Marketing Failures and Strategic Insights
Added on 2020-04-15
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Running Head: MARKETING MANAGEMENT 1Marketing Management
MARKETING MANAGEMENT 2Topic 1: New Marketing RealitiesIn today’s business environment, marketplace is continuously changing. Hence, the marketersshould join and respond to several important developments, which are occurring in the market.Small and large businesses are impacted by the internal and external environment factors. Theseenvironmental factors that the businesses have no control over are taken into consideration whilemaking marketing decisions for creating a correct representation of where the organizationstands in marketplace. Present marketplace is in more constant situation of changes than in pastdecades. With this transformation, there will be some new challenges, opportunities anddevelopment of new models and frameworks. The term new market realities state the changesduring last 10 years and it is given by Kotler and Keller. The New Marketing Realities is thecomputerized improvements, creative and innovative and categorized small scale media andmarkets, which the service the local influent targeted, market nets1.There are various forces, which are driving the new marketing realities. These forces havecreated new marketing opportunities, behaviors and challenges for the market and its people.Due to these forces, the market place today is very different, because it has resulted several newcompany and consumer capabilities. It has transformed the marketing management significantly.To deal with the effect of this, the organizations look for the right balance of effective methodswith discovering new and innovative approaches to attain the marketing excellence2.1P.Kotler and K.L. Keller, Marketing Management, Pearson Education, Inc. 2012. 2G. Armstrong, P. Kotler, M. Harker and R. Brennan, Marketing: an introduction. Pearson Education, 2015.
MARKETING MANAGEMENT 3Figure 1: New Market RealitiesThree of these forces, which are driving new marketing realities, are stated below; GlobalizationGlobalization is a primary process of integration and interaction among companies, people andgovernments of different countries. It is a force or process that is driven by global trade andinvestment and supported by advanced information technology. In today’s marketplace, severalorganizations have become dissatisfied with the sales and revenues on domestic level. So, theyare making efforts to expand their business in international markets. There are various factors,like; technology advances in the shipping, transportation and communication, which have madeit easier for these organizations to expand business and market in, and customers to purchasefrom, almost any nation all over the world3. Traveling to international countries and markets hasgrown continuously, because most of the people work and operate their business in othercountries. 3B. Mathieu, 3 New marketing Realities to Live By, 2009, Retrieved fromhttp://www.targetmarketingmag.com/article/3-new-marketing-realities-live/.
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