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The International Journal Of Business & Management (ISSN 2321–8916) www.theijbm.com THE INTERNATIONAL JOURNAL OF BUSINESS & MANAGEMENT Change in Marketing Strategies due to New Media Sweta Ghosh Ph.D. Scholar, (UGC-NET-JRF), Department of Journalism and Mass Communication, University of Calcutta, West Bengal, India Abstract: The concept of Marketing has changed with time. The first and foremost aim of marketing is to attract new customers. the second aim is to retain that customer. end of last century witnessed a great revolution of in communication technologies. Apart from the tradition electronic media such as Radio, Television and Film, a new form of media basically known as “New Media” came into power. Modern electronic technologies like discussion boards, SMS messages, emails, wikis, chat rooms, blogs, and tweets has enhanced the communication power of the marketers. As digitalization of media took place, different information and communication platforms has been converged. Technological convergence has blurred all channel-based metaphors such as speech, transportation, and airwaves. Information can be easily transferred from one computer to another via digital media. Now, both marketers and customers possess computers, through which they can exchange their marketing information. Internet has marked new revolution in marketing strategies. New form Internet marketing such as email marketing and social media marketing are expanding day by day. Keywords: Marketing, selling, web 2.0, digital media, new media technology, online trading, internet marketing, e-mail marketing, social media marketing, blogging 1. Introduction The internet impacts business innovation by expanding the reach and minimising the time-lag to market. Not so long ago the goal of an online marketing campaign might have been to entice the consumer to click-through to a company’s website, but now the objective is to create “sustained engagement” with the consumer. The growing popularity of websites such as YouTube and Facebook demonstrates how the Internet is changing; users are no longer simply downloading static data, but increasingly uploading and sharing content among themselves, leading to a proliferation of social networks and other user-generated content sites. this fundamental transfer of power from institutions to individuals and communities has been defined as “the groundswell”(Harris and Rae, 2010). 1.1. Defining the Concept of Marketing Grayson, Hibbard, and Kotler, (2015) defined the term “marketing.” in Encyclopedia Britannica, as “the sum of activities involved in directing the flow of goods and services from producers to consumers.” The principal function of marketing is to promote and facilitate the exchange of goods and services between producer and user to the satisfaction of all parties. The exchange transactions can be studied in the framework of who markets what to whom. The ‘who’ includes not only private firms but also government and non-profit institutions. The ‘what’ not only includes physical goods and services but also ideas and behaviour patterns (Thirunarayana, 1988). Over the years, the focus of marketing has shifted from the commodity (products) to the institutional (people engaged in production); the functional (buying, selling, promoting etc) to managerial (analysis, planning, organizing etc) and finally towards social (marketing efficiency, product quality, consumerism) one. It is the intermediary between the customer and the business. The marketing department strives profoundly to understand the customer’s demand so that it can develop a product or service- a prerequisite to the customer. Once that information is gathered, it is transferred to the business, which in turn produces a product according to those specifications. Once a product has been created, the marketing department is responsible for communicating to the consumer about the product’s benefits, and points out how their product differs from the competition. In an article named “Marketing Redefined”, the American Marketing Association introduced a 21st-century definition of marketing by calling it “an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders”(Marketing News,2004). Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (The American Marketing Association, 2007). The American Marketing Association’s (AMA) definition was revised in 2007 and looks for a balance between the needs of the firm, the needs of the customer and the needs of the other stakeholders. There are a number of ways in which marketing can create value, most obviously through good products and prices, but also through good service, convenience and any number of imaginative other ways. The AMA’s previous definition (AMA, 2004) referred to ‘the organisation and its stakeholders’, however, the new one makes more specific reference to ‘society at large’ and therefore embraces societal marketing for the first time (Masterson and Pickton, 2010). Marketing is 376 Vol 4 Issue 5 May, 2016 The International Journal Of Business & Management (ISSN 2321–8916) www.theijbm.com not confined to any particular type of economy, as goods must be exchanged and therefore marketed in all economies and societies except perhaps in the most primitive. Furthermore, marketing is not a function that is limited to profit-oriented business; even such as institutions as hospitals, schools, and museums engage in some forms of marketing. Within the broad scope of marketing, merchandising is concerned more specifically with promoting the sale of goods and services to consumers (i.e., retailing) and hence is more characteristic of free-market economies. Based on these criteria, marketing can take a variety of forms: it can be a set of functions, a department within an organization, a managerial process, a managerial philosophy, and a social process(Grayson, Hibbard, and Kotler, 2015). The core function of marketing revolves around exchange relationships. Marketing attempts to understand, explain, predict and influence exchange relationships (Thirunarayana, 1988). Marketing has two aims. The first is to attract new customers by highlighting the potential value a good or service offers a consumer. Getting customers is an active process; the business must solicit the customer. Rarely do customers come to a business. The second aim of marketing is to retain customers by continually meeting and surpassing the customer’s satisfaction with the product. Researchers have found that often as much as 80% of a company’s revenue accrues from as few as 20% of a company’s repeat customers. The luxury car manufacture Lexus estimated the lifetime value of a satisfied customer was worth $1.17 million, or roughly 20 times the retail price of one car. The reasons being that profit was accrued not from the sale of the car itself, but from the sale of spare parts and maintenance checks. However, unless Toyota (the makers of Lexus) has managed to hide from securities regulators they are a majority shareholder in a major oil company, the cost of spare parts and maintenance checks do not add up to $1.17 million. How did Lexus come up with a figure so high? It turns out that satisfied customers are also likely to tell their friends how pleased they are with a product, a social phenomenon called word of mouth marketing(Moore and Pareek, 2006). Marketing is considered to be a tool where the customer is the centre of corporate strategy. In this process, all efforts are made that customer can obtain more value for his money he spends, and not only gets the benefits of the product he wants but exceeds all his expectations. Previously, the concept of marketing did not exist. There was a time in India when the marketing department was either absent or was otherwise known as ‘Sales Department’. During the 1960s, many well-known Indian corporate representatives were designated as ‘Sales Manager’ or ‘Commercial Manager’. Earlier, selling process was not regarded as a difficult job. The