It's very difficult to ignore this movement because every action affects customer relationships and customers expect companies to deliver value in a socially and environmentally responsible way. Worldwide consumerism and environmentalism calls out to marketers to create more sustainable marketing practices. Now is a good time to re-examine your relationship with social values and responsibilities. What is global marketing? How is it different from domestic marketing? How are my global competitors affecting my business? When and how do we "go global"? So, it's important to take a global, not just local, view of your industry, your competition, and opportunities. From flowers to electronics, companies purchase their goods from one or more countries and receive orders from all over the world as well. In today's business, almost every company is touched in some way by global competition. Our world is increasingly smaller and you can now connect globally to your customers. Take a fresh look at the ways in which you relate to the broader world around you and redefine your customer relationships. Take advantage of where your customers are spending their time and reach out. I think you'd be hard pressed to find a company that doesn't use the Internet. Online marketing is the fastest form of marketing. There are so many new ways of communicating, advertising, and building relationships thanks to this digital age. It also allows you to communicate with your customers in large groups or one-to-one. This provides you as marketers with some exciting new ways to learn about your customers, track their habits, and create products and services tailored to them. We're more connected to each other now than ever before. The Digital AgeĬomputers, communications, information - these technologies have all had a major impact on the ways companies bring value to their customers. The goal is to build market share and strengthen customer relationships at the expense of competitors who cut back. And rather than cutting your marketing budget, maintain or even increase your marketing spending. Rather than slashing prices, hold the line and explain why your brand is worth it. This can damage long-term brand images and customer relationships.īalance the brand's value proposition with the current times while also enhancing its long-term equity. This is not the time to cut marketing budgets or slash prices. Focus on value for the money, value for practicality, value for durability. Emphasize value in your value propositions. What does this mean for your market? You need to align your marketing strategy with the new economic reality. Customer spending patterns are being reshaped as they spend more carefully. So, consumers had to rethink their spending and cut back on their buying. Consumers were short of money as they faced losses in income, declining home values, and rising unemployment. This economic meltdown forced stock markets to plunge, evaporating trillions of dollars of market value. The 1930's saw the Great Depression and 2008 brought the Great Recession. Here are five major developments of the ever-changing marketing landscape. Because of this, you need to understand the trends and forces that are changing the marketplace and that are challenging your marketing strategies. Changes occur in the marketplace every day.
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