Posted in Marketing and Strategy Terms, Total Reads: 2897
Definition: Mega Marketing
The term Mega marketing was termed by Philip Kotler. Mega marketing refers to the marketing activities needed to manage the elements of the firm’s external environment and try to control those factors. The external environment factors may include political, legal and technological factors. Other factors may include media , social groups and pressure groups as well. The company undertakes various mega marketing strategies widely to market its products globally to generate profit and perform better than the competitors. Philip Kotler suggested that two more P’s are essential in a market mix.
• Public relations –The businesses needs to be acquainted to the external environment before actually entering the market. This is how the businesses maintain the goodwill with other organizations. These may include education, charitable causes etc. PR is done mostly prior to entering a market. A company that wants to familiarize itself with the new market environment as well as make itself noticed conducts PR events and partakes in PR activities. PR activities are generally spread with the help of local media to make the company more visible to the local residents.
• Power- According to Philip Kotler, power refers to the ability to make things happen or prevent any action. The power talked about here is the power of persuasion, to influence the other parties that may be directly or indirectly involved in your business. This talks about the relationship with third parties like government, and the power of persuasion with them. For example, for a new entrant, it would be of benefit to be well connected with important people from the government to be able to make its way through the entry barriers posed in the new market.
The seven steps of Mega Marketing are:
• Research the market by analysing the external and the internal environment
• Set a marketing plan
• Have a marketing goal
• Competitor analysis and determining which model works well
• Understanding the demands of the customers and accordingly set the plan
• Set the target customers
• Focus on the people who can buy the product
As compared to marketing, mega marketing includes controlling the external factors of the environment and thereby expand operations in the external market. The consumer base expands as a result of mega marketing. The marketing tools needed involves the additional use of public relations and power. The decision making process is long for mega marketing. Also, compared to marketing the time frame and the investment is much higher.
Sometimes the companies implementing mega-marketing may also run the risk of being viewed in the negative light as it expands in the external market and tries to change the industry structure by super imposing itself on the type of industries prevalent in the current market.