Dramatic changes in the marketplace are making companies rethink their marketing strategy, as it is becoming more challenging. The forces that are changing the marketing landscape can be described into five major factors:
The great recession has caused many consumers to change their spending habits and buying attitude. This created an age of consumer frugality, which will last into the future. 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.
Boom in technology is an advantage in the marketing landscape as it creates new ways for companies to learn and connect to their customers. It helps marketers to target consumers more effectively on a faster, low cost basis; at the same time build closer, two-way relationships. Searches on Google are tracked to create customer profiles in order to recommend appropriate advertisements. Facebook, Twitter and mobile applications are another advantage as companies can connect with their customers on a more personal level.
The advance in technology has made the world smaller, today marketers are connected globally with their customers. Our household electronics has parts coming from all over the world, and shop from all over the world from Internet retailers. This is not a definite advantage for marketers because almost every company is involved in competition, which means that companies have to keep up an international brand image.
Many companies are examining their ethical and social responsibility for the impact of their actions. Under the pressure of environmentalist and human rights groups, companies are to take more responsibilities for...