Marketing in Modern Age

Word Count: 5,213

Abstract

 

This study presents a comprehensive review of the recent literature on marketing in the modern age. This paper creates a superb framework that highlights how marketing has advanced in the modern age. After a thorough research from a number of sources from books, journal articles, and webs, this research found that the media has adopted all kinds of channels to reach the audience instantly. Creating value and satisfaction are at the very heart of modern marketing practice using the available modern means. It was clear from the literature that unlike transaction (traditional) form of marketing that failed to engage the customers as part of the stakeholders, the relationship (modern) marketing has proved more effective today and enhanced by the use of social media. The literature concluded that only firms that will adopt relationship marketing and the modern social media as part of their marketing tools will make gain the competitive advantage.

 

Table of Contents

 

Abstract 2

Marketing in Modern Age. 4

1.0Introduction. 4

2.0 What has changed in Marketing. 6

3.0 Transaction vs. Relationship Marketing. 11

4.0 Social Media and Modern Marketing. 15

5.0 Methodology. 20

7.0 References. 23

 

 

Marketing in Modern Age

Introduction

Modern age is the age of information, knowledge, communication (Sisodia&Telrandhe 2010) and instant transmission of communication. As noted in Kapoor (2011), the transmission of communication, knowledge and events are emitted across the globe instantly. Researchers have noted that in line with the new expectations, the media has adopted all kinds of channels (Salman&Ibrahim 2011) that can broadcast, transfer, telecast or email the news and information live on the lines instantly (Farooq&Jan 2012). This has been made possible by the innovations of the World Wide Web (Farooq&Jan 2012), mobile telephony, the internet and the satellites. According to Moe and Schweidel (2014), utility theory has served as the foundation for much of modern marketing research. The subsequent discussion hopes to offer a literature review on marketing in modern age in relation to the social media. The primary search content will involve authors of 80 peer reviewed journals and books published from 2007-2014. To avoid biasness and promote equity, snowball sampling was adopted to select articles on the library databases. The books and journals were also systematically selected on the basis of the most cited and relevance on the current topic.

Models have been developed to identify the value of specific product attributes to marketing efforts, consumers and contextual factors such as environment and competition by attributing changes in sales to changes in those factors (Angelova&Zekiri 2011). For instance, utility-based models allow us to estimate how sales respond to price increases (Bidgoli 2010). Such models have also been developed to forecast the sales of new products based on the attributes that comprise them (Williams&Page 2011). Utility-based models also allows businesses to inspect the usefulness of advertising efforts by estimating how much sales shift as a result of changes in advertising expenditures. Models that frame demand as a function of utility also help researchers understand how each component of the product contributes to consumer preferences and their opinions toward the brand (Usui 2008). In the modern marketing context however, the value of the marketing theories and the communication is mainly based on the relationship marketing, social media and the tools applied in the media (Neti 2011).

Instead of wholly concentrating on the four p ‘s’ of marketing – price, product, promotion and place, marketers today are more concerned ofmaking disciplines work together, effectively and harmoniously (Goi 2009). In addition to keeping disciplines together, modern marketing concept further advocates serving the customers and maximizing profits at the same time (Chi 2011). Although these goals can be reconciled, Bose (2010) holds that the need to maximize profit should not form a point of conflict. All business plans, policies, operations and programs should instead be focused on customer needs and their satisfaction(Rahnama&Beiki 2013). Moreover, since the aim of modern marketing concept is to please the customers (Boone&Kurtz 2012), all stakeholders are expected to be friendlier with the customers.

 

Ideally, the Social media has become an important part of every modern marketing strategy (Linke&Zerfass 2012). The same insights were noted by Farooq& Jan in their study which indicated that online social networking websites have made a tremendous impact on the lives of individuals (2012). Currently, social media networking are rapidly growing by the increasing number of users worldwide (Linke&Zerfass 2012; Rahnama&Beiki 2013; Farooq&Jan 2012). Based on 2012 social media marketing industry report, almost all the market oriented businesses used social media as their main marketing platform (Clark &Melancon2013). Similarly, while 43% of the young people spent a significant period of time in a week on social-media, (Kitchen 2013) 60% of marketers focused on the social media marketing development and maintenance (Carter & Levy 2012). Similarly, while 85% of all the firms dedicating the social platforms as their marketing strategy indicated an increase in market exposure (Shin 2013), 58% of the businesses that used social media marketing (Clark&Melancon 2013) for over three years recorded a sales increase over that time. In their research, Clark and Melancon (2013) further noted that more than 90% of marketers use social communication tools as a marketing tool today (Salman&Ibrahim 2011) while 73% plan to increase their use of popular social media sites including Twitter, Facebook and YouTube in future (Schneider&Graff 2011).

