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The Changing Marketplace: Challenges, Strategies, and Initiatives

The Changing Marketplace: Challenges, Strategies, and Initiatives

Pratap Chandra Mandal (Indian Institute of Management, Shillong, India)
Copyright: © 2020 |Pages: 10
DOI: 10.4018/IJBSA.2020070103
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Abstract

The marketplace is changing rapidly due to a number of forces, which include technology, globalization, social responsibility, and consumer concerns about sustainability. The new forces result in capabilities of and opportunities for both consumers and companies. The study discusses these capabilities and opportunities and their impact on changing the marketplace. The study also discusses about distribution channels and heightened competition. Distribution channels are getting modified due to retail transformation and disintermediation. Intense competition is being generated between domestic and foreign brands due to globalization. Companies need to beware of these forces, acknowledge the forces, and modify their marketing strategies to keep customers satisfied and to achieve business excellence.
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2. Capabilities And Opportunities For Customers

The various forces have resulted in new capabilities and opportunities for customers. The following sections and sub-sections discuss the impact of two forces – technology and globalization on customers.

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