Marketing Models - Essay Example
Presently, marketing aspects such as advertising need to utilise persuasive communication, creative strategies and planning in order to capture the interest of the target group. The most significant feature in the marketing environment in the 21st century is the increasing active role of the consumer and the emergence of new technologies. This means that an effective and elaborate communication process must exist for a company to attract consumers (Kotler and Armstrong, 2012).
There are various reasons for marketing especially when a product is in the mature stage of the product life cycle. In this stage, the sales are high but they tend to stabilize and without the right marketing channels, they can decrease. Therefore, the company needs to come up with a marketing strategy that stands out from its competitors and promotes the products in an extraordinary way (Kile, 2013). In the maturity stage, marketing plays significant roles with the consumers as it help them to associate with the brand by building trust with the customers. It also helps in increasing sales as more customers are attracted to the brand and since it is an established brand, they can trust the company to provide quality products. The company gains a favourable reputation through marketing (Brown, 2001).
Marketing is significant for a company as it helps it to adapt to the constant changes occurring in the marketing environment. As many companies are embracing globalisation, information transparency and the use of the internet, their technological capabilities and business models are changing. This phenomenon has made marketing a crucial function in many organisations as they try to differentiate their products to suit the new consumer needs and expand their markets. Markets are also unpredictable following these changes, therefore, a company has to market its products to ensure that the consumers are retained and also capture the minds of new or prospective
Write something about yourself. No need to be fancy, just an overview.