Big data is large and complex data sets that are collected by companies and governments. The data that involve many types of information arriving in increasing volumes and with the incredibly fast rates. Big data signifies colossal volumes of data are being generated from assorted sources such as business processes, machines networks, and social media. Historically, it is a challenge to reserve the enormous volume of data, by the progression computing capacity that storage is not an issue anymore. Big data can be classified into three types of data which is structured data, unstructured data, and semi-structured data. The structured data being easily entered, processed, queried, stored and recover into a fixed format. The typical examples of structured data contain numbers and dates. The unstructured data cannot be fit or classified into a net box and the process and analysis are very hard and time-consuming. For instance, objects from blogs, Continue reading
Modern Marketing Strategies
What is Social Marketing?
Nowadays, social marketing is very common in lots of places, for example government agencies, private nonprofit organizations, private for-profit firms and universities. However, many people don’t know what does social marketing is and how it differs from similar fields such as communications and behavior mobilization, it is being confused with generic marketing like ‘societal marketing’ and ‘socially responsible marketing’. There are some practitioners are doing social advertising but they think they are doing social marketing. Social marketing is to understand how to influence people’s behavior in a good way and make better standard of living for human, so it is necessarily to make all these marketing concept clear and to understand them more deeply. To discuss the concept of social marketing, we first have to know the definition of it. Social marketing is defined as the design, implementation and control of programs calculated to influence the acceptability of social ideas Continue reading
Customer Centric and Market Driven Approaches to Marketing
With the increasing pace of commercialization of economy, international and domestic market environment has changed dramatically-the termination of seller’s market and shortage economy, the arrival of buyer’s market and surplus economy. Consumers have become the leading role within transaction relationship. Companies must spare no efforts to please consumers, provide consumers with satisfactory products. Nowadays, concerning corporate marketing concept, there are customer centric and market driven. Customer centric refers that the enterprise takes the fulfillment of customer demands and the increase of customer value as business starting point. It stressed that the organization should avoid separating the actual demand from customers and subjective assumptions of the market. A customer-centric approach can add value to a company by differentiating themselves from competitors who do not offer the same experience. In essence, customer centric means the modern marketing concept that build a long-term and stable business relationship through provide customers more value and Continue reading
Marketing Myopia
Most of the major industries today were once considered as growth industry’s. However some of the industries that are on the rise up the mountain or undergoing a boom in business may very much be in the shadow of downfall. Other industries which are considered as veteran growth industries have in reality ceased to grow. In every case the reason for this stint is not because the market is impregnated, it is because of the failure of management as they have fallen prey to a phenomenon called ‘Marketing Myopia’. Defining Marketing Myopia ‘Marketing myopia’ is a term made up of two words: Marketing and Myopia which is used to describe the short sighted (myopic) approach adopted by organizations which often leads to their premature decay. The term was coined by ‘Theodore Levitt’ in a paper which was published in the Harvard Business Review in the year 1960. This paper has Continue reading
10 Trends identified in the Service Sector in 21st Century
At the beginning of 21st Century, special issues have developed in area of marketing due to drastic changes in business environment and intense competition that has compelled the marketers to change the way of doing business. Marketing is changing and that’s obvious. The focus of marketing has widened from the classic product, price, and place, promotion to incorporate the yield management, customer experience and customization that necessitates marketer to concentrate on issues such as processes, people and consumer insight. Escalating customer’s demands, development of technology, increasing competition, increasing consumerism all have been main causes that led strategic change in marketing. Service sector in post industrial economies is facing unprecedented changes. Service marketing in 21st century is all about achieving return on investment (ROI) and relationship (ROR), retaining customer and increasing customer lifetime value. The changing role of marketing in service sector demands efficient and effective management of customers, channels, markets Continue reading
Green Strategies and Green Marketing Strategy Matrix
Industry green norms and potential green market size are key issues for companies looking to gain competitive advantage with green marketing. Companies should consider the likely size of green markets in its industry as well as how can they differ their green products or services from their competitor’s one’s before they take steps on going green. There are four types of green strategies: Lean Green, Defensive Green, Shaded Green and Extreme Green. Following Green Marketing Strategy Matrix illustrates the need for companies to identify their position in regards to substantiality of green market segments and differentiability of greenness in order to choose the right strategy to enter a green market. Promotions tools adopted by this strategy are rather quiet such as public relations versus mass advertising. The Shaded Green strategy puts some secondary emphasis on greenness in its more overt promotional efforts and also pursues green product development as well. Continue reading