The scope of marketing
in coming years is way beyond than communications and advertising. The future
of marketing is global marketing, marketing on world wide scale this means
providing quality products and services not locally but internationally and
world-wide. In global marketing this is not necessary for a firm to export and
enter all world market but this is process of planning, promotion, and
distribution of ideas, goods and services to create exchanges that satisfy
In the future of
marketing there will be increase in the intensity of competition. It will be
challenge for companies at all stages of development as markets open up and it
will be more integrated, advance technology will be available for all size
firms and there will be new sources of competition. Firms will be more indulged
in global brand identity development. All marketing strategies will be made in
order to tackle many challenges which company will face in global marketing.
Another scope for the
future of marketing is digital marketing, it is the marketing of products using
digital technologies. People like to surf on internet rather than visiting
shops physically that’s why digital marketing campaigns become more efficient.
The digital marketing will not only make the firms to advertise their products
but also helps them in their customer relationship management by providing
customer support 24/7 which makes customer feel satisfied and valued. The use
of digital marketing will also help firm receive feedbacks from customer
whether negative or positive and evaluate their product or service image in the
mind of customers. Also it will be convenient from customer side to post their
feedback online through blogs, social media sources and websites about their
experience with the product or brand.
The future of marketing
is Neuromarketing in which principles of medical science is applied to study
sensorimotor cognitive (neuro response of brain) and responses of human brain to
marketing stimuli. They use functional magnetic resonance imaging (fMRI) and
electroencephalography (EEG) to study different parts of brain. This will be
very helpful for marketers to predict customer behavior which is generally
considered as unpredictable. With the help of these information brand marketing
will be penetrated in the minds of customers. They can make feel customers to consider
their felt needs as their real needs and buy the products which ultimately
increases the sales to multiple folds. This will also help marketers to
anticipate the response of customers for the future products which was
previously conducted through surveys which are quite time taking and was very
difficult to conduct. Once you have knowledge about working of human brain you
can also make and design products according to likes and dislikes of consumers.
Talking about the
future one cannot deny the penetration of social media in our daily lives.
Social media marketing is the use of social media sites for promotions and branding.
For example Facebook is the social media platform which have billions of users
worldwide and provide perfect platform for advertisement. No other source can
directly target such a large number of audience. Social media can be an
informative source for market information, Blogs, groups, content communities
and forms are platforms for individuals to share their reviews about product,
brand and services. Social media can also be used by marketers as channels of
communication targeting very specific audience with people who are influenced
by social media. Social media websites can be more specific in targeting market
niche, they can target their ads to very specific demographic such as people who
are interested in low price products.