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Emerging Trends in Marketing

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 18
Emerging Trends in Marketing
Srishti Arora* & Rishabh Singh Randhawa**

Abstract
The business environment is constantly changing, and as technology advances,
competitiveness has gotten increasingly tough in the globalizing world as a result,
it is critical to alter in response to changes in the environment. The access to the
internet and the dissolution of geographical boundaries have resulted in a plethora
of different trends that are making their way into the market. Due to this, every
marketer is finding ways to survive and flourish in the industry. Organizations
have abandoned the traditional marketing notion in favor of current marketing
management and tactics that target the market. Businesses have discovered a new
method to participate in this upgrade as individuals spend more time online, the
life of any business activity is marketing. There is a great variation that occurs in
terms of exposure in the modern form of marketing using all the updated versions
of technology than the traditional marketing. The evolution of marketing has made
the customer the king which gives adaptability more power. This chapter gives an
idea of the magnitude of change we’ve witnessed this far and how it has helped the
marketing activities of the business.

* Student, BBA-MBA Integrated, School of business studies, Sharda University, Greater

Noida, U.P.
** Student, BBA-LLB Integrated, School of Law, Sharda University, Greater Noida, U.P.
 Emerging Trends in Marketing

Introduction
Change in trends is a part of the dynamic business environment and is faced by
every industry. over time the change in technology and advancement in science
has led to the emergence of new ways of marketing in the competitive world.
The traditional ways of marketing were very different from the modern ways.
Previously, it was more of an activity to sell products but now it has become a
social process so that the interaction can be done in such a way that it leads to
sales of the product or service which gives value to the customer. In modern
ways of marketing, the customer is the king, and hence to survive in the market,
the marketer must find ways that are dynamic, unique, and would give value to
the customer. Any good organization would find what the customer wants and
needs, and then will strategize accordingly. The market before globalization
was, whatever producer will produce and are widely available at cheap prices,
the customer would purchase it then the market changed and more producers
came then superior quality products were favored, after the implementation of
globalization which broke all the boundaries producers started using aggressive
selling and some promotional activity to stay in the market. Henceforth, marketers
understood that if they want to survive, they must do something different
from the others, which led to the establishment of the concept of marketing.
Globalization and change in technology have transitioned the whole marketing
world and it is not stopping. Marketing is dynamic it would change according
to the change in the environment. And hence that is the key to survival and
success in the competitive world. the Indian market is massive and is changing
continuously and how marketing is emerging have also become very different.
The availability of the internet and the use of mobile has changed many things.
The rate at which change is accelerating, the digital channels are increasing.
Emerging trends –
1. Artificial Intelligence
Artificial intelligence is computerized demonstrated intelligence. It is the most
advanced technology that we have today. According to Russel and Norvig (2016),
artificial intelligence describes machines (computers) that simulate cognitive and
affective functions of the human mind. The establishment of artificial intelligence
is exceptional. It is used in machines that need to work like humans, who would
have thought 20 years back that somehow someway humans can be replaced
by machines and robots. Technologies are changing how things worked in the
past. In the same way, AI has made its way into the world of marketing. The
techniques of anticipating the next move and improving everything by using
data with intelligence are the basic levels of AI in marketing. Artificial intelligence
has made everything better for companies. With the help of AI marketing
strategies, how your business works, nature, and the customer’s service every
aspect of marketing has improved. For instance, Starbucks Serves Personalized
Recommendations Using Predictive Analytics. In the coming years, we can see
much better and improved practices in marketing using artificial intelligence.

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2. Augmented Reality-Driven Marketing

One of the most drastic emerging trends is augmented reality. The basic form
in which it can be used is advertisements using augmented reality. it gives
the customer a real-life experience of the product. It may include sensory
advertisement, a customer using and giving a product a try before buying, etc.
Through augmented reality, the businesses could make a customer have a full
better experience, which may not only help the customer to buy the product or
the business to sell its product. It would help the business product manufacturer
to make the customer understand the whole product and its purpose is made
for and help the customer choose whether the product is made for it or not. For
example, A person wants to buy a car and he may want to do this from his home
only, then a business can persuade the customer to buy it by adding the element
of AR in which they may give the customer an experience in which he is sitting
in the car and taking a glance at every part of the automobile. Not only this some
applications help you paint your house without actually painting it and how
easy it makes there are so many more examples that we have and it is the most
modern technology available right now. This has created a gigantic amount of
competition in the industry and is only going to increase. Harnessing this level
of advancement through the use of technology would alter the entire marketing
criteria.
3. Impact of Big Data and Machine Learning on Marketing
The continuous advancement in technology and the dynamic environment have
obligated many industries to upgrade themselves by using different technologies
in their operations. Industries and businesses need to change according to the
change in the environment. These technologies have a very high potential that
is going to unfold. We all are aware of the fact that marketing is very important
for any business to ensure growth, survival, and profitability. The business
environment is dynamic and constantly changing and hence it makes it necessary
for businesses to upgrade themselves because of the competition present in the
market. Marketing has always put pressure on finding the right strategy for the
correct set of customers. To gain a competitive advantage, organizations use
different marketing strategies. Due to this rapid advancement in technology
marketers make use of data and machine learning tools and techniques to make
the most accurate and suitable plan. To accomplish this the management of
information is very necessary or should be done systematically. this has forced
marketing executives to be more data and market-driven which requires proper
formats of collection of data in a formalized way regarding products, services,
consumer behavior, etc. all these have resulted in transformations of business
models. with everything becoming digital the marketing industry has also
shifted from old traditional methods to different digital platforms which have
not only resulted in profits but have improved the way marketing is done. This
was a huge shake for the industry but has shown good potential and would
create something more shortly.

