How has MarketingManagement Changed

in recent years ?

Today, major and sometimesinterlinking, societal forces

have created new marketing

Behaviors, Opportunities and

Challenges.Some key ones are-

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Network Information Technology

Lead to more accurate levels of production. More targeted Communications. More relevant pricing.

Globalisation

Companies can market in and consumers can buy from almost

any coumtry in world.

Deregulation

Removing or reducing State

regulations. It

creates greater competition and

growth

opportunities.

Heightened Competition

Raises marketing costs

and shrinks profitmargins.

Industry Convergence

New opportunities at intersection of

two or more industries.

Retail Transformation

Rapid penetration of Oraganised Retailing.

Disintermediation

Reduction in the use of intermediaries

between producers and consumers.

E.g. Amazon, Yahoo, eBay etc.

Consumer Buying Power

Due to

disintermediation, consumers have

substantially increased their buying power.

Consumer Information

Access to all sorts of

informmation fromthe Internet.

Online encyclopedia,dictionaries,

Consumer reports etc.

Consumer Participation

1. Influence peer

and public opinion.

2. Heightened

sense of connection

and ownership.

Consumer Resistance

Less brand loyalty

and more quality and

price sensitive.Less tolerant

about undesiredMarketing.

These major societal forceshave also generated a new

set of

Capabilities to help

companies cope and

respond.

INTERNET as a powerful tool

1. Information and sales channel.

2. Facilitate and speed communication.

3. Improve cost efficiency by skillful use.

Social Media

Amplify Brand Message

Mobile Marketing

Reach consumers on the move with GPS

technology.