Archive for June, 2009

PostHeaderIcon STRATEGIC IMPLICATIONS OF MARKETING IN THE TWENTY-FIRST CENTURY

Unprecedented opportunities have emerged out of electronic commerce and computer technologies in business today. These advances and innovations have allowed organizations to reach new markets, reduce selling and marketing costs, and enhance their relationships with customers and suppliers. Business-to-business e-commerce has grown into a global market thanks to the Internet.
As a new universe for consumers and organizations is created, it demands new marketing approaches to meet changing environments and avoid being left behind in a desolate business world. Profit-seeking and not-for-profit organizations must broaden the scope of their activities to prevent myopic results in their enterprises.
As we begin the rapid journey on a course paved by information technology that leads to a global economy, many aspects of business will become extinct while others will be born. It seems everything is electronic these days: marketing, communications, entertainment, the economy, commerce, and business in general. While some have predicted the demise of traditional marketing and brick-and-mortar retailing, the majority feel that the world of electronic commerce will not eliminate but enhance the systems that exist today.

Marketers must be aware of today’s customer-oriented environment and employ computer technologies to satisfy individual needs. One outcropping of this new electronic era is mass customization. Five key trends that will influence consumer behavior include an environment ranging from do-it-yourself, no-service to full-service organizations; a strong emphasis on healthy, better-for-you purchases; more leisure activities with less effort and physical exertion; a shift to entrepreneurialism; and a search for goods and services that save time in a multitasking society.
Marketers must understand that although consumers are empowered with unlimited accessibility to information, they still require quality and satisfaction in the products they purchase. Marketers must overcome barriers on the cyber highway, be faster than the competition, and be able to adapt to changes when necessary. The future is in the Internet, using data, voice, optical, and wireless communications to help bring buyers and sellers together. After all, this is the basis of all marketing activities.