 

Among other services, creating value and satisfaction are at the very heart of modern marketing practice using the available modern means (Goi 2009). Notably, marketing has always been concerned with retaining profitable customers (Rahnama&Beiki 2013) while enhancing future marketing trends. According to Jain, Grover&Singla (2007), marketing is the distinguishing and unique function of a business. Marketing enhances profits, communication between the society and the firm, business planning and decision making, distribution, bridging the gap between producers/manufacturers and consumers while acting as a catalyst (Rahnama&Beiki 2013). However, marketing activities have significantly changed (Goldberg, Libai, Muller&Stremersch 2010).

What has changed in Marketing

            Marketing is not all about making sales and increasing profits (Egan 2007). Egan believe that organizations have embraced changes of marketing in the modern age. These changes include innovations of information and technology. Unlike Egan (2007) who believe that most organizations have adopted the new strategies to emerge the best in the business, Chi (2011) believes that, there is much that need to be done considering that technology is up-surging at high rate. Unlike Egan, Chi believes that marketers today have not fully adopted new strategies to emerge the best over other competitors. A research by Chartered Institute of Marketing (2011) seems to support Chi and Egan in their research as he believes that, there are some organizations that have fully adopted the innovations of technology. However, Charter Institute of Marketing challenges organizations to invest more on technology to emerge the best in the modern market. Like Chartered Institute of Marketing, Chi (2011) believes that in the past, marketing system was often referred as socio-economic process. Today, the marketing system depends more on the society as it helps in determining what to produce, who will produce and how much to produce (Chartered Institute of Marketing 2011). A different research presents different views about marketing in the modern age. Traditionally, whereas the main goal of business was the maximization of profit, the starting point of modern marketing is no more a valid business objective (Farooq&Jan 2012; Bolton&Lyer 2009). Precisely, this research supports Chi (2011) who in his research outlined that the objective of the modern business lies outside the business itself and in the society. Further, Egan (2007) believe that the market concept in this case is consumer orientation backed by integrated marketing aimed at generating consumer satisfaction as the key to satisfy organizational goals (Egan 2007).

According to the modern business models, the key decisions which are central to marketing management include the selection of target markets which determine where the firm will compete and the design of the marketing-mix (promotion, product, and price and distribution method) which will determine its success in the markets (Chartered Institute of Marketing 2011). A market is also defined as a set of actual and potential buyers of a product (Egan 2007; Goi 2009). According to Farooq and Jan, a firm which does not update and change its products and markets is not likely to be successful for long (2012). For marketing, it is important to see how the product’s benefits are perceived by consumers rather than how they are defined by production experts (Egan 2007).

On the other hand, Soberman&Soman (2012) believe that the most profound change in the world economy has been the rapid integration of developing and transition countries into the global marketplace. Due to the discontinuous marketing environments, firms are confronted with new opportunities and challenges. According to Salman&Ibrahim (2011), the modern marketing is facing a period of dramatic landscape change. A similar research supported the fact that social networking (Linke&Zerfass 2012); Farooq&Jan 2012, p.627 ) fragmented markets (Rahnama&Beiki 2013), instant information, open-source development, online auctions, global connectedness (Soberman&Soman 2012) and mobile platforms for commerce (Goldberg, et al 2010) are among the many things changing the rules of engagement between stores, brands and consumers.

            Rapid change and instance information are also causing managers to focus on quick decisions and frequent plan adjustments. This distracts them from doing broader, more diverse explorations of longer-term strategies for thriving in new conditions (Bose, 2010). Most researchers actually agree that, modern marketing is a dynamic activity of business and is becoming more complex (Linke&Zerfass 2012). According to Bose, this calls for a reorientation of the company from looking inwards towards its products to looking outwards the customers’ needs (2010). For effective customer orientation, the firms have been forced to determine how to satisfy the needs of customers bearing in mind its limited resources in relation to customers’ requirements, provision and satisfaction.

