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The forces that are hanging the marketing landscape can be described into five major factors: Changing economy Consumers are daily changing their spending habits and buying habit due to the great recession affecting the daily economy. This behavior presumes into the future supply and demand. Therefore marketers have to change their marketing strategies and emphasize the value of their product. The challenge is whether companies can balance their value proposition with current times, as well as enhancing Its long-term equity. Dealt/Technology age Current advancement In technology has an advantage In the marketing landscape as
It creates new ways for companies to learn and connect to their customers. The development and rapid diffusion of information and communication technology (CIT) manner in which they buy these products. Not only have the attributes of a typical consumer market basket in the COED countries changed profoundly, but new technologies are being brought to market sooner and are being adopted faster by consumers. For example, whereas it took 71 years for the telephone to be adopted in over half of American households, it took a bit less than ten years for this penetration to occur with Internet access.
It helps marketers to target consumers more effectively on a faster, low cost basis; at the same time build closer, two-way relationships through e-commerce platform. Searches on Google are tracked to create customer profiles in order to recommend appropriate advertisements. Backbone, Twitter and mobile applications are another advantage as companies can connect with their customers on a more personal level. You can’t separate communications from experiences in the fluidity of the digital world. The second reason why customer experiences are now so crucial to marketing is the ubiquity of social media.
Marketing no longer fully controls the narrative around its brand ? at least not directly. In the Zero Moment of truth (ZOOM), prospects have unfettered access to what other customers and influences have to say about you. They’re Just one Google search away from praise, criticism, kudos, and complaints about your products and services, your policies and principles. Marketing needs to care passionately about customer experience throughout the entire lifestyle of customer relationships because the only way to have a great brand in the age of social media is to have your customers corroborate your brand story. Sees, they’re awesome. Here’s what they did for me”. Research shows that great experiences?great brands. That is the meta-trend of marketing communications evolving into marketing experiences. Globalization The world has become smaller due to advanced technology. Many marketers are connected globally with their customers. This has been enhanced through internet where customers can get their products Just at the click of it. For example, one can buy any standardized product on Amazon, eBay, Papal platforms.
This is not a finite advantage for marketers because almost every company is involved in competition, which means that companies have to keep up an international brand image. The S & D Effect This is where supply and demand enters the picture. Supply and demand affects individuals, companies and the financial markets as a whole. In some markets, such as the commodity markets, supply is determined by a physical product. Supply and demand for oil is constantly changing, adjusting the price a market participant is willing to pay for oil today and in the future.
As supply dwindles or demand increases, a long-term rise in oil prices can occur as market participants outbid one another to attain a seemingly finite supply of the commodity. Suppliers want a higher price for what they have, and a higher demand pushes the price that buyers are willing to pay higher. International Transactions/ Sustainable marketing This focuses on the long-term relationships that an organization or a business looks flow of funds between countries impacts the strength of a country’s economy and its currency. The more money that is leaving a country, the weaker the country’s economy and currency.
Countries that predominantly export, physical goods or services, are continually bringing money into their countries. This money can then be reinvested and can stimulate the financial markets within those countries. Social and interactive competence As the worldwide consumerism and environmentalism movements mature, marketers are being called upon to take greater responsibility for the social and environmental impacts of their actions. Corporate ethics and social responsibility have become hot topics for almost every business.
Few companies can ignore the ended and very demanding environmental movement. Today’s marketers are also re-examining their social values and social responsibilities. This through the following: Teamwork and collaboration: Conflict resolution and negotiation skills are essential to collaborative work. Conflicts usually occur about group goals, work methods, assignments, workloads and recognition. Team members with good conflict and negotiation skills are better equipped to deal openly with problems, to listen and understand different perspectives and to resolve issues in mutually beneficial way.
Relationship development and networking: Sharing important information, fulfilling promises, willingness to be influenced and listening are building blocks of trust in marketing. Relationships In the past, marketing has been most widely applied in the for-profit business sector. In recent years, however marketing has also become a major power of the strategies of many non-profit organizations, such as colleges, hospitals, museums, symphony orchestras, and even churches. Finally, the major new developments in marketing can be summed up in a single word is relationships.
Today, smart marketers of all kinds are taking advantage of new opportunities for building relationships with their customers, their marketing partners, and the world around them. Legislative complexities abound Countries are evolving at different rates in terms of their climate change agendas. Given the differences across Jurisdictions, it is important to understand the regulations in each of the Jurisdictions in which a business may have operations. It is equally important to recognize the complexity of the regulations not only in different countries but within a single country.
For example, in the US and Canada, in the absence of a comprehensive national strategy, several states and provinces have introduced their own legislation to combat climate change. As a result, organizations with multiple locations in a single country need to do their homework at both national and local levels. Similarly, organizations doing business in an EX. country like the broader regulations of the ELI. All these differences will have implications for customers, supply chains and business models. In some cases, legislation has already had a direct financial impact on some organizations.