Use of Technology for Long-Term Growth and Business Sustainability

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You have to present to your board of directors your ideas to propel business growth, which may be included in the marketing plan for the organization. You aim to highlight potential use of technology for achieving long-term growth and business sustainability.

a. Identify and describe, using examples, the risks to the business of ignoring the use of technology within the marketing function. [7]

Businesses and the global market has evolved drastically over the years with changing lifestyles, norms, technology, purchasing patterns and competition. Markets across the globe no longer exist in isolation but rather are interconnected by means of ever evolving and innovating technologies. Because of the way that goods and services are now being sold and the increase in demands of what customers want out of the experience and the ways businesses now need to be run in order to survive the competitive sphere the use of technology within a business and their marketing function has become a necessity. Without the incorporation of technology businesses run many risks in terms of competition, growth, productivity and efficiency. These risks can include * Losing competitive edge; the use of technology in marketing in the form of social media marketing has become so much of an integral part of marketing that by ignoring its benefits a company can lose valuable customers as well as opportunities to build their brand image. For example, brands such as Red Bull and Fox Racing optimize their presence on social networks to build a relationship with their customers and involve them more. They do not simply sell a product but they have strengthen the image to an extent that their customers feel a strong association with them. By ignoring facet of technology within the marketing function can run a very real risk of not reaching key customers and taking the brand to the furthest of its potential, in a world where competition is so great and products and services have to...
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