Marketing in the contemporary world

The dynamics of marketing has gone through a seismic change in recent times. In the pas time marketing was more into convincing consumers to buy products or services. Today’s it is more interpersonal. Marketers focus on more on developing an everlasting exchange relationship.

Technological advances, globalization and cultural shift have evolved the whole marketing spectrum for good and bad. This evolution has provided both challenges and opportunities to the marketing fraternity. In this reference, marketing in the contemporary world is a discipline that needs a great deal of analysis and understanding. In this topic we will try to deal with few fundamental aspects of contemporary marketing world.

Marketing challenges in the 21st century

The evolution of marketing concepts in a way explains the dynamic change the marketing sector has seen in the last century. As explained earlier, the focus of marketing has how shifted from products and selling to the customers. Competition among the firm is intense with focus now on innovation and successful customers relationship. In this scenario, marketing has become a very tough job these days. Every marketers is facing challenges in one way or other.

In this context Michael porter has identify five marketing challenges of the firm’s competitive position.

Porter’s five forces model of competition

1. Threat of new entrants
2. Bargaining power of customers
3. Threat of substitute products
4. Bargaining power of suppliers
5. Competitive rivalry within an industry.

Analysis and understanding the challenges above they can be aggregated into four significant challenges.

1. Budget allocation: medias have become fragmented, sophisticated and expensive. Therefore, the media planning, scheduling and planning has become challenges for marketers. In this regard, the budget allocation has become a difficult and challenging task for marketer.
2. Brand recall: there are uncountable numbers of brand names in the market for competing products and services. Marketers advertise their products and service for brand recall.
3. Brand positioning: every marketer must try to achieve the right positioning for the brand. Brand positioning has become an essential and holistic activity for all marketer.

Firm’s responses to marketing challenges

The following strategies can be suggested to respond the marketing challenges of the 21st century.

• Developing marketing plans that are designed to build long-term profitability.
• Developing cogent arguments to protect, or increase, the investment in marketing.
• Develop a framework of marketing strategy that balances the needs of customer and organization.
• Developing effective strategies that engages those outsides of marketing firm but were crucial in delivering the promise to customer.
• Developing the right metrics to monitor progress and provide accountability.