New technology has ushered into the 21st century that has changed the functioning of the economy.
Let us first take a look at how the prior 21st-century economy functioned.
The modern-day old economy started with the industrial revolution- wherein organisations started using machinery to produce standardised products in large numbers. Business transcended boundaries with goods being bought and sold across countries.
However, in the new economy standardisation got replaced by customization ad improvements in technology took place and everybody had access to product/service information because of the emergence of IT. Thus market place became a lot more open at the same time there was an increase in the variety of products and services.
Companies could leverage the benefits of digital technology – making more efficient marketing programmes – digital comm increased the speed of communication through emails and websites. So strategy implementation became swift and ” novel ” .
Marketing comprises developing a product/ service to distributing that product and services to the end-users. This product/service can be ideas as well. In order to accomplish this every entity faces certain challenges and the success of the marketing team depend on how good these issues are overcome.
Spreading the product or service information is very important as that is the key to create consumer awareness. In the vast market of today, it is a necessity that consumer awareness is given priority as a little bit of slack in this area can result in loss of potential business. Coming to this the company has to be very prudent in deciding the price, be very observant of trade laws-in short remain honest & diligent towards the processes and ideas.
Marketing is done based on the interests of the consumers, company and society. The company must look at producing well-made products and services that cater to a large number of consumers so that the production cost per unit decreases and the product or service should align with the correct social interests. However, depending on situations companies can look to sell high-end (Luxury/Comfort) products/services if the consumers are willing to pay such price.
The company should look to sell products or services to potential customers and not just anybody as that will lead to the loss of resource for the company and would be utter irrationality being imposed onto the general public.
One very important aspect of 21st-century marketing is outsourcing. Companies have done that to reduce operational costs. Outsourcing has been aided by the introduction of the latest technologies. Outsourcing like channel partners for Insurance companies, franchisees for institutions etc. Outsourcing is being done at a government level as well. Recently the Indian Govt has entrusted McKinsey with setting up of a Digital Centre in India. This has saved the India Govt from creating a team permanently for a one time job thereby saving valuable wealth.
Marketing has always evolved. Marketers’ job is to keep evolving.