POM: Session6 New Marketing Realities Part2

New environment has not only provided new capabilities to the consumers, but also have contributed towards the growth of the markets. Sellers these days are marketing their products and services more efficiently and effectively, using internet and mobile technology. Some of the important changes seen are evident in most of the categories. Let’s understand this with the example of The TripAdvisor. 

(http://www.tripadvisor.com)

Internet: Internet is increasingly becoming an effective media for advertising. If we go by the theory of Lavidge and Steiner in Hierarchy of effects model of response, we see that internet is useful is each and every stage of consumer response process. Studies revealed that most use of internet is evident in acquiring information and comparing brands. Internet is also a very strong medium for sales. Consumers can purchase product and services using online payment getaway. 

Tripadvisor's website also provide option through expedia.com, booking.com and many such portals for the online sale of hotels and flights.

Consumer Tracking: Internet is also be helpful getting the information regarding customers. Companies are using data mining to fragment their customer database. Now, marketing efforts are more strategically targeted. Companies are sending emails, coupons and discounts to the members signed-in their website. They are also being encouraged to write a review or testimonials. 

Social Media: Almost all companies have their presence in social media. Platforms like Facebook, Tumblr and Myspace are the strong mediums to create and increase brand awareness. Also, they are less costly than traditional mediums.

Affiliate Marketing: Companies are using third party platform or affiliate marketer to showcase their products. This reduces the cost of intermediaries. Affiliate marketing is also helpful in servicing the industry meta-market.

Sales Promotion: Internet is being used as a strong medium for sales promotion. Companies are offering discounts, premiums and coupons on online purchases. Internet is also acting as a media to inform consumers about the offers. Companies are sending emails and using search engine optimization. Google's Adword and Adsense are very popular for the same.

Product Differentiation: Internet is not only helping in promoting and selling, but it is equally helping in creating the value. Many companies are offering customize option on their website, where consumers are putting specification yo design the product (www.nike.com).

Apps: Mobile technology has given information on the go to the consumers. Many mobile applications are designed in the category to facilitate reach on the go.

Management: Internet and mobile technology have increased the overall efficiency of the management. Companies are using them in recruitments, purchasing, internal and external communications.