only function that received priority in the eyes of corporate houses was ‘production’. The concept was simple. If a company was producing let it produce more, because there were a ready market and the only function of sales department was to sell. There was no need to understand the customer’s behaviors, needs or wants. There was no concept of conducting market research to find out whether the products already being sold required any improvement or substitution. In the selling process, demand is considered to greater than supply, whereas in marketing, supply is superior to demand. Selling focuses on the needs of the seller, whereas marketing focuses on buyer’s requirements. Table1 depicts the fundamental difference between selling and marketing process. Selling Marketing • Introvert • Extrovert • Demand > Supply • Supply > Demand • Focus on Production • Focus on Customer • Seller’s Market • Buyer’s Market • Supplier has the options • Customer has the options • Supplier Satisfaction is the objective • Customer Satisfaction is the objective • Supplier is the driver • Customer is the driver • Competition non-existent • Severe competition • No thrust on Production Improvement, Cost Reduction or Product Substitution • Major thrust on Product Improvement and Cost Reduction • No priority for Technological Improvement • Technological Improvement is the priority area • Concept of Market Share • Concept of Opportunity Share Source- Sugandhi, R K: Business to Business Marketing, 2002, Table-1.1, pp-3. Table 1: Difference between Selling and Marketing 377 Vol 4 Issue 5 May, 2016 The International Journal Of Business & Management (ISSN 2321–8916) www.theijbm.com 2. The New Mass Media The end of the twentieth century witnessed a revolution in the way we work, communicate, and lead our life. The Internet was heralded as a new economy that would transform the world. Previously, traditional mass media (cinema, newspaper, and television) owners controlled all significant means of communication, but now domination of such mass media is no longer practical. Modern electronic technologies like discussion boards, SMS messages, emails, wikis, chat rooms, blogs, and tweets have given birth to a host of consumer-controlled communications possibilities. ‘The media’ in the established sense, usually refers to ‘communication media’ and the institutions and organizations in which people work (the press, cinema, broadcasting, publishing, and so on) and the cultural and material products of those institutions (the forms and genres of news, road movies, soap operas which take the material forms of newspapers, paperback books, films, tapes, discs) (Thompson 1995:23-24)….In this sense ‘the media’ is understood as a fully social institution, while ‘new media’, on the other hand, immediately suggests something far less settled, known and identified. At the very least, we face, on the one hand, a rapidly changing set of formal and technological experiments and, on the other, a complex set of interactions between new technological possibilities and established media forms(Lister, Dovey, Giddings, Grant, and Kelly, 2003). The free Internet-based encyclopaedia, Wikipedia, itself a product of New Media, defines New Media as the product of mediated communication technologies coming together with digital computers. Before the 1980s, the media relied mainly on print and analogue models like newspapers, television, cinema and radio. Now we have a digital radio, television, and cinema while even the printing press has been transformed by new digital technologies such as image manipulation software like Adobe Photoshop and desktop publishing tools. Some technologies we might, therefore, include as or associate with New Media are: (a)The Internet and World Wide Web (b)Digital Television (c) Digital Cinema(d)Personal Computers (e)DVDs (Digital Versatile Disc or Digital Video Disc)(f)CDs (Computer Discs)(g)Portable Media Players (such as the MP3 Player)(h)Mobile (or Cell) Phones(i)Video (or Computer) Games(j)Virtual Reality (VR)(k)Artificial Intelligence (AI) New Media might not be an ideal term for such a range of technologies, but it is one that is increasingly recognized internationally and one that is generally associated with the technological transformation in communication that has recently taken place(Creeber and Martin, 2009). The world of media and communications began to look quite different from the late 1980s. This difference was not confined to any one sector or element of that world, although the actual timing of change may vary from medium to medium. This was the case with printing, photography, through television, to telecommunications. Though such media was continuously in a state of technological, institutional and cultural growth and development; they never stood static. From the 1960s onward, media was influenced by both social and cultural transformation that appeared all around the world. New media too caught up and seen as a part of a much larger landscape of social, technological cultural, and social change; in short, as a part of new ‘technoculture’. The term technoculture is defined as ‘a characterization of contemporary cultures in which technology (especially but not only information and communication technology) has so deeply saturated into cultural practices that the two previously distinct spheres (of technology and culture) are seen to be inseparable’ (Lister, Dovey, Giddings, Grant, and Kelly, 2003). The connotation ‘new’ in the word ‘new media’ is used to describe ‘the most recent’ characteristics of these media technologies. This connotation is derived from a modernist belief in social progress as delivered by technology. The ‘new’ is ‘the cutting edge’, the ‘avant-garde’ (new and experimental), and the place for forward-thinking people to be (whether they be producers, consumers or media academics). It also carries the ideological sense that new equals better; much better than former and it carries such idea with a cluster of glamorous and exciting meanings. Undoubtedly, most definitions of new media and ICTs to date have focused on their technological features. In 1977, Wilbur Schramm classified communication media on the basis of channel characteristics that parallel human sensory perception, such as motion versus still visuals, sound versus silent, text versus picture, or one-way (simplex) versus two-way (duplex) transmission. He distinguished between inexpensive, small-scale ‘little media’ and ‘big media’ with large, complex, expensive infrastructures and organizational arrangements….Other definitions of new media technology have taken a similar classificatory approach (Lievrouw and Livingston, 2006). Ithiel de Sola Pool (1990), a political scientist and pioneer of new media research, defined new communications technologies as ‘shorthand for about 25 main devices’, which he duly listed. Ron Rice (1984) stressed the two-way capabilities of computing and telecommunications, and defined new media as ‘those communication technologies, typically involving computer capabilities (microprocessor or mainframe), that allow or facilitate interactivity among users or between users and information’. The term new media is commonly used to describe the digital media options that came into existence in the last several years. New media including social networks, digital TV, virtual environments, mobile devices, games, and other digital formats are continuously grabbing audiences’ eyeballs. These media channels now became mass and mainstream, reaching vast national and global audiences. As the new media channels are becoming a global phenomenon, marketers are shifting more of their activities towards these channels. However, marketers will use them as one-to-one channels, not as mass media. With the advent of Web 2.0 technologies, the younger generation of internet users is writing the rules of social interaction, and the way business is conducted. New and ingenious methods of social interaction across geographic borders and industry silos are being created by utilising electronic media and Web 2.0 tools such as Wiki’s, blog, tagging and social book-marking (Zyl, 2009). 