Marketing in the 21st Century
Order Instructions:
Please pay attention to details hear and respond to all the question in details. and most important it is critical that the writer focus on the points mentioned at the end of the questions . all aspect must be thoroughly address in the paper.
Marketing in the 21st Century
Once again, you will utilize articles listed in the Resources section to explore the different topics for your Research Paper. Below, you will find a series of questions pertaining to each article. You do not have to answer the questions directly, but they are included to guide you in discovering the type of information that you need to complete the research paper.
After reading “Retail Marketing Trends in USA and Their Effects on Consumers and the Global Workforce,” and “Internet Retailing Quality: One Size Does Not Fit All,” consider the following questions:
• What should online retailers do to establish a clear difference from retailers that have off-line stores?
• What should be the strategies for retailers with physical locations that intend to also establish themselves online and how should these retailers seamlessly integrate their channel offerings?
• How has globalization influenced marketing trends?
Using the information you have read and any other outside resources that you have found, prepare a summary (2 pages minimum) of how these topics relate to the overall subject you are addressing in your paper. Remember to refer back to the main task of this paper, which is to describe how you believe the usage of the individual marketing mix variables is likely to change in the future and what companies must do to adapt their marketing approaches in order to achieve competitive advantage.
In particular, focus on the following aspects:
• The changing landscape of traditional advertising methods that have become less effective as consumers turn to the Internet from mass media and the evolution of newer pricing models for the Internet, including the use of channel intermediaries as retailers seek to compete with pure-play Internet retailers.
Marketing changes and adaptations that have become necessary due to the globalization of the marketplace.
Resources
Articles
• Chinta, R. (2006). Retail marketing trends in USA and their effects on consumers and the global workforce. Business Renaissance Quarterly, 1(2), 65–80. Retrieved from ProQuest Central database.
This article identifies and describes current trends in the field of retail marketing,
• and sets them in the context of significant changes in the field in recent years.
Griffiths, G., & Howard, A. (2008). Balancing clicks and bricks – strategies for multichannel retailers. Journal of Global Business Issues, 2(1), 69–76. Retrieved from ProQuest Central database.
This article explores the difficulties of doing business both in stores and online and describes a model for establishing the correct balance between the two approaches. The authors also identify five themes that need to be considered by multichannel retailers.
•Chinta, R. (2006). Retail marketing trends in USA and their effects on consumers and the global workforce. Business Renaissance Quarterly, 1(2), 65–80. Retrieved from ProQuest Central database.
This article identifies and describes current trends in the field of retail marketing, and sets them in the context of significant changes in the field in recent years.
•Griffiths, G., & Howard, A. (2008). Balancing clicks and bricks – strategies for multichannel retailers. Journal of Global Business Issues, 2(1), 69–76. Retrieved from ProQuest Central database.
This article explores the difficulties of doing business both in stores and online and describes a model for establishing the correct balance between the two approaches. The authors also identify five themes that need to be considered by multichannel retailers.
•Francis, J. (2007). Internet retailing quality: One size does not fit all. Managing Service Quality, 17(3), 341–355. doi:10.1108/0960452071074433
In this article, the author studies four dimensions of quality that should be considered in Internet marketing: the transaction, the delivery, customer service, and security.
•Gregory, G., Karävdic, M., & Zou, S. (2007). The effects of e-commerce drivers on export marketing strategy. Journal of International Marketing, 15(2), 30–57. doi:10.1509/jimk.15.2.30
This study describes a theoretical model developed by the authors to determine the effect of e-commerce drivers on the development of export marketing strategy and the results of testing this model.
•Nelson, R., Cohen, R., & Rasmussen, F. (2007). An analysis of pricing strategy and price dispersion on the Internet. Eastern Economic Journal, 33(1), 95–110. doi:10.1057/eej.2007.6
Due to the accessability of information on the Internet, consumers can now research both the price and quality of products. In this article, the authors present the benefits of keeping pricing consistent across products and over time.
•Wong, E. (2008). Nielsen: Private label deemed equal to name brands. [Electronic version]. Brandweek, November 17. Retrieved from
http://www.adweek.com/news/advertising-branding/nielsen-private-label-deemed-equal-name-brands-104824
This article discusses the findings of a Neilsen study dealing with the desirability of name brands compared to private labels.
