Marketing In Modern World

The thing called 'marketing' constantly changes it's meaning due to various factors and circumstances. In recent times, the corporate world is facing lot of challenges due to liberalization, globalization, recession etc. Depending upon the challenges the marketer's strategies also changes. But due to the challenges which are in front of corporate sector in this modern world, the marketing strategy is bound to become more ethical because of public demand for socially responsible business because the sector has realized that ethical practices bear fruit in the long run.

The marketing strategy in the present scenario should be based on two major concepts- Consumerism & Environmentalism. The aim of strategy should be to project the consumers as a focal point of marketing. The strategies need to be dependent upon the analysis of consumer behavior to reveal the mystery of consumer's mind, so that consumers can be served better for enhancing consumer well being. Consumers are gaining more power to discriminate in their purchases. So the marketers should not ignore consumer's satisfaction to strengthen their position in the market. This involves providing more genuine product information, offering genuine warranties & guaranties, providing safe good quality products. Consumer satisfaction & acceptance can be optimized by stressing on process research and market intelligence research.

Environmentalism is a strategy which expects markets to bring a balance between satisfying consumer needs and maintaining ecological balance. It aims at protecting and enhancing the living environment so that the quality of life can be maximized. It discourages tools which make people buy more than they need, thereby causing depletion of resources.

Also the strategy should be based on innovative marketing. In the present scenario of rapid scientific advancement, changing technologies, the slogan which best suits is 'INNOVATE or PERISH'. But innovation alone is not important. Diffusion of innovation should be stressed so that the consumers can be convinced on the advantages & compatibility of new products.

In near future, conserver strategy waste management will rank high. Marketing strategy will be to promote more efficient usage and to teach consumers how to derive greater satisfaction from consuming less.