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New Marketing Realities

  • Time to Understand New Marketing Realities

    Chess pieces in a chess game. business concept

    Is marketing just selling and buying products and services? To most the answer is yes, but the activity of buying and selling is just a tip of the iceberg. Indeed, it may be the most interesting chapter of the book but not the complete book. The concept would require deeper understanding in Pakistan, where the most of the well-known companies even don’t have marketing departments and unfoundedly portfolio of “Director, Sales & Marketing” is still the proud coat of arms.
    Companies are still grasping the reality that marketing is an organisational function, not individual efforts. It is a set of processes for creating, communicating, and delivering value to customers, not just making money. Above all, it is yet to comprehend that managing customer relationships is to benefit the organisation and its stakeholders, not to consider HRM as a waste of money.
    The world is practising the holistic marketing concept, which is based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies. The concept such is in the mind of local marketers that holistic marketing is the concept that recognising everything nowadays has greater impact in the activity of marketing and that a broad, integrated perspective is often necessary. Marketing is far less effective if relationship marketing, integrated marketing, internal marketing, and performance marketing is failed to create synergy. Holistic marketing depends on these four components and their coaction is the source of success.
    Moreover, the set of tasks necessary for successful marketing management includes developing marketing strategies and plans, capturing marketing insights, connecting with customers, building strong brands, creating, delivering, and communicating value, and creating long-term growth.
    Marketing and its management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
    Force fitting marketing is no more viable option. Marketing prey is used to be an art but now it is unethical and in many countries, it is termed as an offence. Today’s our marketplace like anywhere else is fundamentally different as a result of major societal forces that have resulted in many new consumer and company capabilities in our country. In particular, technology, globalisation, and social responsibility have created new opportunities and challenges for the local and global companies and significantly changed marketing management. It is a high time for companies in Pakistan to seek the right balance of tried-and-true methods with breakthrough new approaches to achieve marketing excellence.
    The new realties in marketing massive amounts of information and data about almost everything are now available to consumers and marketers. The old credo “information is power” is giving way to the new idea that “sharing information is power.” Even traditional marketing activities are profoundly affected by technology.
    Marketing is spreading as world is condensing. The world has become a smaller place. Globalization has made countries increasingly multicultural and changes innovation and product development as companies take ideas and lessons from one country and apply them to another.
    Finally, in Pakistan’s marketing companies must relies that globally the private sector is taking some responsibility for improving living conditions, and firms all over the world have elevated the role of corporate social responsibility. Because marketing’s effects extend to society as a whole, marketers in Pakistan must consider the ethical, environmental, legal, and social context of their activities. Social responsibility is a way to differentiate from competitors, build consumer preference, and achieve notable sales and profit gains.

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