Future of Marketing: Recent Trends, Emerging Issues & Future Outlook
St. Petersburg College
Marketing decisions are an important part of the management practice. Large-scale databases and applications are methods that have increased tremendously over the years. “In the twenty-first century we expect that marketing managers will increasingly customize products and services and the supporting marketing programs.” (Leeflang & Wittnk, 2000) There have been several areas that have advanced in the future of marketing. Most organizations have customized services and products to customers’ needs and wants. This has become a normal activity in order to stay competitive in today’s market. A guest editorial written by Naresh K. Malhotra explains that “leading scholars from several different areas of marketing were invited to contribute” to answer such questions as “What have we learned? What gaps remain? Is marketing as a discipline well positioned to meet the challenges of the next century? What future directions should marketing take?” (Malhotra, 1999) These questions are vital to refine the present theories in order to meet future challenges in marketing. Marketing research is a useful tool in checking how things are going as well as to find out if there are any unanticipated problems that may arise. Finding any gaps in marketing is also found by research and can help in the implementation of new technology of the future. Knowing how to attract more potential cliental is a direction that marketing needs to take in order to stay competitive in the global market. Implementing a gap analysis will help in finding out if there are any gaps in the marketing of any product. This analysis will identify what needs to be addressed and how to address the issue. This will also help in finding the type of market the product should be marketed. The analysis will also help in meeting the challenges of the next century and what direction the...
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