Marketing Realities in the New Environment: Challenges and Opportunities

Marketing Realities in the New Environment: Challenges and Opportunities

Pratap Chandra Mandal (Indian Institute of Management, Shillong, India)
Copyright: © 2020 |Pages: 8
DOI: 10.4018/IJBSA.2020070104

Abstract

The marketplace is changing rapidly and is different from what it used to be previously. Today's marketplace has access to more information, is more competitive, and customers are more empowered. The change has happened because of several societal forces that have resulted in new consumer and capabilities. The four major forces that are transforming the marketplace include technological changes, globalization, social responsibility, and consumer concerns about sustainability. The study discusses about the changes these forces are bringing in the marketplace. These forces are creating new challenges and opportunities and significantly changing the marketing environment. Companies require acknowledging the dynamic nature of the marketplace, major forces causing the changes, growing with the new marketing realities, and achieving business excellence.
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2. Technological Developments And Changes In Marketplace

The present age is marked with technological developments. The developments are happening fast. The speed of change and the level of technological innovation are incredible (Suvarna, 2020). Technological developments in almost all countries are incredible. The number of mobile phone users in a country like India exceeded 1.18 billion by early 2020 (Narayanan, 2020). Individuals are accessing the internet on their smartphones. The number of smartphones exceeds the number of individuals using them. Internet users are embracing the social media. Individuals come online on social media to connect with others, share their views and opinions, and understand the views and opinions of others. Individuals access social media websites like Facebook, Myspace, LinkedIn, Twitter, and Instagram for various purposes. The number of monthly users accessing Facebook has surpassed 2.4 billion (Verseillié, Laconi, & Chabrol, 2020). The internet is penetrating at a fast rate even in developing countries like Africa. In Africa, more than half of the population access the internet monthly (Nganje, 2020).

Web penetration is taking place rapidly in emerging markets. Individuals are accessing e-commerce websites through their smartphones in such markets. The Boston Consulting Group believes that brand marketers must enhance their ‘digital balance sheets’ (Kiron, Prentice, & Ferguson, 2012). Individuals and marketers have access to all types of information at their fingertips. Massive amounts of data and information are available at a minimum cost. Technology research specialists from Gartner predict that chief marketing officers (CMOs) will spend more time on information technology (IT) than chief information officers (CIOs) (Kiron et al., 2012). Proper understanding and collaboration between CMOs and CIOs are essential to launch new products and services. For example, CMO and CIO of Aetna collaborated successfully to launch iTriage, a popular health app for the iPhone (Hempel, 2012). The app allows users to research aliments, find nearby physicians, and get knowledge about prescribed medicines (Hempel, 2012).

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