Question

How may organizations facilitate the learning of important marketing concepts, principles and ways of thinking to keep ahead of the curve with marketing strategies in today's global competitive market place? Identify and explain at least one strategy. Why do you believe it is effective?

Answer 1

Marketing Concept: is the strategy adopted by the firm to analyze the need and aspiration of their customers to produce customer demanding products than its competitors.

Marketing principles: encompasses strategy that a firm adopts in relation to product, place, price, promotion, process and people for capturing the market.

Marketing concept and principles in global competitive market place:

Over the past 20 years with technologies the marketing concepts and principles had completely revolutionized. The traditional selling concepts is been evolved into many streams yet in many firm adopt traditional and modern approaches in marketing below marketing strategies adopted inn general:

• Modern Approach
  • Advertising
    • Digital Marketing
    • SEO
    • Banners
    • Text Messages to Mobile Phones about discount’s and offers
  • Sales Promotion
    • Social Media Advertisements
    • Media Broadcast
    • Online Selling in Amazon and company’s own website
• Traditional Approach
  • Personal Selling
    • Direct sales through company owns sales agent.
    • Direct sales through distributors
    • Direct sales through retail agents
  • Publicity & Branding
    • CSR activities
    • USP
    • Pricing strategy

Note:

• Very Large – 5
• Large – 4
• Medium – 3
• Less – 2
• Very Less - 1

	Modern Concepts and Principles		Traditional Concepts and principles
	Advertising: Website - online sales & SEO	Sales Promotion: Social Media	Personal Selling - Retailer, Agent & Distributor	Publicity & Branding
Audience Covered	5 [Very Large]	5 [Very Large]	1 [Very Less]	3 [Medium]
Cost of promotion	2 [Less]	1 [Very Less]	4 [Large]	4 [Large]
Brand promotion	5 [Very Large]	5 [Very Large]	2 [Less]	4 [Large]
Product Promotion	5 [Very Large]	5 [Very Large]	2 [Less]	2 [Less]
Employee required	1 [Very Less]	1 [Very Less]	4 [Large]	2 [Less]
Time Required	1 [Very Less]	1 [Very Less]	4 [Large]	2 [Less]
Impact on customers	5 [Very Large]	5 [Very Large]	2 [Less]	3 [Medium]
Overall Rank	2	1	4	3
Budget Allocation - Promotion	30%	40%	10%	20%

From the above table it can be well interrupted that, to cover more audience with less cost and effort current marketing concept and principles is preferable than that of traditional marketing concepts and principles. So the organization should facilitate the learning of marketing concepts and principles as per existing scenario to be more effective in marketing and keep ahead in global market place.