Marketing Challenges and Thier 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

A new digital era has been able to emerge as a result of recent technological advancements. The ways in which businesses convey meaning and values to their customers have been significantly impacted by the tremendous rise of telecommunications, computer, transportation, information, and other technology.

We are all connected to each other and the objects around us, both close and far, more than ever before. We may now travel the entire world in a matter of hours or days, but it used to take weeks or months to cross the United States. The way people think and live has altered as a result of this new technology. The marketers have experienced both obstacles and competitive advantages as a result of this recent digital transformation.

The development of numerous new techniques to track clients and learn about their preferences and needs has resulted from the technology boom. Using the most advanced computers available today, marketers may build their own comprehensive customer databases that can be used to target specific customers with a variety of solutions that are tailored to their unique needs.

The internet now spans the entire world. More than 10 billion people are anticipated to utilize the Internet.

Rapid Globalization

The ways in which marketers can engage with the larger world are being reevaluated as they redefine their relationships with customers and business partners. Many marketers are now connected globally to both their customers and their marketing partners in an ever-smaller world. Nearly every business, big or small, is now affected by or linked in some manner with global competition. A small-town florist purchases its flowers from Mexican nurseries, whereas a major American electronics company faces formidable Japanese competitors in its domestic markets.

Companies today are increasingly purchasing more materials and components from overseas in addition to seeking to sell their locally manufactured items in foreign markets. One of the greatest American fashion designers, Isaac Mizrahi, can opt for fabric made from Australian wool and printed with Italian motifs. He will create a dress and submit the drawings to the Hong Kong-based agent, who will order the garment from a Chinese factory. As a result, managers around the world are increasingly considering possibilities and competitors for the organization on a worldwide scale rather than simply locally.

The Call For More Ethics And Social Responsibility

Marketers are reevaluating how they relate to social norms, morals, and duty, as well as to the very planet that supports us. Today's marketers are expected to assume greater responsibility for the environmental and social consequences of their actions as the consumer and environmental movements have grown. Social responsibility and corporate ethics are currently important themes for practically all business enterprises. Additionally, very few commercial enterprises can ignore the resurgent and extremely demanding environmental movement..

Future movements for social responsibility and environmental protection will impose even more stringent requirements. Only when compelled by legislation or organized consumer stories will some businesses refuse to comply with these demands. Businesses that are more progressive will be prepared to take on their obligations surrounding them. They see moral behavior and social duty as opportunities to prosper while doing good. They look for ways to make money while looking out for the long-term interests of their consumers and communities.

Some businesses, such as Patagonia, Ben & Jerry's, and Honest Tea, all engage in "caring capitalism," distinguishing themselves by being upright and responsible. Their firm values and purpose statements incorporate social responsibility and charitable deeds.

The Growth Of Not-For-Profit Organizations

In the past, marketing was one of the most often used strategies for profit-making businesses. But in recent years, marketing has also grown to play a crucial role in the strategies of numerous non-profit institutions like hospitals, museums, colleges, zoos, symphony orchestras, and churches. The more than 1.2 million nonprofit organizations around the country are up against fierce competition for members and donations.

For instance, private institutions are employing marketing to compete for students and funding in the face of dwindling enrollments and growing costs. Numerous performing arts organizations, including the Lyric Opera of Chicago, which boasts seasonal sellouts, incur enormous operational deficits that must be made up by more active donor marketing.

In addition, the government agency has demonstrated interest in marketing. For instance, the U.S. Military has marketing strategies to draw new members to its various services, and various government organizations are currently developing social marketing campaigns to promote energy conservation and environmental awareness or to discourage smoking, binge drinking, and drug use.

As providing for client needs and wants through products and services is the sole purpose of marketing. No business can survive over the long haul without the ability to satisfy customers. The modern era's rapid technological advancement and globalization have given marketers both challenges and possibilities. 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

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

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