2.1. Web 2.0: A New Digital World The 21st century has truly blurred the geographical boundaries of the business sector. Business houses are not limited to their operating spaces. The new interconnected world has revolutionized the way businesses were formerly done and a new form of interactions between the buyers and sellers has been encouraged. New technologies and new media technologies operating via The Internethave enhanced the interactivity through new media touch points. Mobile and in-market media have facilitated all direct response activity. 378 Vol 4 Issue 5 May, 2016 The International Journal Of Business & Management (ISSN 2321–8916) www.theijbm.com “Web 2.0” is the latest iteration of the Internet technology (Harris and Rae, 2010). It started initially with Web 1.0 to tell the world about the products available and raw materials sought in the markets and free availability of higher quality and quantity of this information led to a higher level of competition and thus better products at more competitive prices for the end consumer. The current phase is that of Web 2.0 or also called the Social web which is promoting demand driven supply networks and impacting the lead times in a big way. More and more organizations are in a position to implement techniques such as JIT and supplier managed inventory and collaborative planning, forecasting and replenishment (CPFR) techniques leading to squeezing out inventory from the supply chains and reducing the impact of the bull whip effect which was the trademark of the inefficient information sharing of the previous decade(Wahi and Misra, 2016). Web 2.0 has encouraged the growth and development of web-based communities, video sharing websites, blogs, wikis, folksonomies and social networking sites. Web 2.0 has contributed a lot in the creation of World 2.0. World today has been collaborated with different units to interact and participate in the process of innovation and value creation. The peer-to-peer networks has transformed one-to-many model of communication to many-to-many model, where consumption and production are merged in a distributed economy of micro-production systems and micro-income streams (Karakas, 2009). In many ways the creation of peer-to-peer networks represents Internet’s return to its roots as Internet started life as a peer-to-peer communication tool to exchange data among a number of users, allowing members of the scientific community to collaborate and share information easily (Harris and Rae, 2010). Karakas (2009) define world 2.0 as an interactive, hyper-connected, immersive, virtual, digital online ecosystem or mega-platform where users create and share knowledge (e.g. Wikipedia, Delicious), innovate and collaborate together (e.g. InnoCentive), have fun and entertainment (e.g. Zango, Second Life), interact, network or connect with each other (e.g. LinkedIn, Facebook, Skype, or Twitter), design new product or buy and sell merchandise (e.g. Ebay, Craiglist, or Amazon), connect and communicate globally with mobile devices (e.g. iPhone, Blackberry), write reflection blogs (e.g. blogger), share their photos (e.g.flickr),podcast their presentations or make creative films (e.g. YouTube), develop projects (e.g. wikis or Google docs),and express themselves to the world (Karakas, 2009). Today community sites such as TripAdvisor encourage users to review services that they have experienced for the benefit of other users who are considering their own possible purchases. These peer reviews are regarded as far more trustworthy than traditional promotional materials that have been produced by the company itself (Harris and Rae, 2010). Numerous social networking sites allow people to say almost anything, instantly to the world (or their approved friends’ list). A significant portion of communications power has shifted from corporations to individuals who do not even need to be particularly computer literate thanks to Facebook, MySpace, YouTube, Friends, Reunited, Twitter and other social networking sites. These have now become mainstream leisure activities enjoyed by all ages and social classes and, as their parents and businesses join, so the younger generation are deserting such sites and moving on to the next thing (Masterson and Pickton, 2010). Facebook membership now exceeds 500 million; in January/February 2010, according to com Score, the four major search engines reported a decline in searches while Facebook recorded a 10 per cent increase in searches over the same period (Thomas and Housden, 2011). The social networking site MySpace (www.MySpace.com) had an estimated 110 million monthly viewers as of mid-2007. This far exceeds even the most popular newspapers, radio stations, and magazines. Even Time magazine, long considered one of America’s most popular magazines, has an estimated US circulation of less than 3.5 million readers per week. In some national markets, a popular website can reach a staggeringly large percentage of the population. In Korea, Cyworld.com -a social networking site akin to MySpace-reaches an estimated 40% of the total population and 90% of internet users in their twenties(Wertime and Fenwick, 2008). Zylcited many reasons for the popularity of electronic social networking amongst office workers. The most notable reasons are the availability of laptops, low-cost internet access, working from home, and the increasing erosion of traditional concepts of office hours(2009). During 2007, Clear Swift commissioned research to determine the extent to which social media sites are being used. Clear Swift report entitled “Common mistakes in web security: enterprise vulnerabilities that inviteattack” (2007)gave many reasons for social media usage by the people. Zyl (2009)mentioned the reasons presented in the Clear Swift’s Report: • 83 per cent of US office workers used office resources to access social media; • 30 percent of office workers in the USA and 42 per cent of UK office workers admitted to discussing work-related issues via social media applications; • 40.8 percent of IT and business decision-makers indicated that they believed that social media is relevant in today’s corporate environment, and • only 11.1 percent of IT and business leaders were already making use of social media in their businesses. Online trading, marketing through ‘new media’ technologies and dematerialization of financial securities have redefined the framework of financial markets. Now, the markets have actually become global event in its true sense. Sitting back in the remotest corner of the world, an individual can operate in various financial products across the world in different exchanges of different economies without any hassles and can manage his account with the help of his mobile phone or palmtop or laptop. Thus the internet media has redefined the financial markets and other business sectors. The e-commerce portals have become a big facilitator in generating US Dollars for the domestic economy and contributing to the GDP in a different way.Many people in the UK now buy a product or service directly because of comments posted on a community by other consumers. This trend is fundamentally changing the relationship between businesses and their customers, particularly as the information (which may of course be positive or negative) is displayed in a very public ‒ indeed global ‒ forum(Harris and Rae, 2010). Digital media exceeds analogue technology as it can easily transfer data across distinct different media platforms. Digital data can be easily manipulated and networked; stored and remotely accessed or distributed; reproduced indefinitely without any loss of quality. In short, digital material surpasses analogue systems in terms of quality, speed and performance. Apart from these benefits, digital data has certain drawbacks. It is more resilient to corruption during storage or transmission. 