Finance is no more just finance, it’s Fintech, Marketing is no more just marketing, it’s Digital Marketing, and Education is now EdTech.
Marketing sounds simple as it’s only about connecting products with the customers. Though it seems easy, marketers feel it is pretty complicated. And like any other Indian, when we talk about marketing, we don’t go beyond Kotler. But Kotler himself had come up with Marketing 1.0, or “the product-centric era”, then Marketing 2.0, “the customer-centric era,” and Marketing 3.0, “the human-centric era.” And now, the latest is Marketing 4.0: Moving from Traditional to Digital, which covers shifting power dynamics, the paradoxes wrought by connectivity, and the increasing sub-culture splintering that will shape future consumers.
But the fundamental idea of marketing has not changed though there are many videos that talk about the transformation. What companies are doing is more relevant to the outside customer and retaining the customer is still one of the biggest challenges of marketing. It was the situation earlier also, and now in the digital space, it is there with more complications and challenges.
4Ps were there when this subject was theorized, and still, they form the base. It is mentioned in one of the marketing pieces of literature that-
Different customers have different needs, and this heterogeneity has to be managed throughout
Consumer behavior will change with time, and companies need to manage these dynamics.
And there is the evergreen problem of limited resources.
Students should have more knowledge and learn about the idea of competition as competition does react. For example, when Jio came up with affordable plans, it just took a week for other competitors to copy that. So as a marketing manager one should think of the ideas or benefits which are sustainable.
Observation is the key
Marketing is such a realistic thing that even if one is not good at learning definitions and theories, it can be learned through observations. Students should develop a habit of observing things and asking/discussing why things are happening in such a fashion. The best part about marketing is one doesn’t need to imagine something. If we talk about shelf space, then one can go to the shop or a mall to see why these two brands are kept together or why this brand is placed first. As the basic model of consumer behavior says consumer mind is like a black box-you never know what is going to be a hit or a miss. So, there is a great thought process before making any decision in marketing.
Impact of technology on Marketing
Technology has played a remarkable role in changing the whole sphere. It has given a lot of freedom in terms of reach and accessibility. It has helped us resolve many problems, like collecting data and doing surveys, and providing tailor-made solutions. Companies are working within this untapped space. With the help of technology, the long existing problems have been resolved. Everything is getting connected and reachable with the help of digitization. But good Managers are needed to run these technologies efficiently. Going back to the basics to make use of these great technologies is more important for an MBA graduate. Also, students should learn to analyze the problem, stay updated and learn how to learn to rise high in the corporate level!
One of the best ways of learning about the latest techniques and best practices of marketing is by getting a degree in the relevant field. An MBA in marketing covers everything from fundamental marketing concepts and prepares you for a successful career in this field. If you’re someone who is interested to get a marketing related degree but don’t have the time for it, you can pursue an online MBA with marketing as elective through Online Manipal, an online platform of Manipal University Jaipur (MUJ). MUJ’s online MBA programs are one of the most highly rated degrees in the country as they have industry-oriented curriculum, highly qualified lecturers, a state-of-the-art Learning Management System (LMS), and many more highlights.
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