Globalization and Knowledge in Marketing
Marketing is not a new concept; however, the idea of digital marketing is. In this paper, the history of marketing will be analyzed to see how it has changed within the last two decades. Many customers used to receive only direct mail marketing and now more digital marketing efforts are taking place. This paper will also discuss the many new digital marketing trends that are occurring in 2019, along with a few examples of companies that have both embraced and not embraced this innovative idea. Lastly, the concepts of globalization, knowledge, and distance learning will be discussed, and how educational and work experiences can lead to future innovation.
Globalization and Knowledge in Marketing
Upon the start of an organization there is a certain amount of knowledge that must be obtained in order to start the business and run it smoothly. Once the organization is established and is in working order, its managers must pay attention to the competition, innovation opportunities, and additional ways to retain new knowledge about the industry it operates in. Competition is always going to be present, so it would be wise for managers to pay attention to what their competitors are doing that is working or not working, and then use it to their advantage to make their products or services better (Understand Your Competitors, n.d.). When it comes to innovation and gaining more knowledge, the marketing field has had many new innovative ideas and developments within the last two decades that have enhanced the way marketing products and services are accomplished.
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Kotler and Keller (2016) discuss how marketers have experienced innovative ideas such as globalization, broadening, focusing, uncovering, and monitoring. Globalization is an innovative idea that brought more knowledge to the marketing world by helping marketer’s focus on how they can reach customers globally (Kotler and Keller, 2016). If a company has the marketing knowledge of how to target customers in another country, it significantly increases its chances of being successful. Broadening refers to taking into consideration the interests of potential customers in order to target them efficiently (Kotler and Keller, 2016). This requires marketer’s to think of the product from a customer’s point of view, and thus determine how to market it to them. Focusing looks solely at the marketing history of a company and determines what type of customers tend to be the best customers to target advertisements to in order to get the most profit, leads, and response rates. Uncovering and monitoring involve tracking what a customer is searching for online in order to adjust advertisements, and using analytical programs to track the insights (Kotler and Keller, 2016). These innovative ideas are utilized differently depending on what the company finds important; however, each of these ideas bring new knowledge to the marketing team in order to market to potential customers as efficiently as possible.
History of Marketing
The way an organization runs its marketing efforts has drastically changed within the last two decades. Before the internet was around, marketing products and services involved printing an advertisement in a magazine or newspaper, mailing advertisements to people’s home, broadcasting advertisements on the TV or the radio, or even direct sales (Lilyquist, 2018). Before the digital era began, marketing did not consist of any e-mails, e-newsletters, or social media posts. Rather, marketing involved door to door sales and many advertisements in a printed form. One thing to note is that some advertisements that were published to a magazine or a local newspaper might have only been seen by the individuals who purchased them. This would prevent many other potential customers to miss out on a special promotion, a sale, or a simple advertisement for a company. While many of these techniques are still utilized today, they are becoming less popular with this new digital marketing framework.
According to Keegan and Green (2016), the digital uprising started in 1937 when John Vincent Atanasoff and Clifford Berry decided to build an electromechanial digital computer while they were attending Iowa State University. As time went on, technology and the evolution of the computer continued to advance. Fast forward about 50 years to the 1980’s when the idea of the internet started to become more popular, and not long after in 1990 the idea of a URL, HTML, and HTTP were invented (Keegan and Green, 2016). This is when the internet really started to advance, because it was now able to offer companies and individuals the opportunity to search online.
Keegan and Green (2016) describe the 2000’s as being the second wave of the internet revolution, because this is when the internet was no longer something that needed adjustment or fixing, but rather a time of brainstorming how it can be used in a positive way. During 2000-2014, many of the common websites and social media platforms were discovered both for personal and business use. For example, during this time is when YouTube, Twitter, and Facebook were discovered, as well as the iPhone and other Smartphone’s (Keegan & Green, 2016). The internet and social media platforms have opened up doors for marketing to create campaigns that can be seen by millions of people, rather than a select few. Many advertisements and marketing efforts on social media are now forced, meaning they are automatically placed on the newsfeed which an individual will see upon scrolling. These new changes in technology, the internet as a whole, and other digital advancements have brought many new opportunities to the marketing field.