379 Vol 4 Issue 5 May, 2016 The International Journal Of Business & Management (ISSN 2321–8916) www.theijbm.com With the development of new media channels and transformation of traditional media into digital formats, marketers will have to rethink about the way to use these media. They are now moving from a broadcast model to addressable one. They will leverage the merits of media’s addressability to personalize, delivering customized messaging and content, and performing analytics. The web continues to evolve and we are getting more updated versions with every passing day. Web technology has evolved from Web 1.0 to Web 4.0. Web 3.0 promises more functionality via background processing. The concept of Web 3.0 is that the web will do more on behalf of users. Now, people don’t have to spend hours after hours in front of a desktop searching travel sites to decide where to go for vacations, instead digital agents will perform all tasks on their behalf. These smart agents will just require some basic inputs to scour the web and will come back with all elements of customers’ perfect holiday packages. The traditional role of webmaster and user interaction has disappeared and a whole new system of social interaction has evolved that includes really simple syndication and also the use of social networking sites.As the current Web 2.0 evolves into Web 3.0 and Web 4.0, it is expected to become smarter and more intelligent. Experts believe that this cycle will continue for five to ten years, and will result in making the web more connected, more open, and more intelligent. It will transform the web from a network of separately siloed applications and content repositories to a more seamless and interoperable whole. Web 3.0 is expected to bring about the convergence of several key emerging technologies such as Ubiquitous Connectivity (Broadband adoption, Mobile Internet access and Mobile devices), Network Computing (Softwareas-a-service business models, web services interoperability and Distributed computing etc.) (Wahi and Misra, 2016). In future, there will be more broadband and more media richness. All expenses regarding telecommunications will decrease and reach of bandwidth will increase because there are so many players in the game driving that growth. Along with internet, video is rapidly expanding on third screen- mobile devices. In addition to video richness, direct response from in-market location is another eminent feature of the future marketing strategy. Technologies like quick response codes (QR codes) or RFID chips or other are used in such condition. The QR codes (black-and-white barcodes) can unleash Web pages, videos, contact information, and promotions when scanned with a barcode reader app on a smartphone. Wayne Sutton, business development and marketing strategist at TriOutWorld.com thinks QR codes will become just as ubiquitous and recognizable as the phrase “dot-com.” These codes give users an interactive mobile experience while permitting small businesses to collect data and market their services on mobile devices. Sutton and his colleagues at the Raleigh, North Carolina-based TriOut were so sure that OR codes were the next wave of the future they incorporated them into their business model when the company launched in February 2010. Small businesses can use the codes to share sale prices or promotions, portfolios, or collect customer contact information. Once the codes are scanned, businesses can then track customer spending habits and tell where, when, and what type of device scanned the code; whether it was scanned 10 times by one person or 10 times by different people, and where they went before and after they scanned the code(Talbert, 2011). Sutton further stated, “QR codes are gateways to build relationships and enhance customer experience which can lead to word-of-mouth marketing.” Similar to other location-based Sites like Foursquare and Gowalla, TriOut facilitates their users to check in at retailers by using TriOut barcode scanners on their cell phones, and potentially claim rewards and coupons. TriOut does the same thing, but with a twist in the tale. The free TriOut app, currently available on the iPhone and scheduled for the Android during the first quarter of 2011, has a builtin QR code reader. So, instead of checking in, TriOut users scan in with QR codes that businesses display in storefront windows and print on marketing materials. Scanning in makes the check-in process quicker and more accurate since the user doesn’t need to interrupt what they are doing to search for an establishment by typing in its name. Users can conveniently do a walk-by scan during rush hour or after hours when the business is closed and still get the information they need. They can also check in at multiple location-based services with just one scan to catch up with friends on other platforms. TriOut is free for customers, and any business can create a QR code for flee on the TriOut dashboard or with any number of free QR code generators. After a 30-day trial, businesses pay $49.99 per month to communicate directly with their customers and receive real-time alerts and analytics. The codes take users to a company’s landing page on TriOut, which can link back to the company’s own mobile site (Talbert, 2011). Digital technologies permit consumers to reply instantly and then turn such communication channel into a direct marketing medium for the marketers. For example, digital point-of-purchase displays can interact with a potential buyer’s mobile phone and alert him with promotional messages. Further, if he is carrying a loyalty card, the display could the card, identify him and personalize the offers it sends. In physical markets, sellers or retailers are usually in best position to know about customers’ preferences and mode of transactions. Unlike physical markets, e-markets have established a new set of companies to capture information. In online markets, a new category of network-based disinter mediators is strongly positioned to create value by aggregating people and resources on network, thereby developing rich profiles of consumer and sellers’ activity. In this global supermarket’s retail outlets, new information technology has transformed the methods of selling and marketing the vast range of commodities. The use of universal product codes like UPCs and bar codes and scanners allows merchants, manufacturers, and advertisers to seek information from their customers, generally without their consent or knowledge. They generate a wide array of data on their consumption habits: what they use; which brand name they like; spending pattern; size of product; and other personal information. The purchase record forms a kind of customer “signature” of its own for the business houses. If payment is transacted with a check, debit card, credit card or other bank card, the store now has an individual customer’s identity, credit record, address, and other important data for targeting the customer and his lifestyle for future purchases or for further selling such data to another marketing individual or enterprise. Janet Dang (founder of the Revenue Optimization Council and CEO of greenowl, a company that does business performance consulting) stated: Selling marketing today are done by really talented people who know intuitively how to do it but who don’t do it in a formal way. And that means companies are facing a fundamental change in business processes because, for the Internet, the business process has to be embedded in technology. And it’s not just marketing and selling but other parts of the business as well, such as purchasingyou could have a whole supply chain process driven by technology (McDowell and Simon, 2001: p-18-19). 