The Importance of Marketing to Organizations in the Twenty-first Coursework

The Importance of Marketing to Organizations in the Twenty-first Century - Coursework Example The paper tells that for many companies in today's business environment, the marketing process is largely centered upon the concept of brand building, which is employed in every phase of the marketing process. There are numerous challenges to be faced when a company determines to market in a global economy, even when they plan on conducting business on a strictly local level. One of the major challenges is trying to find a means of communicating to a variety of cultures through the means of a single message. Every society has its own standards and concepts of what is acceptable and what is motivational. While Americans seem to respond well and quickly to ads that celebrate individualism such as a Nike ad in which a soccer team disrupts normal activity at the airport, Segal reveals the responsiveness of Chinese consumers to these kinds of appeals. For the Chinese, these ads only have an effect if, like McDonald's ads that capitalize on a Chinese cultural belief that beef acts as an ap hrodisiac, it promises some kind of payoff. Technology has assisted in these areas, though. As cultures begin to merge through closer connections, modifications to advertisements can be made with a few digital clicks. Technology makes it possible for advertisers to quickly modify the imagery used in their marketing campaigns. More sophisticated means of managing merchandise are also available thanks to electronic tracking from production through consumer trends. As Serna reports, technology has dramatically improved corporations' abilities to track and more appropriately understand consumer purchasing habits for everything from their favorite cereal to the types of financial services they require. While cultures such as that which exists in the United States and that of England are similar in many ways, profound differences have been found in styles of comedy and so forth that have only been breaking down recently with the increased connection through film, media and the internet. A s people become more sensitive to the differences between cultures, they also become more appreciative of the ideas and beliefs as they are expressed in the other cultures with which they come in contact. Thus, today's marketing is characterized by a complex combination of global and local appeals, technology-driven campaigns and, particularly, the emphasis placed on the concept of 'branding'. Â  The image presented by the company has come to be referred to generally under the single word 'branding.' Branding has often been publicized as the best means of creating a loyal customer base and achieving instant worldwide recognition. "Corporate branding emerged as a key concept in the late 1990s". The meaning of the term itself has undergone an extreme transformation in recent years.