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For entities to understand the needs of their target market, they need to increase their level of interaction with their customers. Social media has made it easy for firms of all sizes to realize this goal. The article ‘Myspace DIY Ad Service’ expounded on the advertisement that aimed at encouraging businesses of all sizes to create banner advertisements at minimal cost and direct them to their preferred target audience within the Myspace social network site (Woody 1).
Through the operation of this advert campaign, firms can now easily market their products and services to their target audience at minimal costs. Moreover, firms also have the chance to directly interact with their customers and can get feedback on their products. This is an effective way for a firm to determine the impacts that their products have and the changes that they need to put to improve the overall quality of their products hence achieving consumer satisfaction.
The article ‘Twitter will learn from Facebook’ is a classic example of how social network sites are branding themselves to increase the number of firms that advertise through their platforms (Marshall and Koh 1). This article expounds on the strategies that Twitter has recently put in place to increase the number of entities that advertise on its website. To be particular, Twitter has reduced its advertising charges as a means of encouraging more small and medium enterprises (SMEs) to advertise through its platform.
By remodeling its pricing mechanism, Twitter believes it will increase its level of competitiveness against its main rival Facebook. Through this strategy, Twitter also aims at increasing its brand awareness as well as its market reach within the online advertising industry.
In the contemporary world, firms are operating in a very competitive environment. To stand at a competitive edge, many entities strive to offer high-quality products and services at affordable prices. To realize this objective, firms have come up with policies and strategies that ensure their products and services meet the needs of their target markets. To reach out to their target markets, most firms advertise their products through various platforms.
Due to its coverage, social media have grown to be the leading avenue through which firms use to advertise their products and reach out to their clientele. Advertising is one of the marketing strategies that is used to enhance the brand reach and product awareness. In the current competitive world, firms have been forced to come up with effective and efficient advertisement campaigns as a means of not only standing at a competitive edge over their rivals but also as a means of becoming profitable and sustainable in the short run and in the long run. This message has been clearly presented in the two articles that have been covered in this paper.
In both articles, pricing is the main services marketing concept that has been expounded on. Consumers are usually sensitive to the price that they have to pay for a product or service. This phenomenon is present in a business to business (B2B) as well as a business to consumer (B2C) environment. The articles that have been covered in this paper focus on the provision of advertising services in a B2B environment. With the advancement in information technology, most firms have turned to social media as their main mode of reaching their target audience. Thus, they use this platform to showcase the products and services that they have to offer to their target market.
In this process, Myspace and Twitter aim at increasing the market reach for these entities while at the same time reducing their advertising costs. Through this process, entities can therefore promote their products and interact with their target audience. Therefore, through the online portal, firms not only have the opportunity of providing customers with the goods and services that meet their needs and requirements but also have the chance to enhance their overall consumer experience.
Reaction to the Articles
The aim of service marketing is to market the goods and services that a given firm produces in an effective and efficient manner. The articles that have been covered in this paper showcase the campaigns that firms put in place in order to increase their market share. For instance, Twitter is in the process of remodeling its advertising strategy to increase the number of SMEs that advertise through its site (Marshall and Koh 1).
This is an effective strategy for increasing its level of competitiveness especially after considering the fact that the number of SMEs s growing across the world. Therefore, by targeting this growing market, Twitter not only stands a chance of increasing its competitiveness but also its revenue. By critically analyzing the article on Myspace, it is evident that this entity has taken a similar approach. Therefore, for a firm to be profitable and sustainable in the contemporary world, it is essential that it advertises its products and services in an effective and efficient manner.
Marshall, Jack, and Yoree Koh. “Twitter Learns from Facebook.” Wall Street Journal. 2014. Web.
Woody, Todd. “MySpace’s DIY ad Service.” Fortune. 2008. Web.