Research Paper with reference to technology in 4P's and future marketing

1. Opportunities & Challenges For New Outlook In Global Workplace
Authors: Sonali Srivastava And Swet Nisha
Acharya Academy of Management Studies (ABBS)
Andhrahalli, Bangalore- 560091
This research aims at studying the available opportunities and challenges related to the new
outlook that is the new ideas in field of marketing. How there has been growth in different areas
and how it is bringing a competitive edge in business, What are the probable upcoming ideas
and technology in future and the growth. Earlier global business means crossing the national
boundaries but today there are no such constraints because of the evolution of technology. A
company is available to business in global level just by sitting in front of a computer. As such
marketing is not just only related to selling of goods and services, it also involves advertisements
and customer relation. With the increasing business the companies today are facing more and
more problems in saving huge database so everyone is working towards it. It is very much clear
that the coming era will be much faster and one should cope up with it or else will be left far
behind from where there will be a no way. An evidence on this is the increase of internet user in
India by 600 percent, Increase in online business and whole India gets Digital.
Key Words: Global Business, Opportunities & Challenges, 4P’s, Marketing in Future,
Technology Advancement.
1. Introduction
To start with, there has to be a good definition of the term “Marketing” which can be defined as
the process of creating communicating and delivering values. To make the definition clearer,
marketing involves making of a product as per need of the customer, making them aware of the
availability of the product and at last deliver values in return of the price they pay for the
product.
As is known, the world is becoming nowadays a global village, in the sense that the
technological achievements have gone global. As the area of business is no more limited to the
boundaries of the nation. This also means that the opportunities and challenges have also
increased. This fact have thus forced the marketers to come out with innovative ideas and move
from the traditional methods of marketing, but dealing the fast changing is not at all a easy task,
with the involvement of technology it have become more easier in terms of cost, geographical
location, saving customer data.
That for instance give the company a competitive edge, the way the company progress, what we
should do and what not, how to differ from other thou the basic appears to be same because what
is accepted in one country or product might not be accepted in another. What applies to every
day marketing among different companies and countries in the workplace. Working with people
globally it is necessary to adopt the changes or else there will be no place for person who wakes

2. up late. In this case, there has to be a kind of understanding of the past trend and future in order
to apply the technological changes in the workplace
2. Areas of Study
We all have developed a dedicated marketing process over a time bringing the use of technology
in marketing. As a part of this process, one need to move forward taking the four Ps into
consideration. Thus let’s have a look to the past and future, and how technology brings the
competitive edge in that. That is as follows:
2.1 Product- The first of the 4Ps of marketing is “Product”. A product can be either a
tangible good or an intangible service that fulfills a need or want of consumers. Whether
you sell custom apparels or provide luxury accommodations through Hotels, It indicates
that you have a clear view of exactly what your product is and what makes it different
from others before successfully marketing it.
Today all companies are almost working towards a product with technology in involved
in it. For Example, take into consideration the fans about which in past no one thought
would come with a remote controller or sensor. Other Example is of Apple, the company
was known for SmartPhones, PC, Tablets, IPod, SmartWatch etc is working to launch
SmartCar by 2020
2.2 Price- Once the clear understanding of the product being offered is established one can
start making some pricing decisions. Price determinations will impact the profit margins,
supply, demand and marketing strategy. Similarly products and brands may need to be
positioned differently based on varying price, while price elasticity considerations may
influence the next two Ps.
With the evolution of technology the methods of production, advertisements have come
down as a result have put a direct impact on the price of the products. In coming future
more and more advanced product will be made available to customer at affordable price
or in another case where customers are ready to made the price for the technology. Eg:-
Apple Inc.
2.3 Place- Often we hear marketers saying that marketing is about putting the right product,
at the right price, at the right place, at the right time. It is more critical then, to evaluate
what the ideal locations are to convert potential customers into actual customers. Today,
even in situations where the actual transaction doesn’t happen on the web, the initial
place potential customers are engaged and converted into online.
The best example of distribution change because of technology is visible with the success
of E-Commerce where there is no physical store. The launch of marketplace Amazon
which caused Walmart to lose 3% of market share and the growth of Flipkart and
Snapdeal in India.
2.4 Promotion- We have got a product and a price now it’s time to promote it. The
Promotion looks at the many ways marketing agencies scatter relevant product
information to consumers and differentiate the particular product or service. The

