"The Market place is not what it used to be" , to explain this we need to go back to think of earlier days of marketing to that of now.The Marketing is there since we have started our Business or Trade. We had different forms of Marketing. At first we tried to convince the customer, then to make the customer satisfy with our Service and Products. So at the end of the day its all about the profit and business of the companies to reach their profit through Marketing. So Marketing then e- marketing , different aspects of marketing . It has changed itself Dramatically. So, if we think on it then there are some of the factors which have influenced the changing environment of marketing.It is Radically different as a result of major, Societal forces or impacts which have created the companies to rethink about their product and services.Now a days each and every company is facing its New Challenges and Behaviors at each corner of the globe. So, all these can be because of the following facts.
Change in Technology:- The change in technology from the earlier days to now has its major impact on the marketing. The companies which were in production of Digital products have changed themselves to a different platform with the advancement of technology. Which companies were thinking of Inventory Maintenance, Discount Structures are now into production of accurate levels , more targeted communications and More relevant pricing and service . So due to the digital Revolution the industry age now becomes Information age.
World is Flat:- The world is flat is what we need to work on now . In Management terms we can say it as Globalization . So,the advancement in technology and communication has made us to reach each and every corner of the globe with our products and services , by no means of Border and Language or Culture. After the liberalization we are in every country to work on for our Marketing techniques. So we can say Globalization is one of the biggest and Targeted weapon because of which the Marketing and Business are getting changed.
Privatization and deregulation:- Due to change of many Public companies into Private companies has made the management more efficient about their marketing strategies . They are now become more efficient then prior to, this is because when they are giving some suggestions for the change and welfare of the company then it is being implemented by the company. So which is making them to do more . Apart from this most of the companies have been deregulated by their countries to have more competition and growth.
Competition levels:- As we are reaching each and every corner of the globe that means we are in the net of more competition and options. So because of more competition and growth in the number of companies in the same sectors of work has demanded more number of customers to go for good products and services. So, to meet the customer expectations has become a tough task for companies. Due to the competition levels has increased most of the companies are doing and working at their best of Marketing Strategies to Promote or Market their products so as to reach the customer.It is one of the major factor that has made our companies to reposition their strategies of Business and Marketing. The level of Business has done a great change for the Companies to think of their Brands and Repositioning activities.
Industry Convergence:- Due to the change in Marketing and Business scenario ,most of the companies or Industries have done a change in their way of Marketing process. For Example: The companies like Apple and HP have extended their product portfolio into Entertainment sector from the PC's and Digital Production .
Customer:- Last but not least the Only picture in the scenario for whom all the companies work for , It is customer. So as said the "King of the market" is very much necessary for the companies to rethink on their products and service offers. Due to the changing lifestyle, Technology advancement, High Competition, ways of Marketing of Companies has made the customer to avail of Alternatives or Options. So Customer have the freedom to chose their like items and their affordable price.Customer is looking for Higher quality and service and some customization. They are looking for more and more Time starved and more Convenience. Because of different kinds of options at their hand they can get information about product or service from Internet or any other way . So at the end of the day the customer is now the king of the market.
So , from the above discussion I can Conclude that Market and Business has changed or Taking Transformation to meet the customer expectations and to be the Market leader.
About Author / Additional Info:
An MBA from GITAM University,India . Believe in "Learning never ends".