Marketing is defined as the act or process of buying and selling in a market, but what are some of the strategies that successful corporations use to gain an advantage over their competition?
Successful companies invest up front to develop an advertising and promotions plan, which clearly outlines the goals and strategies of the organization. Once the plan is in place and ready to implement, identification of target markets must be determined.
An advertising and promotions plan will include such items as identifying target markets, creating messages to the market and what avenues will be used to communicate the message. The plan should also identify how successes are measured through the use of a quantifiable list that tracks whether or not the tasks are accomplishing the goals.
With the rapidly advancing technologies that are occurring in modern business, companies are required to be ready, and able to adapt within their ever-changing environment. It is true across all diverse industries that in order to stay competitive, companies must be able to use the various tools that technology has to offer.
Technological factors have been of growing importance, particularly in recent years. A major factor involved in these technology issues is the use of the Internet as a major issue to modern companies. Internet marketing has been rapidly growing since its inception and is now commonly used in all sectors of societies, in all corners of the globe.
The Internet has quickly become one of the most valuable assets in modern technology, and as such, is developing as an integral part of modern commerce. As with past technologies, the Internet will have future technological advances develop from its own growth.
The Internet has lead to the birth and evolution of electronic commerce or E-commerce. E-commerce has now become a key component of many companies in the daily running of their business.
Online marketing challenges traditional practices, and opens up a vast array of issues that companies must address. An understanding of the implication E-commerce has on a company's divisions can help businesses gain understanding hence plan for its inevitable continuing evolution.
In terms of marketing, the modern company must be critically aware of the development of E-commerce, and the implications that it entails. In assessing the implications of E-commerce in terms of marketing, it is important to understand its impact in respect to marketing strategy formulation. As the Internet, and in turn E-commerce has developed, and continues to evolve and grow, it is vital that any company, in any particular industry, must base its strategic planning around such a rapidly growing medium.
Long gone are the days in which marketing simply meant hiring a few people and throwing them into the street to sell products. Such marketing strategies are obsolete now, and although once effective, they are overwhelmed today by the internets vast medium. And whether we like it or not, as it is revolutionary in everything else, the internet does the same with marketing too.