3. Promotion includes elements like advertising, public relations, social media marketing,
email marketing, search engine marketing, video marketing and more. Each method must
be supported by a well positioned brand to truly maximize return on investment ie, ROI.
The evolution of Technology is most in this area.
I. Advertising- Advertising has long been viewed as a method of mass promotion in
that a single message can reach a large number of people. But, this mass promotion
approach presents problems since many exposed to an advertising message may not
be within the marketer’s target market, and thus, may be an inefficient use of
promotional funds. However, this is changing as new advertising technologies and the
emergence of new media outlets offer more options for targeted advertising.
Not only this advertising also has always been considered a one-way form of
marketing communication where the message receiver is not in position to
immediately respond to the message. This too have changed, as now customers can
interact immediately because of evolution of technology, through phone, internet,
instant messaging apps, etc. Which have helped companies to move one step ahead
from the place where they were actually standing.
II. Public Relations- Database marketing helped marketers to merge external
behavioral, customer and demographic data to better targeting. With that the work
was much more accurate and the time it took to measure the response was like a
punishment. Testing and optimization had to precede the campaigns and delayed the
final efforts even further.
Thus companies are making continuous efforts to collect data from all available
sources, as a result is investing huge towards maintaining of the database servers.
Since the picture is clear that future market will relay on these data the companies
have started the pre measure step and this in result have caused, the IT companies to
move to cold countries to put the servers, because this will reduce the cost of database
cooling system.
III. Social Media Marketing- The traffic is gained through promoting the brand and
content via social media outlets. Many consumers perform searches on social media
channels and the social channels are accommodating this by dramatically improving
their search functionality. So it is in a brand’s best interest to have a notable and
engaging presence on such channels. SMM is also a way to connect directly with
your audience and provide customer service in a personal way, all the while
generating brand awareness. Its’ also a great way to engage with customers and
advocates for your brand and services.
IV. Email Marketing- Email is the pin of every online marketing strategy. If one is
doing search, it needs folks to subscribe if they are not going to convert. If marketers
are doing content strategies, they need folks to subscribe so that they can get them to
return. If marketers are doing retention, they need to continue providing value by
educating and communicating with the customers. If customers are on social media,
they need to receive notifications of engagement. If marketers are using video, they

4. need to notify the audience when there’s a publish activity. But number of companies
are ignoring the strategy.
V. Search Engine Marketing- Companies brand message and content feed into the
tactical components of an Integrated Digital Marketing plan. SEO is an important,
tactical component of an Integrated Digital marketing strategy, used to make a
brand’s web presence accessible to asearch engine and ultimately to improve the
organic rank of the site on search engineresults pages (SERPs). SEO is determined
largely by certain elements search engineslook for. These include: content on website
pages and blogs, (text, titles, and descriptions), website performance, and user
experience.
Given that searching done online is the first way customers come into contact with
the brand, google and the like are the new yellow pages. SEO helps search
engineslike google, bing, yahoo determine what a given webpage is about and
whether or not it’s useful for the user conducting the search.
VI. Multimedia- One of the fascinating elements of working in new media is that the
tools and capabilities are moving as rapidly as the innovation of hardware, bandwidth
and platforms. Many decades ago, while working in the newspaper industry, it was
really a challenge to measure or predict the response rates on advertisements.
But today the media channel have expanded to huge area, like use of television, radio,
outdoor advertising, internet, magazines, etc and so the methods. Thus requires Web
designers, Graphics Artist, Audio/ Video Editors, Photographers.
The current phase of marketing efforts for most companies now a days are multi-
channel efforts. It proves difficult for marketers to balance the tools and compaigns,
thus there is need to master in them, and then measure the cross-channel responses.
While marketers recognize that some channels do benefit others, we often disregard
the optimal balance and interactivity of the channels. Thus technology advancement
in form of platforms like Google Analytics that offer some multi-channel converson
visualization, painting a clear picture of the circular benefits, cross benefits, and
saturation benefits of a multi-channel campaign.
3. Marketing Automation
Marketing automation today is as ill defined as it is not clear. For a long time, marketing
automation was referred only as the tools for B2B marketers which was use to manage lead time.
Today, it encompasses a wider set of tools cross-channel campaign management, asset
management (content, web and more) and marketing resource management. The interaction
channels like email, mobile, and social are closely tied into the processes and data from the
automation tools, but are often grouped altogether. Even more confusing is the increasingly
blurred line between marketing technology and advertising technology, as marketers seek to
harmonize their work across the entire customer life cycle and also in clued the B2C.

5. 4. Conclusion
In the coming future there’s definitely going to be further changes. We will see major M&A
announcements slow as the largest enterprise marketer’s focus on moving towards insights, real
time analytics, marketing automation and touchpoint interactions, all working together to create a
contextual marketing engine in order to make their new products play well together in the
sandbox. Because not only this but technology will have an impact on the marketing strategy ie,
4P’s & STP also thus all the marketers and expert speak that they see a situation where things are
done very differently a year from now. Eg:- A retail banker will spend less on TV to an agency
spending more on its analytics practice worldwide.
Almost everyone understands today that the campaign is not the way forward in business
outlook, though setting the budget priorities, measurement techniques and incentives to move
away from the campaign will not happen overnight. This is just as true for the vendors also
providing automation technology, they will work aggressively to help the marketers capture
context and become more focused on inbound interactions, but this will be work in progress for
the foreseeable future.
Thus the future of marketing is about customer context. Marketing technology broadly and
marketing automation more specifically will play a critical role in this evolution and become
even more central to successful marketing in the age of the customers. So where ever we the
technology has accelerated and is moving faster than the adoption. Companies yet continue to
focus on filling the funnel instead of recognizing the distinct paths to engagement that customers
actually take. Vendors continue their fight for the percentages of the marketer’s budget that they
may not deserve given the cross channel impact of their platform. And at last marketer’s
continue to struggle with the human, technical, and monetary resources they need to succeed. We
are getting there, though. And the frameworks that the larger corporations are establishing and
the likes are going to help us move the needle effectively, efficiently, and faster.
5. Reference
Kenneth E Clow & Donald Baack (2008). Integrated Advertising, Promotion, and Marketing
Communications. PHI Learning Pvt Ltd.
http://sonali-srivastava.blogspot.in/2015/01/are-you-integrated-online.html