Marketing management is the process that helps to plan and execute the promotion, pricing and conception. It also helps to make plans for the distribution of services and create by creating new ideas in order to create exchanges with the targeted groups that will satisfy the customers and the objectives of the organisations. According to Kim and Mauborgne (2014), this process covers a broad area of the management. Marketing management mainly thinks about the various directions of the purpose activities in order to attain the marketing goals.
However, the marketplaces are changing rapidly with the passing time; a new market is emerging with different and new marketing opportunities, challenges and behaviours. In reference to the opinion of Sheth and Sisodia (2015), this study is going to focus on three key factors that tend to drive new market realities and will also focus on the likely changes of the three forces in the future. Along with the factors, a brief study will be made on the major trends or the forces that might affect the marketing process.
Three transformative Forces are:
● Technological Innovation
● In reference to the opinion of Bello (2017), revolution of the digital world has created an age of Information that promises to give accurate production level, targeted communication and relevant pricing to a greater extent or greater amount
● Marketing terminologies are explained as the technologies that act as a medium or mode in order to help the marketer to propagate their deliverables to end users.
● The best result that was obtained by utilizing this technology in the marketing management is its innovation that has brought a revolutionary change in the marketing practices (Sheth and Sisodia 2015).
● This technology has always been dynamic that is television for advertising to the internet to viral marketing.
● According to the viewpoints of Woodside (2016), technological advances for communication, shipping and transportation have made easier for the organisation and the companies to market the products in and helped the customers to buy the product from in over the world. The International travel is continuously growing as a maximum of the people play and work in different other countries.
● In accordance to Fitchett, and Caruana (2015), globalisation actually refers to different changes that are taking place in the various different parts of the world. It is actually the people are moving far away from those countries that are self-contained. The people are actually moving more towards the integrated world.
● As stated by Johanson and Mattsson (2015), globalisation of the business is considered as the changes, which occurred in the business from the organisation or the company, which are associated with one country to the one which operates in the multiple countries.
● As stated by Woodside (2016), marking process is important and essential because it helps to focuses and put efforts to attract customers those who want to create positive differences by purchasing the products of the specific company or organisation.
● In accordance to Fitchett, and Caruana (2015), several organisations have adopted the strategies of social responsibility for marketing aiming to help the society by producing products and services, which will be beneficial for the people living in the society or community.
● Social responsibilities strategy in the marketing process promotes to develop positive images of the companies, which will directly have a major impact on the productivity as well as the profitability of the company favourably (Castles, 2013).
Changes in technological innovation
Mobiles are going to be the centre of the marketing process as the focuses are shifting to the smaller screen so the brands will strike up to build a much personalized relationship with the customers this can be done by leveraging the mobile powers. New technological innovation in the future will result in commoditization in much larger scale (Kim, and Mauborgne, 2014).
With the passing time, number of people will participate in the business and social communities, which are, transcend by the national boundaries. As opined by Bello (2017), the companies will understand the impacts of those tend which will be operating in worldwide. This will also develop the globalization strategy for the future and will also increase the learning opportunities by the various exposures into the different markets around the globe.
Changes in social responsibility
There will be slow down in the need of good content that is visual content will have greater power and influence in the marketing world. As opined by Johanson, and Mattsson, (2015), that means the content that will be generated by the users will rule the marketing world. As a result, transparency will help to develop good brand-customer relationships.
The other major factors that are affecting the marketing are
● Changing the needs of the customers that is decreasing or increasing service or product usage
● Demographic changes like the trend of people of 20-30 years towards fashionable clothes compare to other age groups.
● Pricing that is changing marketing trends because of the discounting
● Technology like customers buying habit has changed now they are more likely to use online social platform for purchasing.
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