Project on Recent Developments in Marketing Management Essay

Project on Recent Developments in Marketing Management - Essay Example Some advanced features have been added to the marketing management techniques by the companies which helped them to bring their business in front of global people. Some recent developments in marketing management offer various opportunities in business which contributed a lot for future. The recent economic crisis has been faced by almost all the companies who are involved in global businesses and that is the main reason why the companies are trying to bring some developments in their marketing management techniques (Lee, 2001). Most of the companies were dependent on manual marketing techniques like newspaper, Television advertising, radio etc but it was found that the companies were only able to attract their local customers through these marketing techniques and they were able to promote their products in local people. It was quite difficult for them to reach the potential customers of other countries and they were facing trouble in their business. The modern marketing techniques are mostly based on internet. Internet is a great source to reach global people at a very low cost. The modern inventions of search engines have changed the way to find information related to every business a lot. People can make their decision in a very short time and quite easily with the help of these search engines. The search engines can provide the detailed information on every business by entering a suitable search term which is often called as keywords. The most popular search engine â€Å"Google† can find all related results to the search term entered (Chaffey, 2001). People can visit the websites of the businesses which is searched by Google and they can make their decision. Website is a great way for the business owners to reach global people as the websites are not confined within a city or country. People from any country can visit the websites from any other country. There are some other developments in marketing management too. Today, people of a particular cou ntry can watch the television channels of another country which is quite a good way for marketing. People can watch the advertisements of the products of foreign countries and they can order for them. The online shopping method is quite popular now-a-day and people can buy everything sitting in their home by ordering through internet or telephone. It helped people a lot to buy products from foreign companies. The best thing about internet marketing is it is quite cheap. If we look at the earlier days we can see that the companies used to spend a lot of money in order to promote their business. The earlier sources of marketing like television, newspaper, radio etc charged a huge amount of money to place the advertisements of the companies and their products and it was not possible for the small and medium level companies to afford the amount of money but today, the companies can post their advertisements, details of their products in numerous social bookmarking websites for free and a major portion of modern people visit these websites in a daily basis. So, this technique seems to be very useful for small and medium level companies who do not have enough money to promote their businesses through television, newspaper and other sources. People are quite tech savvy today and they like to spend hours sitting in front of computer and surfing internet. There are lots of social networking