New Marketing Trends
Throughout the last two decades, the way companies have marketed products and services has continued to change. Most of the new marketing trends that are prevalent in 2019 involve digital marketing and many different avenues using the internet.
Throughout the last decade, gathering data and managing people’s personal information has become relatively simply with the advancement of technology. Marketers have the ability to utilize customer relationship management programs by simply downloading the software onto a work computer (Maddox, 2010). This type of program assists marketers with managing their clients, targeting clients, and ultimately running campaigns. Two decades ago, managing clients involved writing down names, addresses, and other identifying information for marketing purposes. This information was then put into a folder and then filed away. The amount of paper that was used two decades ago has significantly decreased due to the new digital options that are available to marketers, which not only makes it easier, but also helps the environment.
Maddox (2010) discusses how the advancement of digital technologies has led to the expansion of online ad spending, which increased from the year 2000 to 2010 by $14.5 billion. This type of data is an example of how marketing has evolved in the past two decades, because now there are more ways to measure marketing efforts. Metrics for a digital marketing campaign can be measured by a program like Google Analytics, which will provide the marketer with metrics on open rates for e-mails, click through rates, gross response rates, and roughly how many leads the campaign attracted. Depending on the company and what type of program it is using, it may also provide information on how many applications or policies came in and how much the company has made from a specific marketing campaign.
Cookies and Search Advertisements
With the internet becoming a more popular avenue for marketing, one trend that is becoming more popular as of 2018 is the idea of cookies, and not the chocolate chip kind. Cookies are considered to be little tracking devices that track what a person is searching, which ultimately helps marketer’s narrow down their target audience for a product or services (Ruff, 2018). This is where search advertisements come in, which are the advertisements marketer’s put together based on what an individual searches. An example of this would be if a person spent time searching for a Garmin watch through the Google web browser, and then not long after advertisements for Garmin watches begin to pop up on the side of a web page. This happens due to the cookies that are tracking the search results. This marketing trend is becoming more popular as technology advances, because it has opened up a new way to advertise products and services. Before digital technology became so advanced, direct mail was the primary way to market products or services, but now a marketer can create a target audience online at any point in time.
Direct Mail Marketing
Direct mail marketing has been around for longer than the last two decades, and while some companies have stopped using this marketing method, others have continued to find it valuable. According to DeDiemer (2011), direct mail remains less intrusive than digital marketing and often has high response rates. Of course, the response rates do vary depending on the company, what products are being offered, the creative that is sent out by the marketers, gender, and age. Another thing to note is that an e-mail campaign can often get lost in the many e-mails a customer receives each day, while a direct piece of mail will stand out. There is always the chance that customers will toss the piece of mail they receive, but they are more likely to see it in the mail versus in their e-mail. King (2013) believes that both direct mail and e-mail campaigns accomplish better results when they are run together versus separately.
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From experience working in the marketing department at an insurance company called AGIA Affinity, direct mail is still heavily relied on and utilized within the marketing department. However, due to the new digital era, the company has just recently started to embrace e-mail campaigns, e-newsletters, and offering website management to the clients. Like King (2013) mentioned, having a balance between marketing e-mails and direct mail has been beneficial for the company. It has opened up a new avenue for marketing insurance, and has allowed the marketers to target more potential customers than ever before.
Innovative vs. Non-Innovative Companies
With technology evolving and the changes within marketing occurring at a fast rate, companies that fail to innovate and gain knowledge of these trends will be placed at a disadvantage. According to Mascone (2015), many managers are afraid of failure, which prevents the company from driving innovation and encouraging employees to take on new responsibilities. Unfortunately, if an organization doesn’t attempt to overcome the fear, then it will not be successful against its competitors that do choose to participate in the innovation.
