The rate at which the modern technology and the internet as a whole affects the manner in which business enterprise perform their daily activities remains at the highest levels. Information technology remains regarded as a just a passing storm during its inception into the world as such people did not imagine of its impact on the whole business community in the world as a whole.
Information technology has dramatically impacted the modem world in almost all fields, and it’s relevant to nearly all the departments in any organization as a tool of allowing transmission between departments.
Most significant business enterprises in the whole world such as the fast food industry with the KFC and Macdonald obtained their great prestige no only through offering the best services but also through the use of better marketing strategies. Nonetheless, through various studies, it remains a common opinion about great business minds that with the right marketing strategies and approach you can surely make a multi-billion startup within a year.
The best thing about information technology capstone project and its application into the business environment are that it blends easily within the organizational structures of a business and its employees.
Marketing in simple words may refer to obtaining the high numbers of customers for a product that a business produces and maintaining the figures at growing numbers. The various strategies that remain employed in marketing strategies in modern marketing by information technology include the following list.
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Customer Relation Management
Just as stated earlier, the marketing strategy that any company or business should employ involves the retention of present customers and creation of new channels for new entrant companies. The customer relation aspect of information technology consists of the establishment of new management systems that check the existing relationships between a business enterprise and the current customers.
Also, the customer relation acts as a marketing strategy for business by identifying the growth of industry though motoring of the customers retained within the company and those lost.
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Outsourcing marketing functions
The idea behind specialization in the operations of business remained to find strategies that would increase the return on investments by a business entity either through high sales or other legally recognizable means. Through specialization arises the marketing department that removes the burden of looking for customers from the different departments of a business and allows the marketing department to do the latter task.
The information technology systems allow for various marketing tools to assist in the search for customers directly related to the product of a business other than looking for customers without clear guidelines.
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Distribution channels
The other aspect of a marketing department within a business entity remains to identify the mechanics that a business may use to deliver their products or services to their desired clients. Information technology arises as a crucial tool in determining the appropriate distribution channels to apply to the sales while matching the needs of clients regarding the delivery time.
Information technology uses the traits of products and services and matching them to the characteristics of a client and as such determining the appropriate channel of distribution.
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Customer interactions
The categories of customer interactions may occur as either directly or indirectly related to the business with the sole aim of identifying the beneficial relation to a business entity. The role of information technology in the customers’ connections ensures that the retention o customers remains high through the categorization of communication channels with the customers as well as paper jokes.
The right communication and timely response to customer grievances ensure that business focuses on both retaining its loyal customers and capturing new markets through indirect communication.
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Pricing
The notion of prices of goods not affecting the marketing strategies of an organization main misplaced in the modern era of competitive and the cutting edge marketing strategies. The information technology has a pricing marketing strategy involving the observation of the current trend in term of pricing by observing competition prices on the stock markets.
An information technology system identifies the present market price for products through capstone ideas in the market and hence allows a marketing department to decide on the pricing mechanism to match the competition.
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Anticipate changes and adapt
The complex system developed as a result of information technology may find a place in the development of strategies to gain a competitive advantage in the market. The success to any business lies upon the marketing department to attain the ability to identify future occurrences before they happen.
Information technology system performs these marketing strategies efficiently through observations of variables within the current market.
Conclusion
The ability of a business to obtain a competitive advantage especially in the marketing aspect opens up possibilities for the growth of the industry. Employ information technology systems into a business entity, and you get a company that can compete in any market.