 

Marketers have also realized that unlike the past years where marketing was somehow dormant, word of mouth today is the most powerful way to market any business as emphasized by different researchers (Linke&Zerfass 2012; Doyle 2011;Farooq&Jan 2012). According to Farooq and Jan 2012, consumers today are more likely to make purchase decisions based on recommendations from people they know than from a brand’s marketing materials. From an optimistic standpoint to support Farooq and Jan research, Linke&Zerfass (2012) believe that, advertising today is also seen as an effort to reduce information costs associated with acquiring a good or service. To the consumers, advertisements have some value. By reducing the time spent gathering information about a product, advertisements make the real cost of purchasing lower while increasing both company revenue and customer satisfaction (Haydon et al. 2012). An advertisement also serves a signalling function because it is more profitable to advertise a high quality product. In comparison, reducing information cost to consumers and the reputation effect are two justifications for traditional (interruption advertising (Gunelius 2011). This explains why advertising, especially on social media is being used for modern marketing more than the last few years.

 

Along with the modern use of the word of mouth and advertising, research further shows that the modern permission-based marketing relies on the audience attention (Kapoor 2011). This form of marketing is when consumers consent to being marketed as argued by Keillor. According to Keillor (2007), unlike the passive consumers of the past, the modern marketing adds value to the lives of the consumers while causing them to welcome and request certain marketing messages. The best example of permission marketing in the modern age is the new media marketing in form of an email, newsletter, text message alerts, twitting or liking on Facebook (Keillor 2007). Consumers in this case choose to friend/follow/listen/read/watch a marketer’s content because they believe that some value will be gained by doing so (Kapoor 2011). This form of marketing evens the playing field and allows new talent to compete more effectively against large, entrenched brands (Kapoor 2011).

Often, the question of the best model for the modern marketing has risen. This is more so because consumers today have a powerful new set of information and access media (Angelova&Zekiri, 2011;Farooq&Jan 2012). They have the means to acquire objective information to compare brand features, pricing and performance (Farooq&Jan 2012). They can also achieve new levels of convenience and direct communications with companies designing and submitting personal specifications of products and services (Angelova&Zekiri, 2011). However, Angeloval and Zekiri believe that, consumer attitudes to choice and negotiation are still evolving as the world becomes increasingly tailor-made . Researchers and businesses agree that marketing is the guiding element of any business (Raskovic, Brencic, Fransoo&Morec 2012; Farooq&Jan 2012). It is the powerful mechanism which alone can satisfy the needs and wants of customers at the place and time they desire. In essence the modern marketing has changed from transaction marketing to relationship marketing. The relationship marketing has in this case incorporated media marketing and other channels to be able to reach the targeted market.

In the modern age, marketing is less transactional (Salman & Ibrahim 2011) while using more of social media(Rahnama&Beiki 2013). In the last few years, the focus of marketing was to convince customers to buy products (Rahnama&Beiki 2013). Conversely, Boone&Kurtz (2012) believe that marketing at the modern age has become interpersonal. It aims at developing and promoting a lasting relationship (Bose 2010). As further noted in Chi (2011), the conversation itself and not the channels used are considered more important.

Key learning

            Although different authors present their information different, there are key factors that one can highlight. Overall, most authors agree that there has been tremendous change in the marketing. Although technology has obliged businesses to invest on the recent technological tools, most have further succeeded in their marketing strategies. Marketing in the modern age has become easy, fast, and engaging.

Transaction vs. Relationship Marketing

In relation to the transaction marketing, the essence of marketing is that it is a transaction (Bolton&Lyer 2009; Egan 2007; Feinberg, Kinnear & Taylor 2013). It is an exchange that is intended to satisfy human wants and needs as further discussed by Hartley, Burgess&Bruns (2013). A similar research by Hemmatfar, Salehi&Bayat (2010) show that, marketing management has the primary task of regulating the extent, nature and timing of demand in a way that will help the company achieve its objectives (Hemmatfar, Salehi&Bayat2010). Unlike Jai and Farooq (2012) who only discussed about market-based transcation, Kapoor (2011) portrays how the study of marketing was concerned with the functions necessary to execute a transaction (sellers seeking buyers and buyers seeking sellers through the processes of marketing information, buying, selling, holding inventory, risk taking, transporting and providing finance) (Kapoor 2011) The marketing process was also seen as ending when the sale has occurred (Bolton&Lyer 2009). The sale was in this case considered the objective and the end result of the marketing effort.

