2014. Corporate social responsibility,
customer orientation, and the job performance of frontline employees. Journal of
Marketing, 78(3), pp.20-37.
McWilliams, A., 2014. Economics of Corporate Social Responsibility. Edward Elgar Publishing.
Pieterse, J.N., 2015. Globalization and culture: Global mélange. Rowman & Littlefield.
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Scott, D.M., 2015. The new rules of marketing and PR: How to use social media, online video,
mobile applications, blogs, news releases, and viral marketing to reach buyers directly. John
Wiley & Sons.
Sheth, J.N. and Sisodia, R.S., 2015. Does marketing need reform?: Fresh perspectives on the
future. Routledge.
Skinner, B.F., 2016. The technology of teaching. BF Skinner Foundation.
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