380 Vol 4 Issue 5 May, 2016 The International Journal Of Business & Management (ISSN 2321–8916) www.theijbm.com The Internet transformed the traditional marketplace in two ways: firstly, it propelled both product and process innovations; and secondly, formation of new market in time, information and geographical area. These changes, along with the new media technologies, seem to have important macroeconomic implications for financial growth and expansion. Indeed, they are the vital components of the ‘new economy’ in many countries. eSteel.com accumulates steel producers and purchasers from all around the world into a single online marketplace. Marketers worldwide are setting innovative way to grab customers’ attention. Big- name brands are embracing new technologies and adjust their budgets to reach their potential consumers. Advertising through print media (such as newspapers and magazines) and traditional electronic media (such as radio, film and television) are considered to be an orthodox way in marketing strategy. Many marketers are finding alternative media (like internet and mobile) and unconventional mode of advertising to reach audiences effectively and to yield a measurable ROI. According to a report published by Veronis Suhler Stevenson spending on alternative advertising will increase more than 23% from 2006 to 2011, while traditional advertising will have a compound annual growth rate of just over 1%. Spending on interactive marketing will increase more thrice times in the next five years, making it $61 billion by 2012 (Forrester Research). To put this number into context, interactive marketing (currently accounting just 8% of total ad expenses), will rise to 18% of total advertising budgets within next five years. As the new media channels become mass in number and reach, they can also be extremely targeted; allowing for singular interactions with consumers. Marketing through new media can be personalized in many ways. Marketing messages via SMSs and E-mails can be edited according to the preferences, account specifics, and usage histories of the consumers. Different content might be sent to different individuals on the basis of their actions or behaviour. Media companies have deployed digital signage in innovative ways in their departmental stores and sales environment to aid marketers in promoting sales. In Japan, digital paper was introduced which eventually turn every pillar, billboard, or hanging mobile in digital screen, to which different materials can be served, just like today’s websites. 2.2. Digitalization of Traditional Media Traditional media like Print, Television, Radio, and Outdoor are switching to digital from analogue. In the next 20 years, nearly all major media will be digital. In newspaper business, a large section of print publications have migrated into the territory of digitalization. Now, most newspapers can be read both in the traditional paper format and online, or either. In addition to print, broadcasting media like television has witnessed major changes over the years, such as the development of cable, and the resulting explosion of targeted channels. Though cable allows audiences to watch more tailored programs, but still they considered to be passive viewers. Since the early part of the 20th century, radio, another broadcasting media is in the continuous process of shifting to digital format too. Digital radio allows new forms of targeted services, with users enjoying more specific media genres brought to them through satellite. As all traditional forms of media are moving from bytes to atoms, they are advancing towards all associated features of interactivity and addressability. This has dramatically modified the existing relationship between media and its receivers. Internet Protocol Television (IPTV) will take television into the digital world. Soon, television will evolve with all advantages that come along with digitalization. Addressable media are any channels where devices have unique return addresses. Each mobile phone, for example, has a unique number. Each web browser does too (that identifier may even be the same over time, as a so-called fixed IP address). Even an iPod is addressable. And as television becomes digital too, each set-top box or personal digital recorder will be addressable. Addressable devices can be sent unique messages, and generate unique data-digital DNA- that can be tracked (Wertime and Fenwick, 2008). As traditional media become addressable, they become more measurable. Each individual’s actions- his every click, interaction or stopwith the digital channel can be tracked and user profiles can be formed. The more consumers interact with their media, the better effectiveness can be calculated. In media research, the guesswork of broadcast media will replace the precision of digital media and the core disciplines of direct marketing. The mobile phone is only one example of a device possessing new functionality and new roles in users’ lifestyle. Today Wifi-enabled mp3 players are used to enjoy a wide range of digital content. Old-style video cassette recorders have morphed into digital video recorders such as TiVo, which strikingly changed consumers’ control over media content. Contents can be time-shifted to whenever the user wants it rather than being scheduled. All contents will be searchable. Viewers can share blog comments or other material with his friends or communities, whenever they wish. They can also vote and do texts chat to see what other people think of a particular program. Networked game consoles connect to a diverse form of dynamic material. All these can be considered media in the sense of being channels in which both content and marketing are now commonplace. As myriad digital devices will adopt new functionalities, more devices will become “media”. At the same time, more digital functionality and processing will be embedded and play very different role in people’s lives. Prior to digitalization, television and print was the stronghold of most marketers’ media plans. Along with radio and outdoor the gaps between the information rich and poor were merged. Even with the emergence of the internet in the late nineties, television commercials were heavily favored by the dotcoms as the way to build their brands. 2.3. New Media Technologies and Digital Marketing Digital media represent the convergence of information and communication technologies, which gave birth to new media technologies. Technological convergence has blurred all channel-based metaphors such as speech, transportation, and airwaves. Information can be easily transferred from one computer to another via digital media. Now, both marketers and customers possess computers, through which they can exchange their marketing information. Internet since its origin in the mid-nineteenth century had marked new revolution in marketing strategies. Digital media have modified two important elements in marketing: first, they have altered the balance of power between the producers and consumers; secondly, they have revolutionized the cost structure of the functions they perform. Digital marketing (marketing via digital channels) is approaching towards customer-centric marketing. It 381 Vol 4 Issue 5 May, 2016 The International Journal Of Business & Management (ISSN 2321–8916) www.theijbm.com depicts how marketing should be based on knowledge of customers’ need and demand, which would be further developed by analyzing customers’ behaviour, traits, what they value, what keep them loyal to a particular brand, and then delivering well edited web and email marketing information. Thomas and Housden (2011) have provided a useful definition of digital marketing. Digital marketing is: APPLYING…digital technologies which form online channels to market (Web, email, databases plus mobiles and digital TV)TO…support marketing activities aimed at achieving profitable acquisition and retention of customers (with a multi-channel buying process and customer lifecycle)THROUGH DEVELOPING…a planned approach to improve customer knowledge (of their profiles, behaviour, value and loyalty drivers), then delivering integrated targeted communications and online services that match their individual needs. The first portion of the definition depicts the wide range of access platforms and communication devices, which constitute the online channels that marketers use to form and develop relationships with their customers. The vast array of access platforms includes PDAs, PCs, digital interactive TV, and mobile phones. These devices deliver marketing information and enable interaction via different online communication tools such as portals, websites, search engines, affiliate and viral marketing, blogs, text messages, and emails. Traditional voice telephone is regarded as a part of digital marketing strategy. 