SAMPLE ANSWER
Marketing in the 21st Century
Online retailing has emerged as an important retail force as consumers are purchasing online. It is now up to the conventional offline retailers to respond. In order to establish a clear difference from retailers that have offline stores, online retailers should lower their prices below the prices that offline stores ask for the same products (Chinta, 2006). This will allow price conscious consumers to take full advantage of the cost savings which could at times be considerable. Online retailers need to offer a wide variety of selection – seemingly endless selection – that offline retailers may not be able to provide. Online retailers should ensure the convenience of online shopping by enabling buyers to make a purchase of any item in seconds from the comfort of their homes (Francis, 2007).
Online retailers should also allow shoppers to compare the features and prices of their products instantaneously. Online information capture is generally more frequent and detailed. Click stream data gives complete information on how a customer shops, whilst virtual shopping carts serve as loyalty cards that capture the purchase habits of shoppers (Strzelec, 2011). Therefore, online retailers can actually increase their sales simply by targeting repeat purchases basing on individualized content of each consumer. More importantly, online retailers can extract behavior data of consumers to turn abandoned shopping baskets and/or switching decisions into operational indicators of how to stock products and serve shoppers (Chinta, 2006).
For retailers with physical stores that intend to also establish themselves online, their strategies should be to provide new services such as buy-online pick-up-in-store, in order to keep pace with preference of the shoppers. Francis (2007) pointed out that having a physical offline store wherein shoppers can engage with a product before ordering the product actually boosts demand as well as revenue. The online store would encourage consumers to align themselves with the channel that serves them better – be it online or offline – therefore optimizing the experience of the customer and reducing costs for the business (Gregory, Karävdic & Zou, 2007). Offline stores/retailers can take their brand to the web and realize immediate recognition and trust. It is of note that this value is actually true for the existing shoppers as well as aware shoppers who look for the benefits of the personalized, intimate experience and the more informative buy (Wong, 2008).
Retailers with physical stores should seamlessly integrate their channel offerings simply by introducing online shopping perks to the offline, in-store consumers. For instance by (i) allowing the shoppers to pick up online orders from the company’s physical, brick-and-mortar location; (ii) Providing free Wi-Fi. (iii) By offering in-store access to the company’s online catalog; (iv) developing an app that allows the buyers to scan product bar codes and read online reviews, and (v) accepting mobile payments through the in-store point of sale system (POS) of the company (Griffiths & Howard, 2008). In essence, companies that can seamlessly integrate offline and online offerings would be the most successful.
Globalization is essentially a trend that is typified by denationalization. Globalization has influenced marketing trends in that increasingly more companies are engaging in business-to-customer and business-to-business e-commerce that necessitates the use of online marketing strategies to attract buyers and improve sales (Nelson, Cohen & Rasmussen, 2007). Basically, the multinational firms that make use of e-commerce more intensively, engage in a wide range of e-commerce activities compared with companies that are less global.
References
Chinta, R. (2006). Retail marketing trends in USA and their effects on consumers and the global workforce. Business Renaissance Quarterly, 1(2), 65–80. Retrieved from ProQuest Central database
Francis, J. (2007). Internet retailing quality: One size does not fit all. Managing Service Quality, 17(3), 341–355. doi:10.1108/0960452071074433
Gregory, G., Karävdic, M., & Zou, S. (2007). The effects of e-commerce drivers on export marketing strategy. Journal of International Marketing, 15(2), 30–57. doi:10.1509/jimk.15.2.30
Griffiths, G., & Howard, A. (2008). Balancing clicks and bricks – strategies for multichannel retailers. Journal of Global Business Issues, 2(1), 69–76. Retrieved from ProQuest Central database
Nelson, R., Cohen, R., & Rasmussen, F. (2007). An analysis of pricing strategy and price dispersion on the Internet. Eastern Economic Journal, 33(1), 95–110. doi:10.1057/eej.2007.6
Strzelec, P. C. (2011). Online vs. Offline Shopping: Retailers Must Respond. Dallas, TX: CRC Press.
Wong, E. (2008). Nielsen: Private label deemed equal to name brands. [Electronic version]. Brandweek,November 17. Retrieved from
http://www.adweek.com/news/advertising-branding/nielsen-private-label-deemed-equal-name-brands-104824
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