Marketing Challenges and Thier Response

Marketing Challenges and Their Response

As the world spins on, more and more dramatic change is occurring in the marketplace. The place of change is so rapid that the ability to change has become an advantage. In this section, we discuss the major trends and forces that are changing the marketing landscape and challenging marketing strategy.

The New Digital Age

The recent tools and technology boom has been able to create a new digital age. The explosive growth in telecommunications, computer, transportation, information, and various other technology had a major effect on the ways companies bring meaning and values to their customers.

Now, more than ever before we all are connected with each other and to the things around us that may be near and far from us. Where it once took many weeks or a month to travel the United States, we can now travel the whole globe in hours and days. This new technology and tools has changed the thinking and living standard of the people. This new digital change has provided both challenges and competitive advantages to the marketers.

The technology boom has created various new methods to learn about and track customers to create products and services according to the need and wants of the customers. Using today's most powerful computers, marketers can create their own detailed customer's database which can be used to target individual customers with various offerings that are designed to meet their specific needs.

The internet has become truly global entities. The number of users of the Internet is expected to reach more than 10 billion. 

Rapid Globalization

As marketers are redefining their relationship with the customers and partners, they are also taking a fresh look at the ways through which they can connect with the broader world around them. In an increasingly smaller world, many of the marketers are now connected globally with their consumers and also with their marketing partners. Nowadays, almost every small or large company is touched or involved in some ways in global competition. A neighborhood florist buys its flowers from Mexican nurseries whereas a large U.S. electronics manufacturer competes in its home markets with giant Japenese rivals.

Today, Companies are not only trying to sell their locally produced goods in international markets, they are also buying more supplies and components abroad. For example Isaac Mizrahi, one of the top Americans fashion designers may choose cloth woven from Australian wool with designs printed in Italy. He will design a dress and send an email of the drawings to the agent in Hongkong, who will place the order with a Chinese factory. Thus, managers in the countries around the globe are increasingly taking a global, not just local view of the company’s competitors and opportunities.

The Call For More Ethics And Social Responsibility

Marketers are reexamining their relationship with social norms and values and responsibility and with the very earth which sustains us. As the consumer movements and environments movements has been matured so today's marketers are called upon to take bigger responsibility for the environmental and social impacts of their actions. Corporate ethics, as well as social responsibility, has become one of the hot topics for almost every business organizations. And very few business companies can ignore the renewed and very demanding environmental movement.

Both social responsibility and environmental movements will place even stricter demands in the future. Some companies will resist these demand only when forced by legislation or organized consumer stories. More forward business companies will be ready to accept their responsibilities around them. They view this social responsibility and ethics as responsible actions and opportunity to do well by doing good. They seek the ways for profit by serving the best long run interest of their communities and customers.

Some Companies like Patagonia, Ben and Jerry's, Honest Tea all are practicing “caring Capitalism” setting themselves apart by being civil minded and responsible. They are building social responsibility and actions into their company value and mission statements.

The Growth Of Not-For-Profit Organizations

In the past, Marketing has been most widely used techniques for the profit business organization. In recent times, however, marketing has also become an essential part of the strategies for many not-for-profit organizations such as hospitals, museum, colleges, zoos, symphony, orchestra and churches. The nation's more than 1.2 million nonprofits are facing the stiff competition for support and membership.

For example; Private colleges, facing declining enrollments and rising in the cost are also using marketing to compete for the funds and students. Various of performing art groups – even the Lyric Opera company presents in Chicago that has seasonal sellouts face huge operating deficits which must be covered by more aggressive donor marketing.

The government body has also shown an interest in marketing. For example, U.S. Military has marketing plans in order to attract recruit to its various services and different government agencies are now designing social marketing campaigns for the encouragement of conservation of energy and concern for the environment or to discourage smoking, excessive drinking, and drug use.

As Marketing is simply a process of providing the customer needs and wants through the products and services. No, any firms can sustain in the long run if they are unable to create customer satisfaction. In this modern era, the rapid change in technology and globalization has created both difficulties and opportunities for the marketers. The marketers must change according to the change in new technology and customer preferences for the sustainability of their business. As marketers must be able to response the various challenges that come with them and works for the customer safety and satisfaction by working on the various ethical issues and social responsibility. This will help the business company to achieve their goals and objectives more effectively and efficiently.

Reference

:http://marketingmixx.com/marketing-basics/33-marketing-challenges-of-21st-century.html

Kotler, P., & Armstrong, G. (2013). Principles of Marketing. Chennai: Pearson India Education Services Pvt Ltd.