Cusick Realty is a real estate company located in Ventura, CA, and is a good example of how companies that fail to innovate and adapt to the new marketing trends will find it hard to be successful. This real estate company has attempted to embrace innovation and get on board with the new digital marketing trends; however, the owners and most agents that work at the office are not very computer, or social media savvy. Since the owners are not comfortable with the digital marketing world, direct mail is often used as a way to gain exposure and new clients. The unfortunate part of only doing direct mail marketing campaigns is that the post card, letter, or newsletter will get passed up or thrown away by some groups of people. Not only can this expensive piece of mail get passed up, but by only doing direct mailers the company misses a whole other population that is utilizing social media and e-mail.
According to Ruff (2018), one of the newest marketing trends is what’s called a chatbot, which is located on the landing page of a company’s website that initiates a conversation with a visitor. Companies like Cusick Realty could utilize such a marketing trend to boost client engagement; however, some owners do not fully grasp the concept, or know to go about using this type of technology. Another marketing trend that Ruff (2018) describes as a helpful tool is sending personalized e-mails and text messages. Fortunately for Cusick Realty, most agents and the owners are comfortable with e-mailing, but do need to put in some extra work when it comes to text messaging and other technology. If this real estate company plans to be successful in the future, the owners will need to revise their marketing efforts and hire someone who can utilize digital marketing.
Starbucks is an example of a company that fully embraced innovation and expanded the way it markets to its customers and offer services. According to Adam Brotman, who is the vice president of digital ventures at Starbucks, the company immediately started to utilize digital strategies by offering free Wi-Fi in all of their stores (Fitzgerald, 2013). Now it is fairly common for companies to offer free Wi-Fi; however, at the time it was rare and a huge plus for customers to have this option while at a coffee shop. Not too long after the Wi-Fi was implemented, the company also developed its own app for Smartphone’s, along with offering a mobile payment option for customers (Fitzgerald, 2013).
The Starbuck’s app is currently a very popular digital marketing trend, which helps draw in more customers who are either in a hurry and want to skip the lines, or for those who are more antisocial. The app also allows the company to post advertisements, deals, and ways to participate in free gives, contests, and additional announcements. Throughout the interview, Brotman emphasized the importance of the company paying attention to what their customers want and what digital touch points are the most popular (Fitzgerald, 2013). The company’s ability to be innovative and embrace these digital marketing changes is just one reason why the company is so successful today.
Applicable Knowledge for the Future
The level of knowledge gained through this MBA program at American Public University, as well as personal work experience, is going to open many doors for future innovative ideas. Having an understanding and experience in digital marketing specifically will allow for opportunities to work for companies that may need some assistance with these new marketing trends. As an employee, understanding the history of marketing and having the awareness of the current marketing trends is going to open up many opportunities to create new and exciting marketing campaigns that will be successful.
Globalization and Distance Learning
As discussed earlier, globalization has opened up doors for technology, services, capital and goods to reach internationally (Gaspar, 2014). Throughout taking courses at American Public University, the benefits of globalization have been noticed many times. Distance learning is a great example of globalization, and how technology has allowed students to take college courses from almost anywhere in the world. With distance learning, students are able to connect with their professors, as well as other students in different countries and different time zones, which many used to believe, was not possible. However, distance learning has provided a foundation for how beneficial globalization is for educational purposes, as well as for businesses to be successful.
Marketing has significantly changed in the last two decades from direct mail, radio broadcasts, and newspaper ads to now incorporating digital marketing. Digital marketing and the expansion of technology has allowed companies to market products and services to society in a way that was never done previously. Companies who choose to embrace these new innovations will be more successful than companies who choose not to, because they will lose out on many opportunities to interact with customers. Globalization continues to be an important topic of discussion, as it leads to many opportunities for innovation and sharing of knowledge. The future is not known, but continuing to gain experience and understanding in the marketing field will lead to positive outcomes.
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