 

Another maxim of this traditional marketing is the belief that markers’ self-interest and competition create the value in businesses (Keller 2009).  A different research provides more facts than that by Keller (2009) in that it presents how buyers are therefore offered a choice through competition hence motivating the marketers to create a higher value (Keillor 2007; Boone&Kurtz 2012; Karadeniz 2010). The opponents of transaction marketing on the other hand maintain that mutual collaboration creates a higher value as opposed to conflict and competition Some researchers further maintain that unwarranted competition is inherently destructive (Bolton&Lyer 2009;Keillor 2007). Another principle of transaction marketing is that the freedom of choice among the marketers and consumers creates a more efficient system for creating and distributing marketing-value(Jain, Grove &Singla 2007). This translates to efficiency and lower prices through bidding and bargaining. In a nutshell, research shows that transaction marketing focuses on a single sale, orientation on product features, little emphasis on customer service, short-term relationships, little customer commitment, moderate customer contact and quality is primarily a concern of production (Jain et al. 2007; Hackely 2009). As a result, it has failed to effectively promote the modern age marketing (Meiners,Schwarting&Seeberger 2011).

 

On the other hand, a different research affirms that, maintaining a long term and healthy relationship is perceived important for marketing efficiency (Hackely 2009). Most business stakeholders maintain that liberty of marketing actors provide them the freewill to choose their partners on the basis of preserving their own self-interests (Karadeniz 2010; Maclaran, Saren, Stern&Tadajewski 2009). Compared to transaction (traditional) marketing, relationship (modern) marketing involves creating, sustaining and commercializing customer-relationships to meet the objectives of the parties concerned through fulfillment of promises and mutual exchange (Boone&Kurtz 2012; Karadeniz 2010). In relationship marketing, the focus shifts from one-time transactions to ongoing relationships (Miller&Lammas 2011). Also, a different research affirm that, the purpose of relationship marketing is not to secure a sale, but to maintain long-term relationships among the stakeholders (Soliman 2011) while moving from a transaction focus to a relationship focus (Taleghani,Gilaninia&Mousavian 2011). Additionally, Dann&Dann (2011), Doyle (2011) and Karadeniz (2010) agree that, sustainable competitive advantage is built through relationship marketing by maintaining customer relationships (Dann&Dann 2011; Doyle 2011; Karadeniz 2010).

 

In relation to the transactional marketing, the essence of relationship marketing activities is to decrease the uncertainties of an exchange while creating customer commitment and collaboration through steady growth and ongoing adjustment of shared routines and shared standards (Simon 2009; Hunt 2010). Sisodia&Telrandhe (2010); Honn& Howard (2011), and Biswas (2011) also believe that, in the modern-marketing relationships, communication plays an important role of creating an understanding and leveling the ground for an exchange (Sisodia&Telrandhe 2010; Honn& Howard 2011; Biswas 2011). Today, communication is a precondition for building trust among exchange partners (Schwerd&ferger 2008). This research portrays that, careful design of communication medium and structures plays an important role in the relationship-marketing process (Percy et al. 2010). In brief, the relationship marketing focuses on customer retention, long-term relationship, orientation on product benefits, high emphasis on customer service, high customer contact, high customer commitment and quality as a the concern of all. Generally, relationship marketing builds from six markets model including customer markets, supplier markets, influence markets, recruitment markets, influence markets, referral markets and internal markets (Jain 2009; Clark&Melancon 2013). In that case, the purpose of relationship marketing is to enhance marketing productivity by achieving efficiency and effectiveness.