3. Online Trading Electronic Commerce (eC) made transaction process simple, efficient and also reduce the cost of business operation. Cisco Systems replaced its telephone and fax ordering process with the internet-ordering process. With such transformation, the company saved more than half a billion dollars and reduced its error rates from 20 per cent to 2 per cent. The cost savings of B2B electronic commerce is substantial and pervasive across manufacturing, industrial supplies, and services; they could eventually translate into a lower rate of overall inflation. Martin Brookes and Zaki Wahhaj (2000) of Goldman Sachs estimate cost savings ranging from 10 percent sectors like aerospace, paper and steel; and communications bandwidth and media advertising to more than 20 percent in electronic components and machining, forest products, and freight transport(Mann, Eckert, and Knight, 2000). In electronic shopping, searching or browsing, viewing or selecting e-order, e-pay, and e-delivery are very important steps. Online trading India is the internet based investment activity that involves no direct involvement of the broker. The investor has to register with an online trading portal and get into an agreement with the firm to trade in different securities following the terms and conditions listed down on the agreement. The order processing is done in correct timings as the servers of the online trading portal are connected to the stock exchanges and designated banks all round the clock. They can also get updates on the trading and check the current status of their orders either through e-mail or through the interface. Brokerages also provide research content on their websites, such that the clients can take their own decisions on stocks before investing. The major financial products and services of the online trading are like equities, mutual funds, life insurance, general insurance, loans, share trading, commodities trading, portfolio management and financial planning. 4. Internet Marketing Today, Internet is regarded as one of the popular form of media. The Office for National Statistics (ONS) reports that 18.3 million households in the UK (70 per cent) had Internet access in mid-2009. And 90 percent of those now have broadband (that’s 63 per cent of all UK households). In 2009, 37.4 million adults (76 percent of the UK adult population) accessed the Internet in the three months prior to interview; 70 per cent of these (26 million people) had brought something online within that three-month period….According to Neilson NetRatings in mid-2007 the over-50s now account for 30 per cent of all UK Web usage; and the over-65s spend more time online than any other age group (Thomas and Housden, 2011). The Internet has a significant impact on how buyers and sellers communicate with each other. In a decade, a numerous number of digital communication tools have emerged to offer greater precision, creativity, and measurement for the online marketers. As Internet is totally different from other traditional media, so the marketing via Web is also special in approach. Early adoption of Internet marketing by business marketers accelerated rapid usage of this new media technology in marketing scenario. A Direct Marketing Association study projects that interactive marketing will grow by 54 percent annually through 2002, and that electronic commerce will grow by nearly 61 percent annually(Silverstein, 2000). The Web offers information to people who might be willing to reach in and pull it out. Kristin Zhivago, publisher of the Marketing Technology newsletter (www.zhivago.com), understood this difference and clearly illustrated it in her February 1994 issue: If your delivery medium was water, broadcasting would be like using a big hose to spray a crowd of prospects, hoping some of them will enjoy getting wet. Narrowcasting, a term used by producers of specialized cable TV programs, is like using a smaller hose and only aiming it at people who have already expressed an interest in getting wet. Cybercasting (marketing online) is the act of creating a pond of water in cyberspace, telling people that you now have a pond, and inviting them to come for a swim. Prospects can visit your pond anytime they want, stay as long as they want, and dive in as deeply as they want. The extent to which they immerse themselves in your pond is determined completely by their own personal interest (Sterne, 2001). In business-to-business marketing, inclination of the Internet is more precipitous than consumer marketing. Silverstein (2000) clarified that: Internet marketing has now come full circle. Marketers who are moving aggressively towards it recognize that it does not work in a vacuum; that it can very effective to integrate Internet advertising with traditional forms of advertising. Forrester Research, in its June 1999 report on “Driving Site Traffic” coined a phrase that could define this intermingling of media: synchronized advertising. Forrester says the concept is to link “traditional advertising’s branding strength with the Web’s power to tailor messages based on a consumer’s media consumption and purchase behavior.” He further stated that this is a solid a model for the future of business-tobusiness marketing. The real way to succeed with Internet marketing may well be to view it as the logical extension of the marketing 382 Vol 4 Issue 5 May, 2016 The International Journal Of Business & Management (ISSN 2321–8916) www.theijbm.com process, integrated seamlessly with traditional marketing in a way that almost disregards the differences and capitalizes on the combined strength of both. The impact of Internet marketing is proceeding beyond the Internet alone. An interesting phenomenon is now appearing: Internet-based companies have discovered that combining their Internet promotions with traditional media channels, such as print, radio, television, and direct mail, they can reach more number of people. 4.1. E-mail Marketing The objectives for e-mail marketing are primarily similar to direct marketing. The e-mail marketing should be an integral part of a business’s overall marketing efforts. It offers opportunities to place an array graphics and links before a target audience quite inexpensively. Business companies can invite individuals at virtual seminars, product demonstration, and chat rooms with guest speakers, on their Web sites. Individuals are pre-selected from targeted outside lists and from the companies’ in-house qualified loyal and potential customer list. These individuals receive direct mail or electronic mail invitations to participate in the seminars or chat rooms. Each invitation carries a personal access code so that the individuals can be identified and greeted when they log onto companies presentations. Companies may use their Web sites to provide try-and-buy downloadable demo items to their prospective customers. Interested customers can fill up Web response forms sent through e-mail, provide electronic credit authorization, and then unlock product demos for limited time period. After completing limited usage period, customers are charged electronically unless service providing companies are notified. Now, all products and services offered by the companies can be purchased online. Customers have the alternative of downloading products and necessary documents from the companies’ Web site at cheap rate or they can buy physical products with packaging at higher rate. 4.2. Social Media Marketing In describing social media, McConnell