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4. Digital Marketing
Innovation and creativity are the keys to success in the competitive world and
here we are using advanced technologies to upgrade our businesses. A few years
back marketing online was not very famous but with time we started using digital
channels to market our business. The use of digital channels for marketing a
product or a service is known as digital marketing. The whole world is shifting
to digital modes and marketing is no exception. The number of people using
mobile phones and the internet is increasing. and due to this, there has been a
drastic change in the behavior of consumers. marketing digitally has turned out
to be much better and unique in its way than traditional marketing because of
how it can focus or cover a wide audience, it can be analyzed and monitored
easily with the help of analytical tools and techniques in which you can easily
find what is working and what is not working out for your business. Collection
of data like feedback and connecting, maintaining relations with the customers
become easier. It helps you increase your profits and grow your business. The
establishment of digital platforms for use of businesses and marketing is not only
giving an advantage to the businessmen or the producer but to the consumers
as well. the convenience, the updates, tracking orders, reviews, information all
these things have benefitted infinitely to the consumers in one way or another
whereas if we talk about how it has benefitted and advanced the businesses is
on a next level. Email marketing, video marketing, social media, websites, SEO,
and whatnot. This has given a golden opportunity for businesses to show their
innovations and creativity differently. We can’t ignore that the world is becoming
more advanced due to the high pace at which technologies are developing which
has created competition among businesses. The content that is created online is
better hundred times what can be done offline.
5. Marketing 4. O
MARKETING IN THE AGE OF DIGITAL TRANSFORMATION - In the modern
world, technology plays a prominent role in the marketing industry, priorly
marketing was considered to be an expensive thing but in the digital era, it is
more economical and effective as well. Today a major part of the population
is available on social media which also leads to an increase in the reach of the
marketing. There are several challenges faced by digital marketing, as we know
that change would not be accepted easily, hence there were some hurdles initially
which restrict digital marketing.
First, the connectivity, in today’s modern era there are still many places where
connectivity is not good. People don’t get high quality and speed network hence;
the company cannot market their product there through digital marketing.
Secondly, with the subscription model, we never thought that a company would
be advertising their product on an online platform like you-tube. But now they
start selling their subscriptions in which they remove the advertisement and
consumers can use their services ad-free which was in the present scenario a
major issue that companies were facing. The more the number of people shifted
towards the subscription the more the digital marketing reach was reduced.

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Thirdly, competitive environment, as we said earlier that digital marketing is

economical and everyone can market their product or service but it has made
digital marketing also very competitive because MNCs was also ruled this
market plus there were several tools as well with the help of which companies
competed in this environment, for example, SEO tool.
Fourthly, data storage cost, the digital world is all about data, the more data a
company have the greater customer they are connected to, storing data is also
a huge challenge for companies because they have only two ways either make
their own data storage center or purchase cloud space on rent. Building their
own data storage is one of the expensive things which is not possible for the
majority of the companies only a few corporates have their storage like google.
The second option is generally preferable by most the firms they take cloud space
on rent and pay for it monthly or yearly basis. The first option was expensive but
it was the safest because companies store their data on their own hence it will
minimize the chances of leakage of the data.
Marketing 4.0 is characterized by complex changes considered in volatile markets
after marketing 3.0 came and add significant value to it. With the technology
change, the methods of marketing are also evolving with time. It has added the
rapid speed and response in it. It increased the reach of the market and made
it less expensive. Through this, the companies are capable to advertise their
product or service to their respective customer. It added Internet on things that
refer to connecting things with internet so that we can control them from our
portable devices example connect A/C with internet then we may on/off and
any other setting of it by our device itself from anywhere we want. things on the
internet which leads more beneficial for us because with the help of this we are
capable to controls things from our portable devices. It helps to build customer
and sellers relationship, the traditional method of marketing was for everybody
but in the present method, the seller firstly identifies the requirements of the
customer and then advertises him/her similar kinds of product or service they
want. This method identifies the customer’s willingness and also saves time and
is more effective with help of data that the company contains they can easily
conclude the types of preferences customers need.
6. Dynamics of Marketing Strategies
In the past few decades marketing strategies plays a huge role in the corporate
industry. Due to this dynamic environment, the firm must market its respective
product in the right direction. While the marketing industry rises in the corporate
world the technology has also shown a drastic change in the past few decades.
And in the present scenario, if a company wants to survive in a competitive
environment, then they have to make an optimum market strategy. Here we will
discuss the several marketing strategies which take place in the present scenario.
¾¾ Cultural strategy- In cultural strategies companies try to connect their
product with the culture of the consumer. In the cultural approach, we also
include the ethics of that culture with whom people are connected. Different
counties have their different cultures and that is why companies need to
analyze the culture and then advertise their product. In cultural strategy,

