Question

discuss the following questions about Current Marketing Trends & Predictions for 2020/2021 You Should Be Thinking About which is "Social Media "

7- Perform a PESTLE analysis Discuss All Six Components).

Answer 1

Marketing domain as a niche was quite simple back decades whereby just hire the ad agency with money & tell what to be marketed but the current world has entirely changed where marketing trends are changing with changing transformation into digital & technologies. To which with these trends it's not easy to figure out which marketing efforts or not is useful with the advent of new marketing strategies, the trends have emerged to be changed in the upcoming year for 2020/2021 which most marketers be thinking about.  

To be successful in the current marketing world which travels with breakneck/cutthroat transitions happening across globally with rapid speed the best approach is staying ahead the game to be the survival of the fittest among the others in the market as competitors  

- Considering all the above briefing on marketing trends, the following are some of the trends/predictions which are made on marketing is explained below:

• With the current complex, ever-changing consumer expectations marketing trends also evolve as per it as to match those expectations by & large. One of the key trend projections made as per research is content will be king once again whereby the future of the market is all about content marketing which drives the success for marketers. Content has been the most disruptive tool as of now & will be in the future that can attract consumers very well by boosting sales.
• After many years of rapid transitions into marketing techniques, the funnel model has finally downgraded whereby the recent discovery has been focused on getting one time customers rather then repeats. The marketing flywheel model will be the future trend that will encompass the overall marketing strategy by keeping customers happy & thereby leverage good business.
• AI is about to grow with rapid scope as another trend as per research that will impact the marketing efforts which focus on business growth by & large. AI fit model of marketing will be future marketing experience that will integrate the consumers, business & marketers to know the behavioral change & also easily transform the marketing strategies at all levels.
• Ever since social media has emerged it remains the vogue for marketing as a tool for marketers in today's world as social media marketing the current & futuristic trend of dominating the marketing world. Marketing campaigns that run on social media are the major movers in the marketing field connecting global consumers, business & social networking sites on a large scale.
• Another major revolution that has happened in the marketing world as predicted by market experts is SEO (Search Engine Optimization), SEM(Search Engine Marketing) which has really given a broad dimension on marketing scope at a global scale. With the given rise of video marketing, AI, AR/VR as prime marketing trending tools SEO will also be game-changer trend & tool in upcoming marketing practice.

Answer 7: PESTLE Analysis is a renowned external strategic analysis tool that many marketers/businesses use to analyze the macro-environmental factors that impact marketing decisions & overall firms' strategic decisions.  

-Following is the explanation on PESTLE framework:

• Political Factors: Here these are the type of macro factor which involves government inventions, regulations & other policies, political liabilities, instability in overseas markets, foreign policy on trade, taxation policies, labor laws, environmental laws & so on whereby the markers anticipate it to adjust thier marketing policy accordingly.
• Economic Factors: Here the macro factors include the key indicators of the economy impacting the organizations marketing strategies such as economic growth, demand & supply,  interest rates, inflation rates, exchange rates, disposable income of consumers & so on.
• Social Factors are the key factors affecting the marketing decision of the firm as socio-cultural issues, shared belief & attitudes of the consumers, demographic, psychographic factors which directly effect on how marketers understand customers what drives them.
• Technological factors are the new ways of technologies that are developed at global space that will impact the marketing decisions as new ways of producing services or goods, new ways of distributing goods & services & new ways of connecting as well communicating the target markets.
• Legal factors is another macro force that will impact the marketers which include, health & safety of consumers, advertising standards, rights & laws on the protection of consumers, & product as well as service safety whereby every firm must take this factor seriously to survive in the market for a longer run.
• Environmental & Ethical factors are the other macro forces which also impacts the marketing strategy of the firm that includes pollution control, resources waste management, moral guidelines or principles that manage the ethical code of conduct of business, fair trade practices & engaging oneself to philanthropic activities to contribute something for the social well being.