Question: marketing communication industry 1 the structure of the industry the...
Marketing Communication Industry
1. The Structure of the Industry
The overall structure of marketing as a whole, in general, centres around a few key aspects: Sales, marketing, advertising, promotions and public relations. All of these factors must be carefully managed through the overall process in order to ensure companies can derive the best possible business results.
2. Industry Sectors, Associations and Networks
There are numerous difference sectors, associations and networks affiliated with the marketing industry including (but not limited to) the Australian Association of National Advertisers (AANA), Australian Marketing Institute (AMI) and Australian Direct Marketing Association (ADMA). All of these serve to help maintain professional standards and integrity within the industry as a whole.
3. The Societal Role of the Industry
The industry as a whole serves a vital purpose in boosting economic growth in the way it markets various goods and services to the wider population. In addition to generating greater demand for goods, it also drives business growth and helps increase other important societal factors such as employment. The number of jobs and opportunities available in marketing reflects it's importance as a driver of economic growth. Further, marketing also helps to educate people and keep them informed of any changes in a particular industry or to a product assisting them to make more informed decisions.
4. Key Stakeholders
There are some important stakeholders in the industry (both internal and external). Internally, these refer to key individuals within particular companies such as CEOs and other high-ranking executives as well as employees in general. External stakeholders refer to other parties who, while they may not be employed by the industry, are affected by the actions of the industry. This includes normal customers and governments.
5. Employment Opportunities and Obligations
As mentioned above, there are abundant employment opportunities in the marketing industry. The growing importance of marketing can be seen at the tertiary education level where universities and institutions offer marketing courses as courses of study. In the workforce, most companies have entire departments and teams dedicated to marketing such is it's importance in achieving business growth and keeping companies afloat. Entailed within such opportunites are also certain duties and obligations that people are required to perform such as (but not limited to) creating marketing plans, managing marketing budgets and creating marketing content and material in order to generate interest or sales. Legally, there are also certain obligations companies must abide by to ensure they don't fall foul of red flags such as false advertising.
6. Relevant Digital Communications Technology
In today's world, there are several different methods and platforms companies can take advantage of to market their goods and services. These include social media platforms such as facebook, instagram and snapchat. All of these have a very wide reach and avoid the cost of things such as posting flyers and other material in the mail. Other employment platforms such as LinkedIn can also play a part in the marketing industry, although this is more of a professional/employment platform. While previously, companies would focus on old-fashioned forms of advertising such as through TV businesses and consumers are increasingly making use of electronic devices such as smart phones and tablets to assist with their marketing campaigns.
7. Current Issues of Concern to the Industry
Issues in the industry include factors such as having inexperienced employees, keeping up to date with new marketing trends and developments, the ability of key personnel within a company to read and interpret marketing data, poor communication and managing the final stage of converting leads and expressions of interest into sales.
8. Principles and practices of Marketing Communications & Media Strategies
While marketing methods may have changed over time, one principle/s that hasn't changed too much in that time is the belief that companies such centre their marketing around four key principles: Products, place or distribution, price and promotion. One of the most common beliefs/practices within the industry is the model of building long-lasting working relationships with customers in order to drive and maintain growth. Other principles also include research and development, undertaking market research in order to find out more about the needs and interests of a particular target market. This allows companies to develop more strategic plans.
Write a report that discusses how you went about conducting research for above of this project. Identify and describe the methods you used, challenges encountered and how you overcame those challenges. The response for this part of the project should be approximately 1-2 pages in length