Marketing is characterized by a host of changes due to the dynamic nature of the business environment. Based on this, a good number of business entities are under pressure to keep pace with the changing circumstances or face elimination from the market. Each passing year, marketing units work hard to come up with new marketing plans. The developed new plans however do not serve the intended purposes for a long time since after short spells of time, they become irrelevant. This is wholly attributable to the shifts of the marketing environment.
Consequently, managers need training on how to cope with change and be in positions of predicting future changes in order to decipher requirements and adopt quick responses to gain a foothold in business running (Kotler, Armstrong, Wong and John, 2008). While appreciating the dynamic nature of the business environment, it is important to take note that over the past five years, a number of fundamental changes have affected the marketing field.
The changes have led to dramatic shifts on the conduct of business and this is expected to continue for some time.
The key changes have witnessed a radically changing market, growth of niche markets o the one hand and the stagnation of traditional markets on the other, a renewed interest in new export markets, an evolution in the chain of marketing, a evolution in electronic marketing, formation of mega business entities, emerging deregulation trends, among other aspects (Dev and Kevin, 2009). The composition of the population has been changing over the years.
This implies that attitudes of the changing composition also differ.
The shifting attitudes present different demands in reference to product preference and choice. The consumption pattern is thus altered in a dramatic way leading to the requirement that the way marketing is conducted changes (Dev and Kevin, 2009). The changes in the demographic aspect are reflected by the emergence of an ageing population, the rise of one or two people households, growth of ethnic groups, etc. on the other hand, consumers have become more focused on the quality of purchases they make.
For instance, consumers have increased sensitivity on the kind of food sold in regards to the level of chemicals added. This serves as a pointer to an emerging informed consumer base, which in turn calls on marketers to be more concerned on the type of products they offer. As a result, marketers must pay a bigger attention on the development of brands, which attain unrivalled or leading statuses in the market. Towards this end, marketers are under an obligation to produce goods and supply services, which consumers can count on.
However, some markets have attained saturation. This complicates the chances of an average marketer making gains in such markets (Kotler, Armstrong, Wong and John, 2008). Markets have become saturated. The traditional markets, which were the mainstay of businesses, can no longer be relied upon. This does not however indicate an absence of growth opportunities. The markets have contracted and call for specialized skills in production and marketing (Dev and Don, 2005). The shrinking nature of the globe adds to the emerging problems in the marketing arena.
The globe has shrunk both in practical and in attitudinal terms. The shrinking has been occasioned by the swift nature of developments in electronic communication, transportation and ownership of businesses. Through mergers and acquisitions leading to vertical integration, mega organizations are formed. These organizations are diversified and present serious threats to other businesses. As a result, small businesses are in need of re-evaluating their marketing strategies. This introduces the element of international marketing.
In the international arena, the competition is stiff and this forces marketers to tighten their cues and face the challenge. The ability to stem the challenge is subject to a number of issues, which may remain beyond small businesses (Dev and Don, 2005). The electronic revolution is perhaps the biggest influence on marketing in the recent times. The industry is changing at a frenetic pace. The communication and computer innovations have paved way for dramatic breakthroughs in almost all aspects of life. The business community has not been left behind.
For instance, the smart card plays a critical role in marketing (Joshi, 2005). Conclusion This paper finds out that the shape of marketing is fast changing. Several aspects undergo very fast transitions. The swift changes affect how businesses conduct their issues especially regarding sales. A manager of a business entity must be in an informed position if such an individual is to keep the entity s/he heads in business. This should enable the manager to take right decisions at the right time in order to maximize the returns due to a business entity.
This study solely relies on the works of other scholars to conclude that the marketing environment is so dynamic and as a result, marketers and business managers need to be swift in seeking information regarding markets. The paper makes very insightful findings, which present an issue area for further study. I propose that further study be carried out to determine how the changing environment of business affects the consumer pattern, the role of marketers and managers and competition.
Reference List Dev, C, S & Don E, S, 2005, “In the Mix: A Customer-Focused Approach Can Bring the Current marketing Mix into the 21st Century”, Marketing Management 14 (1). Dev, C, P & Kevin L, K, 2009, A Framework for marketing Management (4th ed. ), Pearson Prentice Hall. Joshi, R, M, 2005, International marketing, Oxford University Press, New Delhi and New York. Kotler, P, Armstrong, G, Wong, V & John, S, 2008, ” Marketing defined”, Principles of marketing (5th ed. ), p. 17.
👋 Hi! I’m your smart assistant Amy!
Don’t know where to start? Type your requirements and I’ll connect you to an academic expert within 3 minutes.get help with your assignment