An Essay on Marketing Research in the 21st Century: Opportunities and Challenges

An Essay on Marketing Research in the 21st Century: Opportunities and Challenges

Introduction

Digitization has rapidly changed the concepts of marketing (Hair et al., 2018). The actual concept of marketing lies in those activities that range from production to distribution of goods. With ever changing trends in digital transformation, the good that are being produced or sold have assumed a digital platform (Chaffey and Ellis- Chadwick, 2019). All marketing philosophies are now applicable to the digital products some of them being big data, data analytic or machine learning. It is these products that the digital marketing trends now focus on. This report focuses on applying the five marketing management  philosophies to digital marketing products that have been discussed in the case study.

Body

Every business differs in the products that they sell or produce. Therefore, there is not one particular technique or philosophies that apply to them. Hence, marketing management philosophies have been developed to deal with such dilemmas. In context to the given case study, the five marketing management philosophies can be applied as follows:

Product concept: This concept drives the companies to believe that the quality of product is something that customers are looking forward to (Kotler et al., 2019). It does not consider the price of the product. These companies mainly focus on the quality of the product. Major technological giants are examples of companies that follow this philosophy. In the era of big data, much data is produced from the end user. Companies focus on tools that would manage such data without considering much on the cost. In context to the case study, the emergence of machine learning techniques, data analytic and big data tools are the key towards development of those products that apply the “product concepts” in the digital world. This includes development of various applications to control the various activities of individuals or locate their existence. They have also developed effective products that can send invoices to their smart phones while sitting at a restaurant or cafe (Hair et al., 2018).

Selling Concept: This marketing management principle applies to the sale of products by the company at any cost. This concept is generally implemented by those companies that have short term goals. Moreover, the main aim of such companies are to make money. With fast changing trends in technology, companies develop products such that they increase their value in the markets. Every small application that is being used makes use of the basic concepts of data analytic. Therefore, this concept is being implemented by nearly all the companies to increase the sale of their digital products. Along with descriptive analysis, predictive analysis tools that have emerged recently, highly influences the selling concept of the technology companies.

Marketing Concept: The 21 st century marketing concepts aligns with the belief that “customer is the king.” Therefore, all products in the digital platforms are designed according to the demands of the customers.

Therefore, products that implement the concepts of big data and data analytic are designed in a way that satisfies the need of the customers (Brown et al., 2019). For example, devising tools that implement machine learning tools to control homes depends upon the necessity of the customers.

Holistic Marketing Concept: Holistic marketing concepts are a new addition to the marketing philosophies. This concept considers all units of a company as a single entity that helps in the effective development of products (Sidorchuk, 2016). In the digital worlds, all units of the companies such as the development unit, execution, selling and packaging work as a single unit just like a human body with its various parts to enable a holistic customer experience.

Societal Marketing Concept: This marketing concept aligns with the well being of the society. For example, any product or service that are built by the technology companies necessarily fulfil the demands of the customers. These businesses focus on developing products that help the individuals of the society to adapt themselves with the changing environment. This philosophy considers businesses as an integral component of the society. Therefore, it is important that they participate in all social activities that are aimed at alleviating poverty and distress among the people.

Conclusion
Thus, it has been quite evident that the marketing environment have changed considerably. In order to align with these changing environments, the marketing management philosophies have also undergone improvisations. The report has highlighted these philosophies in context to the digital transformations that are taking place. Although future predictions seem risky, but it can be anticipated that these changes will evolve exponentially in the future. Hence, report through its digital products and digital transformation has vividly described the marketing management principles.

Reference List
Brown, D., Foroudi, P. and Hafeez, K., 2019. Marketing management capability: the construct and its dimensions. Qualitative Market Research: An International Journal.
Chaffey, D. and Ellis-Chadwick, F., 2019. Digital marketing. Pearson UK.
Hair, J.F., Harrison, D. and Risher, J.J., 2018. Marketing research in the 21st century: Opportunities and challenges. Brazilian Journal of Marketing-BJMkt, Revista Brasileira de Marketing–ReMark, Special Issue, 17.
Kotler, P., Keller, K.L., Brady, M., Goodman, M. and Hansen, T., 2019. Marketing management. Pearson UK.
Sidorchuk, R., 2016. Holistic Marketing Concept For Small And Medium Businesses. Annals of marketing- mba, 2.