In recent years, there have been many changes in the field of marketing that have challenged marketers worldwide. Out of all these new challenges, there are 3 stand out new realities marketers need to face: Technology, Globalization, and Social Responsibility (Kotler et al., 2016).
- Technology has become a powerful force today. The use of social media has become a widely popularized aspect of technology - especially in the marketing sphere. As a result, the world is more connected than ever.
- Globalization is another huge new phenomenon that has drastically changed the ways and places we do business. Large scale immigration and travel have played a key role in speeding up the effects of globalization. Big metropolitan cities have become melting pots of different cultures, cuisines and ideologies.
- Social Responsibility was a slow and steady player in the marketing circle. Not much thought was really put into ethical and environmental aspects of product development and advertising. Nowadays it's basically essential to have a "giving back" element to a service or good you put out into the market if you value sales.
I think it's really important that modern marketers pay attention to these new challenges. Have you noticed the pools of people constantly looking down at their phones? Our devices have become an essential item to always keep on our person - this is especially true with the younger generations (Silver, 2019).
Being from Los Angeles, CA I can confidently say that globalization NEEDS to be a focus for modern marketers. Numerous companies have seen a market in LA for a good from another country that had not yet been introduced into the U.S market. One really big product that took off was Bubble Tea. This sweet tea drink originated in Taiwan and made its way over to LA. There's an enormous Asian market in Southern California thanks to mass immigration, one company copped onto this market and ran with it, then many similar companies followed suit after seeing how popular it was!
Last, but not least, if you want to really stand out and hold value for your customers, then some form of ethical or environmental accountability should be adopted by your business. Climate change and social responsibility have become such a hot topic that it's almost expected for companies to have some sort of "give back" scheme.
References:
Kotler, P., Kotler, P., Keller, K., Goodman, M., Brady, M. and Hansen, T. (2016). Marketing management. 15th ed. Pearson Education, Inc., pp.24-28.
Silver, L. (2019). Younger generations adopting smartphones more quickly in emerging economies. [online] Pew Research Center's Global Attitudes Project. Available at: https://www.pewresearch.org/global/2019/02/05/in-emerging-economies-smartphone-adoption-has-grown-more-quickly-among-younger-generations/ [Accessed 29 Sep. 2019].
Hi Nichole, you have an interesting blog. I'm agree, there are many changes and new reality affecting web marketing managers today. Personally I was struggled with changes affected the company's Facebook page. After years of growth, it began to decline sharply. Sometimes I'm not sure if the company have to spend money to pay agency for the management of Facebook page. It doesn't work any more. Maybe Facebook isn't the right platform for companies to communicate with customers in modern world. Does the same thing happen to US market? The other interesting topic is a corporate responsibility. Can imagine how difficult to enter to US market. Good example with tea company from Taiwan. I used to work with green project in Timberland company. They planted threes all around the World every year. And this project is one more place to feel globalisation as well due to over 14 million trees have been planted by this company in different countries and US also.
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