 

On the other hand, whereas the approach of relationship-marketing emphasizes communication in terms of conversation, information exchange, and customized dialogue, Sethna, Jones&Harrigan (2013) believes that it tends to down play the role of supplier-initiated marketing communication. Moreover, as Clark&Melancon (2013) put it, the relationship contributions often ignore the dynamism of relationship-marketing and the manner in which communication policies and strategies are adapted. Often, the firms collecting the consumer data also abuse the consumer’s trust by offering few benefits of real value to the consumer, trapping customers with offers and communications, violating their privacy, and giving consumers little input in the relationship (Clark&Melancon 2013).

Nevertheless, criticisms of the relationship-marketing dwell on the fact that the benefits of relationship-marketing are in favor of the organization and tend to be one-sided (Salehi, Mirzaei, Aghaei&Abyari 2012; Bejou& Palmer 2012). Despite the criticisms, relationship marketing is the most ideal form of marketing in the modern age (Christopher, Payne&Ballantyne 2008; Duncan 2010; Dahlen, Lange&Smith 2010;Smith 2011; Percy 2008).

 

Arguably, the perspective of an investor lies at the core of relationship marketing and social media (Biswas 2011, pp.27) in that participant theory extends the number of stakeholders with which the firm has relationships with while ensuring that the existing relationships are interdependent. This research is further supported by Brink & Berndt (2008) who continue to highlight that, in that cases organizations put into consideration the interests of other stakeholders, marketers should offer expected customer value. Consequently, stakeholders and therefore stakeholder theory (Buhler&Nufer 2010) should be assimilated into relationship marketing. Stakeholders should also be recognized in all marketing dealings.

Marketers are actually realizing that for them to be effective, their businesses must involve other stakeholders along their consumers (Ang 2014). Unlike Ang (2014) Baker, Baker&Saren (2010) believe that, firms must modernize the ways that they deal with traditional marketing exchanges in the modern age (Bejou&Palmer 2012) and adopt relationship marketing ideals (Smith 2011; Schultz, Patti&Kitchen 2011). A response through a database, or a dedicated micro site or a response driven promotional campaign can give the marketers an idea of the effectiveness of the communication (Wilkinson 2008). According toSahaf(2008), it can also point to the improvements the buyer requires from the company in the form of either quality of service or adjustment to the proposition. The company can then improve its profits and brand value by responding to the given messages (Gunelius 2011). However, Grundey (2011) believe that the way marketing communications was described in the past is completely inadequate because it implies that any activities are one-way – directed from the supplier to the consumer.

Key learning

From the ongoing discussion, it is evident that the freedom of choice among the marketers and consumers creates a more efficient system for creating and distributing marketing-value. The approach of relationship-marketing encourages organizations to embrace effective marketing strategies to emerge the best over other competitors. In order to develop and maintain such relationships, a two-way communication approach is required where both entities are in a regular contact and the quality of the communications maintained.

Social Media and Modern Marketing

Generally, social media is defined as internet based applications (Linke&Zerfass 2012) that focus on the consumer-generated content which encompasses the media impressions created by the consumers, usually informed by relevant experience and shared or achieved online for easy access by other customers. This research is further supported by different researches that outline that, the combination of new technologies and social networking in daily life of users is a fact and introducing the new media creates the new possibilities, challenges and abilities for those who are involved (Salman & Ibrahim 2011; Anum, More&Ghouri 2012).

However, in a different research, the authors believe that there is evidence of businesses using different social media marketing communication techniques for many years (Mooji 2010; Rahnama&Beiki 2013). Just like earlier marketing models, modern marketing communications (Patil&Bhakkad 2013) also look for a response from the buyer. This goes beyond the relatively unsophisticated practice of broadcast marketing promotion in that it plans from the start a process of two-way communications (Sober&Soman 2012). Unlike other marketers, research shows that social marketers in the modern age have had a great start in the expected way of thinking (Net 2011; Linke&Zerfass 2012; Treem&Leonardi 2012; Rahnama&Beiki 2013; Salman&Ibrahim 2011; Farooq&Jan 2012). Though a relatively new phenomenon, social media has become an important part of any marketing and client base development platform (Farooq&Jan 2012).

According to Anjum, More&Ghouri (2012), the available social Web including blogging, micro-blogging, social bookmarking, social networking and content sharing allow personalized and tailor made interactions (Linke&Zerfass 2012). Consequently, Farooq&Jan (2012) believe that, social-media has shifted significantly and has actually become a must have for any business seeking to secure a niche in the digital market place. What the traditional website could accomplish is now supplemented by a responsive and robust utilization of the tools offered by the social media (Rahnama&Beiki 2013).

