Advantages of technology
Marketing has grown tremendously with the growth of technology. The worldwide web, which is continuing to increase quickly, is among the most crucial technologies which have affected marketing. It has destroyed all boundaries like time and space. Producers are now able to connect with customers with no constraints. Additionally, it gave a chance for small regional companies to access bigger markets and compete globally.
The internet exposes clients to these many markets, which gives them the opportunity to select from a wider range of products so they’d find exactly what they are searching for. Another positive effect of technology on marketing is that it enables companies to store information about every customer so as to comprehend them thoroughly using past behavioural data. Getting feedback from clients has an important role in marketing.
Understanding the flaws and strengths of the product would be extremely useful if they received feedback from clients instantly. When there weren’t any deficiencies or traits in the item which clients were complaining about, the manufacturers could discover solutions or boost their merchandise as soon as possible so that it doesn’t lead to a reduction in earnings. On the other hand, getting positive feedback and knowing the strengths of the product lets them understand what to focus on producing another product or the best way to concentrate on advertising for this product.
Disadvantages of technologies
In addition to the many advantages of technology, we cannot ignore the pitfalls that affect marketing. The majority of people have privacy concerns in regards to using the net. From the organization’s standpoint, it might fear that their database of clients and suppliers or other important data like unreleased financial information would be hacked and stolen by opponents. From the client’s standpoint, the fact that the corporation can save and utilize considerable amounts of diverse information about their activities and interests using cookies can be unpleasant. People are debating whether this action is ethical or not for years. Some say it is an invasion of the customer’s privacy since the corporation would track every move they make on their site.
Godin (2009) implied the idea of the”purple cow” which is mainly about being not able to be remembered and so succeed. According to him, outstanding marketing is the art of producing things worth noticing instead of using marketing as an add-on at the last minute and that is because when the product or service you are offering isn’t remarkable then it is invisible. He also explained that it’s safer to be risky and that you must fortify your want to do wonders. It gets very crucial to create impressive things which are worth discussing after you understood that the traditional ways have faded.
The foundation of marketing
As stated earlier, marketing has been changing constantly over the past decades. The development of new technologies and the improvements in promotion concepts have directed us to where we are right now. Harris and Cohen (2003) indicated that there are three eras aside from the era which we are living in which is the electronic era. The first era is the manufacturing era which ended in the 1930s. In this period companies focused on manufacturing dependent on the access to raw materials and mechanical electricity required from the production process.
The next era existed between the 1930s and the 1950s and was called the sales era. Clients’ needs and wants became primary in this age; marketers began to comprehend the client and his needs as an important factor in the company equation, therefore efforts were focused on consumer advertising. The next era, the marketing age, was between the 1950s and the 1960s. Throughout this period marketing enlarged and the concentration moved from focusing on the customers themselves to focusing on competition, research, planning and management, and advertising.
The brains process nearly all of the sensory input. Most of the data taken by our perceptions come through our eyes, as a quarter of their brain’s volume is devoted to the visual image processing and integration. All the other senses contribute too; the hearing sense enables the fundamental function of communication and enables us to translate the speech. Taste and smell senses allow us to detect compounds in the environment; they separate the healthy and useful substances from people who are undesirable or even poisonous. Marketers can significantly improve a product’s success in the marketplace by linking it with a nice, iconic smell. Combining senses generates a greater level of involvement with the consumer if you stimulate many senses which make sense together.
Assuming you may access the subconscious mind or get accurate measures of emotion only by using biometric steps is false. Page and Raymond (2007) said that many conclusions about the mind are obtained by about stimuli that generate a known feeling like excitement or anxiety with the mind activity. These feelings are definitely included in a conscious experience rather than subconscious.
Conclusion
Regardless of the desired applications of neuromarketing, there are many ethical and controversial issues regarding this emerging concept. Fisher et al. (2010) feared that neuromarketing might endanger individual independence by effectively manipulating consumer behaviors.
Right now, the state of imaging technology doesn’t give us precise predictions of individual decision making, therefore these worries are premature. According to my personal opinion, I think that neuromarketing should be thought of as a complement to traditional marketing techniques rather than being the main focus of marketers and investigators and this is due to the huge consequences that would lead to By way of example, only wealthy companies are going to have the ability to use neuromarketing because contracting with clinics that have specialists working on mind scanners is very expensive. This will have a huge influence on the economy, the rich will become richer and the poor will become poorer.