and Huba (2007, as cited in Charlesworth, 2009) suggested that it is ‘the sum total of people who create content online, as well as the people who interact with it or one another’ (it is the element of interaction that gives grounds to the term conversational marketing). In more tangible terms, ‘social media’ is generally applied to sites where users can add their own content but do not have control over the site in the same way as they would their own website. Charlesworth(2007) described social media marketing (SMM) as: ‘a term used to encompass any online marketing strategy or tactic which uses social media as the medium for its communication. Although this can include advertising on social media sites, it is more commonly used in the context of either viral marketing or social media optimization. Further use of social media is where the marketer engages in discourse with members of the general public (i.e. potential customers) in virtual communities or submits to elements of consumer generated media’. Twitter, Facebook, and other related systems that we call Social Awareness Streams (SAS) are rapidly changing the information and communication dynamics in our society. SAS allow rapid and immediate sharing of information aimed at known individuals or the general public. SAS platforms are shifting the manner in which we consume and produce information. Social media services such as Facebook, Twitter, Friend Feed, and others, these hugely popular networks allow participants to post streams of lightweight content artifacts, from short status messages to links, pictures, and videos. These SAS platforms have already shown considerable impact on the information, communication, and media infrastructure of our society. People not only responded to the local events and emergencies, but also witnessed major reaction during global events like the Iran election or the earthquake in Haiti. The content of the often-public shared items ranges from personal status updates to opinions and information sharing. In aggregate, however, the postings by hundreds of millions of users of Facebook, Twitter, and other systems expose global interests, happenings, and attitudes in almost real time (Naaman, Becker and Gravano, 2011). 4.2.1. Blogging: A new form of marketing ‘Blog’ is one of the latest developments suitable for the use of online marketers. Webopedia (www.webopedia.com) defines a ‘blog’ as ‘a web page that serves as a publicly accessible personal journal for an individual. Blog is a website that is used by an individual or organization to provide news and comments about any number of issues. Bloggers are the individuals who surf the web and listed, or logged, web sites they found interesting. Typically updated daily, blogs often reflect the personality of the author’. Blog often contain images, and links to other sites. Some blogs are simply online diaries of individuals; others may provide space for readers’ comments. Some have originated as an answer to the communicative necessities of specific communities; for example, meta-blog, knowledge blog, and community blog. The capacities of blogs make them a useful medium for communication between members of a community or organization. The academic community can make use of various blogs such as Ph.D. blogs, individual scholar’s blogs, and research group’s blogs for academic purposes. The name “blog” originates from “web log”, being an online daily or near-daily diary. Free blogging software has brought blog creation within the capabilities of almost any web user. Blogs are now effectively personal websites (Wertime and Fenwick, 2008). A weblog is “a personal log format that is updated on a frequent basis with new information written by the site owner, gleaned from Web site sources, or contributed to be approved users”(Weber, 2007). A weblog is a frequently updated Web page, consisting of many relatively short postings, organized in reverse chronological order, which tend to include the date and a comment button so that readers can answer (Luzón, María José, 2009). Although the term ‘weblog’ was first used by Robot Wisdom in December 1997, with the term ‘blog’ being introduced in 1999, the practice dates back to the early 1990s. At that time there were far fewer websites, but without search engines, it was not so easy to find them (Gay, Charlesworth and Esen, 2007). Since that time, online blogs have developed through being online personal journals to mini websites based on the thoughts or interests of the writer. The advent of ‘blogging’ sites (e.g.blogger.com) facilitated the expansion of blogs in 2006/2007. ‘Blog’ is also used as a verb ‒ to blog is to add news or comment to a blog....The number of blogs online is growing daily and is estimated in early 2010 to be around 2 383 Vol 4 Issue 5 May, 2016 The International Journal Of Business & Management (ISSN 2321–8916) www.theijbm.com billion worldwide (Thomas and Housden, 2011).Blogs are websites in which entries appear in order. They can contain text, videos and audio, as well as permanent pages and links. Podcasts are series of audio recordings that can be listened to on the internet or downloaded. Vlogs (also called video blogs) are like podcasts but in video format (Wolff, 2009). “Vlog” is the short form of “video blog” or a blog that uses video exclusively. This video blog is often called “moblog” or “mobile vlogging” as it is mostly shot using the vlogger’s mobile phone. Vlog is the real reality television. It is similar to podcast and can be downloaded to videos. Since the early 1990s, when blogs first appeared three different types of journalistic significance have emerged: (1) those produced by individual citizens, such as Bluye Blog and Jon Swift; (2) those produced by professional journalists, such as Behind the News by Elisabeth Donovan and First Draft by Tim Porter; and (3) news media-hosted blogs produced by professional journalists, such as Ask the Editors by Spokesman-Review and WE Blog by the Wichita Eagle.Citizen blogs gained rapidly sin popularity in the late 1990s with the appearance of easy-to-use, freely available software like Live Journal and Blogger. Indeed, from an estimated 30,000 citizenproduced blogs in 1998, the number of such blogs grew exponentially to about 60 million by 2007. Content analyses suggesting that about 17 percent of citizen blogs deal with public affairs would put the number of journalistically oriented, citizen-produced blogs at around 10 million (Haas, 2009). True blog connection came in the form of a small blue bird named Twitter, an instant-message, a micro-blogging system that tore down the unintentional barriers created by competing for social networking sites. Founded in 2006, Twitter was only marginally successful until the 2007 South by Southwest festival in Austin, Texas, when usage exploded, tripling to some 60,000 Tweets a day and officially entering the mainstream (Simon,2011). Twitter is a popular SAS service, with tens of millions of registered users as of June 2010. Twitter’s core function allows users to post short messages, or tweets, which are up to 140 characters long. Twitter supports posting (and consumption) of messages in a number of different ways, including through Web services and “third party” applications. Importantly, a large fraction of the Twitter messages is posted from mobile devices and services, such as Short Message Service (SMS) messages….In terms of social connectivity Twitter allows a user to follow any number of other users….The conversational aspects of Twitter play a role in our analysis of the Twitter temporal trends. Twitter allows several ways for users to directly converse and interact by referencing each other in messages using the @symbol. A retweet is a message from one user that is “forwarded” to a second user to the second user’s followers, commonly using the “RT@username” text as a prefix to credit the original (or previous) poster (e.g., “RT@justinbieber Tomorrow morning watch me on the today show”)(Naaman, Becker and