Marketing Management MKT531G3 Week 8 Discussion 1

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Keiser University **We aren't endorsed by this school
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MKT 531
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Marketing
Date
May 21, 2023
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2
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1 The Future of Marketing Businesses strive to predict future trends to strengthen their agility and align their marketing strategy with the unfolding trends. Fundamental shifts in consumer behavior will redefine marketing. Technology will continue occupying center stage in marketing, streamlining the physical and digital touchpoints. Rapid innovation is already revolutionizing marketing techniques as companies roll out e-commerce platforms, especially mobile shopping apps, to enable consumers to order products from their preferred vendors and pay online (Hou and Elliott, 2021). E-commerce platforms enable firms to personalize advertisements and strengthen consumer loyalty. Digital migration challenges companies to reimagine their marketing practices and rethink how to connect with consumers. Businesses must establish robust mechanisms for managing a wave of voluminous data and leverage it to personalize messages and offers (Hou and Elliott, 2021). Companies will be compelled to adopt digital analytics to track and predict customer behaviors and preferences with utmost precision. Marketers will increasingly shift from traditional marketing tactics to social media marketing. Social networking platforms are more cost-effective and cost-efficient than traditional marketing methods. Appel et al. (2020) identify three themes that will continue shaping the social media landscape: privacy concerns, omni-social presence, and the upsurge of influencers. The growing integration between social media and mobile applications— such as Spotify, websites, and e-commerce platforms, will intensify social interactivity. This means social media will be at the heart of every consumer decision-making process. Succeeding in the future requires companies to develop a sound omnichannel marketing strategy to enhance seamless user experience (Appel et al., 2020). Social influencers or celebrities will continue dominating social media marketing. Some celebrities, such as Selena Gomez, have millions of social followers
2 across the globe. Companies might be compelled to embrace social media influencers to augment the influence of their online marketing campaign. The first persona narration and credibility associated with influencers make the messaging more personal and effective than conventional ads. Diversity marketing is another significant phenomenon that will characterize future marketing practices. Companies adopt diversity marketing to stave off artificial barriers developing from social identities, such as culture, religion, gender, age, or race (Kotler et al., 2021). Social identities and beliefs are increasingly determining shopping choices. Marketers must demonstrate their commitment to diversity and inclusivity to appeal to different markets, especially ethnic minorities. For instance, a marketer who wants to connect with African American youths must ensure the ad campaign features the imagery of a young black person. Companies must also localize their marketing to strengthen their connection with consumers. References Appel, G., Grewal, L., Hadi, R., & Stephen, A. T. (2020). The future of social media in marketing. Journal of the Academy of Marketing Science , 48 , 79-95. https://doi.org/10.1007/s11747-019-00695-1 Hou, J., & Elliott, K. (2021). Mobile shopping intensity: Consumer demographics and motivations. Journal of Retailing and Consumer Services , 63 , 102741. https://doi.org/10.1016/j.jretconser.2021.102741 Kotler, P., Keller, K. L., & Chernev, A. (2021). Marketing management (16th ed.). Pearson.
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