Order from us for quality, customized work in due time of your choice.
Treatment of data, information, and knowledge
Access to market information is often identified as one of the most crucial tasks of the marketing team, where the particular market needs that a company seeks to satisfy are identified and evaluated. The communication of the same information from the market to the top management, as well as the various stakeholders tasked with its implementation, has to be effective. The development of marketing strategies is often related to the prevailing production strategies and with the use of intricate communication structures between the different departments in the organization, the success of the product in the market can be guaranteed (Ferrell and Hartline, 2010). The evaluation of data collected from the market should be done in time to ensure that the company is in a position to adapt to the rapidly changing environment in the technology industry (Viju, 2011). The need to maintain a competitive edge also requires the company to conduct regular market audits to identify the position of their traditional competitors as well as any new entrants into the market.
Information systems that facilitate access to information
Every information system has to ensure that there is a direct relationship between the internal communication structures and the external communication structures. In this case, the adoption of social media is done in two phases where the internal information systems, as well as the external information systems, are taken into consideration through a rigorous evaluation process by the company’s strategic managers. The company should first adopt an internal interactive platform on its website, which would allow regular customers, who are already aware of the previous products of the company and who may already be loyal to the brand, to engage the marketing as well as the public relations team on the specific characteristics of the new products (Ferrell and Hartline, 2010). This should help them in identifying the specific needs that new product seeks to fulfill, which should then build their anticipation towards the launch of the new product. The interaction between customers and officials in a company often boosts consumer confidence and their loyalty to the particular brand. This has the long-term effect of increasing a company’s competitive edge as well as reducing the number of resources that it has to spend in its marketing campaigns (Usa, 2011). The use of the company’s website should also give the public relations team the freedom to filter messages to avoid negative perceptions in the market.
The adoption of social networks as a suitable communication platform for the launch of a new product into the market is often advised by the nature of the product itself (Lymbersky, 2010). The fact that most of the new technologies are often adopted by the young, who have a better understanding of their value in satisfying their daily needs, means that one has to adopt a communication platform that suits them. The fact that the company has to adopt advertising as a marketing strategy even with its strict budget means that the particular communication system that is adopted has to be foolproof in terms of maximizing its impact in the market (Viju, 2011). This is also advised by the fact that the product has an exceptionally short lifecycle, which is a common trait of most products in the technology industry. This means that it has to achieve maximum market penetration in the first few weeks after its launch.
The size of the market dictates that the break-even point may be maintained at a relatively lower level especially with the economies of scale expected with the massive sales potential of the product. This means that the adoption of a communication system that maximizes the scope of interaction should serve to increase the number of people buying the product in the first few days of its sale (Lymbersky, 2010). The adoption of social media as a communication platform allows a company to interact on a more personal level with its customers (Usa, 2011). The company is, therefore, able to identify market needs as well as product inefficiencies in the market that the customers need to be satisfied.
The next phase is the adoption of an external interactive platform in mainstream social networks such as Facebook, Twitter, MySpace, and YouTube. These have already recorded several successes in the case of previous products especially with the massive following that they enjoy from the young population in the country. Most social networks are designed to accommodate interactive conversations between members (Usa, 2011). This means that the capturing of a few loyal customers who understand the product should result in a multiplier effect where they communicate the same to their friends or followers on the specific social networks. This serves to increase the impact of the marketing campaign by ensuring that the information is received by as many people as possible in the shortest time possible while maintaining operating costs at a bearable minimum (Ferrell and Hartline, 2010). It is, however, crucial to note that social networks can be quite dangerous if the product is perceived negatively in the market. Its ability to spread information may serve to negate the efforts of the marketing and the public relations departments especially if the information being relayed is negative. This, therefore, means that there should be a careful evaluation of all the traffic generated on the particular product to identify any negative messages (Lymbersky, 2010). The messages may be removed, blocked, or evaluated for further clarification in case the situation can be salvaged.
Self-reflection
Access to information and knowledge in the market is identified as one of the main challenges of building a strong brand. The need to ensure that the market perceives a particular brand positively is often identified as a direct responsibility of both the marketing and the public relations teams (Lymbersky, 2010). This should, however, be coordinated by the efforts of the top management through the adoption of ideal management strategies that promote the efficient flow of information in the organization as well as outside the organization (Viju, 2011). With the use of social media, the company should be in a position to evaluate their position as well as that of their competitors in the market through the evaluation of comments and conversations between the customers in the specific target market. This should also advise the company on brand management as well as how best to secure their information since their competitors may also be in a position to access information about them. Information systems should not be limited to geographical boundaries even though they are expected to be specific in identifying the needs of a particular market segment (Usa, 2011). This should provide the company with an opportunity to expand to other markets.
Reference
Ferrell, O. C., and Hartline, M. 2010. Marketing Strategy. Cengage Learning: Upper Saddle River.
Lymbersky, C. 2010. Marketing strategies: text, cases and reading in market entry management. Springer: Hong Kong.
Usa, U., I. 2011. Canada Telecom Industry Business and Investment Opportunities Handbook Volume 1 Strategic Information and Basic Regulations. Intl Business: New York.
Viju, M. 2011. Marketing Strategies: Application Keybook. Verlag: Boston.
Order from us for quality, customized work in due time of your choice.