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once the company is succeeded to build or set its product then they had a
prominent role in the market and it also creates a barrier for the newcomers.
If companies ignore the culture of the particular place where the business is
going to establish then they might face consequences.
For example, Tata salt markets its product as “tata namak Desh ka namak”
this line connected people with their ethics because Indian salt represents
“loyalty”. Hence from this tagline, they can easily connect with customers
by showing their loyalty in this way.
¾¾ Luxury strategies- In the case of luxury goods the target market is very niche
and the product is made only as per the need of that person. Basically, in
luxury strategies, the target customer is willing to pay a higher amount for
premium and status symbol goods. Hence their strategies are different from
other ordinary goods. They don’t spend on the common marketing. They
are focused on building the brand value of their product. For Example-
Lamborghini doesn’t advertise their product on the ordinary platform
because they know their product is not for everyone.
¾¾ In the present scenario, many companies have more than one product for
different markets in that case, they don’t take standard marketing policy for
all of them. They have to segment their market and then decide the optimum
marketing strategy. The company needs to use different tools like SWOT
analysis, to identify the nature of their product. For example- the apple
I-pot was a great product in its time but due to changes in technology it was
replaced by mobile phones and its sales were diminishing.
In the above, mentioned case, this product was only working as a cash cow for
apple co. and hence there was no use to put money into its marketing. Hence,
companies need to identify the nature of the product before marketing.
¾¾ Digital marketing- It is the most recent marketing tool which came into
the picture in the past few years. It shows the marketing with the flavor
of technology. As we stated earlier that with marketing strategies the
technology sector was also improved in the past few decades. It is the new
way of marketing. Priorly marketing was considered a very expensive option
and small and medium companies couldn’t market their product. But with
the help of this tool, now marketing is a sort of economical, and today a huge
population of the world is on social media platforms which also increases
the reach of the product.
¾¾ Different segments of the product needed different types of marketing
strategies; marketing helped the company position its respective product
in the dynamic environment. But it’s not necessary that every time the
marketing strategy work as per the expectation of the company there were
also the chances of failure of the product.
Example- Tata wants to position their nano vehicle as an economical segment,
but this strategy failed by mistakenly the nano car was positioned as the
cheapest car which affect the value of that product.

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7. Digital Business Models

In the present business model, technology plays a prominent role. With the
evolving technology, the models of businesses are also evolved. Some new
digital models come into the picture.
Examples- E-commerce, subscription model, subscription-based e- commerce
The E-commerce model also known as electronic commerce or internet commerce,
refers to the purchase of either sell, goods, or services through the internet, and
the transfer of money and data through these transactions. Ecommerce is used to
refer to the sale of physical products online, but it is also described as any kind
of commercial transaction that is through the internet. A website is created first
then the products and services are offered to the customers and on the selling
of each product or service, they charge a commission on the sale. Examples-
amazon, Ali baba
The subscription model refers to the fixed sum of the amount paid regularly for
the consumption of the services or products. It may be on a monthly or yearly
basis. The income generated through this model is that individual customers
recurring pay the subscription. It is a simple business to charge a subscription
amount monthly or yearly and provide their services. Their main focus is on
customer retention, they want to earn recurring incomes from the existing
customers. for example- Netflix, amazon prime
The subscription-based E-commerce model refers to the recently introduced
subscription model with the flavor of e-commerce in it. It is generally taken
for regular products or services which are used by us in daily use. it sells the
subscription of its products and is focused on recurring income that comes from
individual customers. They also charge a fee for their services or products.
CONCLUSION
In the end, we want to say that, somewhere technology is the inherent feature of
today’s era, we all are connected with the technology through different platforms.
It changed the roots of marketing. It also changes the strategies of competition
between companies related to their respective product. As we discuss the
different tool above which helps the firm in doing effective marketing. While
explaining these tools we also try to evaluate the future trends of marketing and
how social media and other online platforms are directly linked with marketing.
In the real world generally, companies will opt for maximum tools from them
and sometimes combinations of 2 or more of them. But they are also required
to hire an expert for using these tools because it is not for a normal person to
use these tools its required skills. After taking knowledge about these tools and
business models it seems that the future of marketing is technology-driven and
the more the company is comfortable with technology it’s the chance of success
is higher. We are trying to elaborate on the new era of marketing tools and
techniques.

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