 

As observed by most researchers, brands that are successful on social media are participatory (Duncan 2010; Feinberg, Kinnnear&Taylor 2013). Similarly, three authors believed that, technology has improved communication and information exchange (Hartley, Burgess&Bruns 2013). According to this research, technology has created a strong where businesses can interact with other businesses effectively. However, a different research shows that being trustworthy is also important to the success of any social media marketing campaign (Akbar&Parvez 2009; Pai&Chary 2012). With this, Akbar and Parvez (2009) believe that, businesses must also present useful and relevant content and information to the audience. Giving the audience a genuinely useful resource is a powerful method of earning trust and gaining attention through social media (Hunt 2010; Akbar&Parvez 2009; Pai&Chary 2012; Feinberg, Kinnnear&Taylor 2013). Marketers however can find social media difficult to navigate since there are many unwritten practices of etiquette that social media participants are expected to abide by (Akbar&Parvez 2009). It therefore requires enough attention and clear strategies to engage with the marketing campaign (Sethna, Jones&Harrigan 2013). Whereas there are many strategies available, people choose to use brands that are transparent, authentic, show empathy and care, respect consumers’ opinions and time and have  a human presence online (Hunt 2010; Farooq&Jan 2012). Nevertheless, brands and businesses have witnessed tremendous growth through social media and by being innovative in order to provide attention-worthy content for consumers (Farooq&Jan 2012).

 

Among other social media search engines, research shows that Facebook is the most powerful social network on the planet (Anum, More&Ghouri 2012; Farooq&Jan 2012).Farooq and Jan noted that Facebook is the most successful online social network (2012). As further noted by Wilson, Gosling & Graham in their review of Facebook research, with more than a billion active users, Facebook presents a unique opportunity to connect with and educate the firm’s ideal audience in a way that a blog or website cannot (Powell, Groves&Dimos 2011; Wilson et al.2012). A part from enhancing strong interactions, Faria and Elliot (2012) believe that facebook marketing can also help firms create exposure and awareness for their businesses, collect market data, increase sales, enhance customers’ experience and increase their position as an authority in their fields. Lately, the reach on the Facebook platform has grown significantly (Faria&Elliot 2012). Facebook is not only growing at an amazing pace, but it continues to gain market power while building out its organization (Carter&Levy 2012). This is because it fits the needs of both businesses and consumers (Wilson Gosling&Graham 2012). While consumers use Facebook to connect with friends and get recommendations for useful products and services, Young  (2011) believes that businesses use Facebook to reach out to the existing and new networks of families and friends. Today, almost every business can find a following on Facebook (Zarrella 2010; Zimmerman 2012). The platform of the social tool can in fact turn a business into a one-to-one online marketing (Young 2011, pp.96).

 

Unfortunately, Facebook is not free! It costs an individual effort and time (Assaad&Gomez 2011). The entity must in this case account for the time and energy it takes to plan its strategy, set it up, and get to train people, execute their plan, build relationships and take care of the new customers (Geskey 2009). Whereas this does not mean being tied entirely on Facebook, dedicated time and effort is essential when creating a successful Facebook marketing plan. Nevertheless,Facebook offers a comprehensible interface, hence making it appeal to all ages.  Although Facebook has faced competition from other social-networks including, it is unlikely to be stopped (Assaad&Gomez 2011).

 

Along the use of Facebook for marketing, most businesses are discovering tweeting as a marketing tool (Linke&Zerfass 2012). By asking the question of what is happening, Twitter allows users to tell their followers about moments in their daily lives. Ideally, different people use Twitter to build a community, find new customers (Mangold&Faulds 2009), ask questions, have a conversation, get customer support, discover what people are saying about a firm or product, host twitter chats, promote one’s content and give out incentives. However, just like any other social media tool, Twitter is also a commitment (Meyerson 2010). In fact, networking on Twitter is not as simple as sending a tweet and expecting to bring in the mass sales or orders. It is a matter of building relationships, getting to know people and holding a conversation (Zimmerman&Ng 2012; Moe&Schweidel 2014; Anjum, More&Ghouri 2012).

