Recent Trends in Modern Marketing

Recent Trends in Modern
Marketing
1. More Emphasis on Quality, Value, and Customer Satisfaction:
Todays customers place a greater weight to direct motivations (convenience, status, style,
features, services and qualities) to buy product. Todays marketers give more emphasis on the
notion, oer more for less.
2. Relationship Building and Customer Retention:
Todays marketers are focusing on lifelong customers. They are shifting from transaction thinking
to relationship building. Large companies create, maintain and update large customer database
containing demographic, life-style, past experience, buying habits, degree of responsiveness to
dierent stimuli, etc., and design their oerings to create, please, or delight customers who remain
loyal to them. Similarly more emphasis is given to retain them throughout life. Marketers strongly
believe: Customer retention is easier than customer creation.
3. Managing Business Processes and Integrated Business Functions:
Todays companies are shifting their thinking from managing a set of semi independent
departments, each with its own logic, to managing a set of fundamental business processes, each
of which impact customer service and satisfaction. Companies are assigning cross-disciplinary
personnel to manage each process.
Marketing personnel are increasingly working on cross- disciplinary terms rather than only in the
marketing department. This is the positive development, which broadens marketers perspectives
on business and also leads to broaden perspective of employees from other department.
4. Global Thinking and Local Market Planning:
As stated earlier, todays customers are global, or cosmopolitan. They exhibit international
characteristics. This is due to information technology, rapid means of transportation, liberalization,
and mobility of people across the world. Companies are pursuing markets beyond their borders.
They have to drop their traditions, customs, and assumptions regarding customers.
They have to adapt to their oering as per the cultural prerequisites. Decisions are taken by local
representatives, who are much aware of the global economic, political, legal, and social realities.
Companies must think globally, but act locally. Todays marketers believe: Act locally, but think
globally.
5. Strategic Alliances and Networks:
A company cannot satisfy customers without help of others. It lacks adequate resources and
requirements to succeed. Company needs to involve in partnering with other organisations, local
as well as global partners who supply dierent requirements for success.
Senior manager at top-level management spends an increasing amount of time for designing
strategic alliance and network that create competitive advantages for the partnering firms. Merger,
acquisition, and partnering are result of a strong thirst for strategic alliance and networks.
6. Direct and Online Marketing:
Information technology and communication revolution promise to change the nature of buying and
selling. Companies follow direct channel in term hiring salesmen, setting own distribution network,
designing network marketing, applying online marketing, and contracting with giant
shopping/retailing malls.
People anywhere in the world can access the Internet and companies home pages to scan oers
and order goods. Via online service, they can give and get advice on products and services by
chatting with other users, determine the best values, place orders, and get next-day delivery.
As a result of advances in database technology, companies can do more direct marketing and rely
less on wholesale and retail intermediaries. Beyond this, much company buying is now done
automatically through electronic data interchange link among companies. All these trends portend
a greater buying and selling eciency.
7. Services Marketing:
As per general survey, about 70% people are, either directly or indirectly, involved in service
marketing. Because services are intangible and perishable, variable and inseparable, they pose
additional challenges compared to tangible good marketing. Marketers are increasingly developing
strategies for service firms that sell insurance, software, consulting services, banking, insurance,
and other services.
8. High-tech Industries:
Due to rapid economic growth, high-tech firms emerged, which dier from traditional firms. Hightech firms face higher risk, slower product acceptance, shorter product life cycles, and faster
technological obsolescence. High-tech firms must master the art of marketing their venture to the
financial community and convincing enough customers to adopt their new products.
9. Ethical Marketing Behaviour:
The market place is highly susceptible to abuse by those who lack scruples and are willing to
prosper at the expense of others. Marketers must practice their craft with high standards. Even,
governments have imposed a number of restrictions to refrain them from malpractices. Marketers
are trying to sell their products by obeying and observing moral standards or business ethics.

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