10 years later - Redefining Marketing for the New Realities is essential

As stated by Albert Einstein, „the measure of intelligence is the ability to change“ (Rodenhizer, 2018). According to the quote, it is of fundamental importance that the market changes continuously in order to keep pace with the times and to satisfy customer wishes. Therefore, it is not surprising that the marketplace today is totally different from the one 10 years ago. 

Three transformative forces lead to new marketing realities:

   - Technology
   - Globalization
   - Social Responsibility (Kotler and Keller, 2015, p. 35-38).  

Technology increases communication

Technology & sharing information as a source of power

Technology has changed the way we live due to numerous innovations in the past decades. As e-commerce, the mobile Internet and the amounts of data continue to rise, we will be able to access, communicate and share information anywhere. Sharing information will be the new source of power in regard to a companies’ profitability in terms of customer knowledge (Kotler and Keller, 2015, p. 35). 

Globalization in terms of interdependence of nations

As pointed out by Kotler and Keller, Globalization is developing a connection between countries. This leads to a higher multicultural diversity and interdependence of nations. Due to technology, integrated global supply chain and changes in transportation we as customers benefit from increased creativity and innovation and lowered costs for goods and services. Think about it for a minute, but all of us can see the effects of globalization right around the corner, don’t we? (Kotler and Keller, 2015, p. 36). 

Ethical Social Responsibility

Social Responsibility - the new „must-have” in our society

Awareness of (Corporate) Social Responsibility has changed significantly in recent years. The discussion of the topic is much more intensive than before and the development towards a "social" culture is a must-have for many customers and employees. I am glad that this change is taking place and that marketers are now increasingly taking ethical and social dimensions into account. As a result, we pave the way step by step in the right direction (Kotler and Keller, 2015, p. 36-37). 

Concluding, our new marketing reality will revolutionize our world. It opens up new opportunities, but at the same time it also entails risks that the marketers have to deal with skilfully. In any case, I am curious to see what else comes next and in my opinion the best marketing strategy is to care. 

I hope that my blog brings you, your team, or your company some serious value. 

See you soon. 

xoxo 

Jay

References:

Kotler, P. and Keller, K. L. (2016) Marketing Management. 15th edn. Essex: Pearson Education Limited.

Samuel Rodenhizer, "Quotation Celebration," The measure of intelligence is the ability to change (blog), January 15, 2018, https://quotationcelebration.wordpress.com/2018/01/15/the-measure-of-intelligence-is-the-ability-to-change-albert-einstein/ (Accessed: 14th October 2019).

Images: 

Shutterstock (no date), 3d man support Bilder, Available at: https://www.shutterstock.com/de/search/3d+man+support?page=2 (Accessed: 14 October 2019).