 

Key learning

The key learning of this research is that, social media has improved marketing in the modern age. In the 21st century, most authors agree that most organizations have embraced social media to market their goods and services both locally and internationally. Businesses have also had opportunities to interact with other businesses, thus creating more opportunities for growth and advancement.

Methodology

A review of the present literature is a stepping stone in compiling the objectives behind the research. In this regard, the literature review enabled an understanding of the changes evident in modern age marketing. Through the help of the new social media, there was a clear transition of transaction marketing to relationship marketing.  Most articles in theme one found their research in survey. A survey of how organizations marketed their products in the modern age created insights on the changes that have occurred in marketing. Overall, the research was comprehensive as it provided adequate facts and information about social media marketing.

In theme 2, the qualitative research carried out by most authors and the importance of multiple sources of data to the reliability of the study was well established. The data collection was treated as a design issue that would enhance the construct and internal validity of the study as well as the external reliability. As such, the secondary data was collected from recent articles, journals and books gathered from the existing databases on the available research on the transaction vs. Relationship marketing. Most articles related to each other thus making the research more comprehensive. Although some researchers failed to identify the exact model to be utilized between transaction marketing and relationship marketing, most researchers agree that through social media, relationship marketing is the ideal mode of marketing today.

In theme 3, most articles corrected information in the field. Overall, most researches provided adequate facts of how social media is not only a form of meeting friends but a perfect place for businesses to market its products. Information was well presented in most articles. Most articles affirmed that, online social networking sites including Twitter and Facebook have made a huge difference in peoples’ lives. The social network has also changed how internet users communicate, create and maintain their profile, share their data and establish links with their friends. The links and connections among individuals have shown some level of trust among themselves, hence helping the online social network to grow quickly in the modern age. Among other social sites, Facebook is the most successful online social network with more than five million users. Its successful use has opened a leeway for most organizations on how to penetrate the new domain, and how firms can market their products and distribute to their users through these sites. Facebook has also opened up new marketing tools for the organizations to target their audience by creating pages, groups and social ads. The future for the social marketers only looks brighter. Consequently, it is useful to understand how consumers perceive the social-media marketing efforts by a firm while understanding how social-media interactions influence the customers-organization relationship.  However, most articles failed to provided information of the change that social media has enhanced in marketing.

 

 

Conclusion

Based on the available statistics, researchers agree that the patterns of the marketing strategies have changed from the traditional marketing method that need to pay the money for promoting the products and services into the modern marketing method which uses the social media network to promote products and services with lower costs (Clark&Melancon 2013; Farooq&Jan 2012). Marketers note the increased traffic, increased exposure for the business, decreased marketing costs, improved search-engines rankings and increased sales as some of the benefits of the new mode of marketing to a firm (Clark &Melancon 2013). As noted, modern business managers consider marketing as consumer-oriented. Consequently, the major function of marketing is the satisfaction of consumers’ desires for goods and services. Demand on products and services keep changing based on the influence of the current technological changes. Social media networking has proved one of the best ideas for the marketers in order to tackle the worldwide market challenges. The marketing concept in this case calls for a reorientation of the company from looking inwards towards its products to looking outwards towards the customers’ needs. A marketing-oriented firm should also develop effective mechanisms for coordinating the various customer-impinging forces considering that the main purpose of the firm is to create and keep a customer. Instead of the ancient transaction marketing, the modern marketer must consider relationship marketing as asure way of succeeding in today’s dynamic and ever changing world.  A firm can achieve this by developing some means to coordinate the impacts of all its departments on the customer even if the central logic of the business firm is profit. The firm should also adopt the systems approach to marketing. Such an approach provides a good basis for orderly and integrated analysis and planning of all business activities relating to price, product, promotion and place. Nevertheless, social media stands to give consumers active and powerful voices in their relationships with firms. Social media also gives consumers a voice that cannot be ignored by the marketers. Nonetheless, in order for the social media marketing to fulfill its function for creating value, firms must make efforts to invest in their consumers while providing them with incentives to share information while engaging with firm. Consumers must also contribute to the relationship in terms of passive permission for companies to track customer information as well as giving content and conversation for many social-media strategies.

 

 

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