Gravano, 2011). On Twitter’s homepage, we can find friends and industry peers of our choices. Manyl business and financial magazines also provide the latest information on Twitter. People are often using the open forum of digital media for a wide range of purposes: ranging from frivolous fun to serious issues including safety, public health and hygiene, politics, and the environmental issues. Citizen media has emerged to create greater transparency in government’s actions. Blogs have become a mechanism for sharing views on all types of topics, or blowing the whistle on things that otherwise would have been suppressed. According to Technorati (www.technorati.com), the number of blogs had crossed 90 million by mid-2007. So, blogging has not only emerged as a niche trend, but considered to a major force changing the way humans share news and opinions. Investors’s Business Daily reported in July 2008 that after having placed adverts with websites and search engines, more advertisers are starting to spread their advertising money to audio and video podcasts in order to reach certain consumers. Such advertisers include Audible, a part of Amazon.com that sells audio books, an online dating site called Geek2Geek.com and Dixie Consumer Products, makers of disposable tableware products (Wolff, 2009).Business and financial organizations can use blogs, vlogs, and podcasts to reach well-defined target clients. Even small- and medium-business organizations can distribute their own edited vlogs or podcasts at low charges. They can host blogs or other such formats on their own home pages and also make them available through iTunes and via a distribution method called RSS feeds. If they want their videos to go viral, they can upload them to YouTube and other sharing sites. A site named tubemogul.com permits distributors to send their videos to many sites at one time, after being registered with the Website. One thing that blog creator has to keep in mind is that he must not use copyrighted music in his vlogs or podcasts. In DigiMarketing, contents are freed from specific delivery mechanisms, the limitation of media units, and physical boundaries. Content freedom is the ability to create content by any person without restrictions. Today, consumers want to modify, edit, and change the existing material as well as to create a wide variety of own material. Web 2.0 has played a greater role in the formation of Consumer-Generated/Created Content (CG/CC). With social media channels, the consumer can generate their own content. Alan Charlesworth (2007) differentiated consumer-generated media (CGM) from consumer generated content (CGC). He stated that the former one represent the wider entity in which CGC is hosted (the media) rather than the actual content presented in that media. Now media (solely Internet) has been merged and content are emphasized more rather than the media on which it resides. The strong temporal nature of SAS information allows for the detection of significant events and other temporal trends in the stream data. Such trends may reflect varied set occurrences, including local events (e.g., a baseball game or “fire on 34th street”), global news events (e.g., Michael Jackson’s death), televised events (e.g., the final episode of ABC’s Lost), Internet-only and platform-specific memes (e.g., a “fad” of users describing various things they object to using the #idonotsupport keyword), and hot topics of discussion (e.g., healthcare reform or the tween idol Justin Bieber) (Naaman, Becker and Gravano, 2011). In the commercial sector, blogs are normally used as a voice of an organization, an individual engaged in an organization, or as an outlet for people who are promoting their ideas or issues (e.g. their consulting services). With all these features, blogs permit their writers to exhibit their own skills and experience within the topic on which they are writing and to develop an affinity between the brands and readers. It is not surprising that many ‘experts’ in e-marketing have been recognized through their blogs sites. The blog commentators can also raise their profile by responding to comments in well-read blogs. One requires minimal knowledge in the subject area, and limited experiences for upgrading their writing. So, anyone can indulge themselves in blog marketing process. 384 Vol 4 Issue 5 May, 2016 The International Journal Of Business & Management (ISSN 2321–8916) www.theijbm.com 4.2.2. Microblogging ‒ trend in social networking activities Recently, a new form of social networking activity termed as “microblogging” has emerged in the blogosphere. People can communicate with their chosen network in real time by using websites like Pownce, Twitter, and Jaiku. These sites permit heavily abbreviated content format (maximum 140 characters) that may include an URL. For example, a typical microblogging message may read “click here for latest information about mutual funds available on StockTwits.” These messages can reach a large number of users when they are fed through to display in the investor’s blog or his/her Facebook profile. Harris and Rae (2010)stated thatDell Computers is using Twitter to sell off clearance items to its brand champions who are following Dell at http://twitter.com/delloutlet. A business seeking to raise awareness of a new electronic product, for example, would be keen to recruit Twitter users to its cause because they are: • early adopters of new technologies; • well-educated, with high profile careers and large salaries; • receptive to relevant advertising and are likely to talk about products within the Twitter community to “spread the world”; and • very influential within their own community and potentially able to develop the profile of the brand through sits endorsement when interacting with their followers. 4.2.3. Disadvantages of Blogging in Business Business houses cannot expect to permit a transparent voice to their staffs and customers while controlling marketing messages. Negative feedback cannot be hidden in this open media world. Such feedbacks can challenge the credibility and authenticity of any business organization. The New York Times (3 March 2008) (Barbaro, 2008) reports on the case of Walmart which had to shut down its early blogging efforts as customers felt they lacked authenticity, regarding them as thinly-veiled PR exercises. The company has recently “bitten the bullet” again with a new blog called Check Out (http://checkoutblog.com) after lengthy consultation with the authors of successful blogs about how to develop an appropriate blogging policy. The blog is written by ordinary employees who are encouraged to speak freely (and often critically) about Walmart and its suppliers without corporate editing….In a similar vein, Li (2007) notes how General Motors was able to identify vocal critics from posting on the company blog, and in response invited these people to visit the factory where the company demonstrated how the problems they raised had been addressed. As a consequence, many of the critics were converted into active and enthusiastic supporters of the brand (Harris and Rae, 2010). 5. Conclusion Three flamboyant elements that reside at the heart of new media are social networking, virtual realities, and viralelapses. New media are fundamentally social. Everything in digital format can be easily answered to, opined, tagged, or passed to other. Simple digital formats such as SMSs and instant messages can connect people more easily and be forwarded to other instantly. With the growing number of more sophisticated social networking sites such as Facebook and Twitter, people get connected with other virtually. These networked sites and games act as a virtual world, which createsenormous platform of interactivity. This social connectivity is preferred by the marketer over one-way traditional marketing channels. The proliferation of digital devices and destinations means people spend more leisure time in virtual spaces. 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