The New Marketing Realities
We focus on three transformative forces: technology, globalization, and social responsibility.
The pace of change and the scale of technological achievement can be staggering with the rapid rise of e-commerce and the number of mobile phones users and social media users, the mobile Internet, and social media penetration in emerging markets. Even traditional marketing activities are profoundly affected by technology. Sales transactions are effectively completed online. The company can utilize the customer relationship management (CRM) system to profile their customers and personalize their communication with individual customers.
The world has become a smaller place. New transportation, shipping, and communication technologies have made it easier for us to know the rest of the world, travel, and buy and sell anywhere. Globalization has made countries increasingly multicultural. One survey found that 87 percent of companies planned to increase or maintain multicultural media budgets to communicate effectively with people from different cultural backgrounds.
Globalization changes innovation and product development as companies take ideas and lessons from one country and apply them to another. Product development and innovation can be done quickly with knowledge and technology transfers from one country to another.
(3) Social Responsibility
Sustainability issues such as poverty, pollution, water shortages, climate change, and wealth concentration demand greater attention. The marketer is taking more responsibility for improving living conditions, and firms worldwide have elevated the role of corporate social responsibility. Because marketing’s effects extend to society, marketers must consider the ethical, environmental, legal, and social context of their activities.