A huge and unifying theme in contemporary marketing is the speed of change in the marketplace (consumer tastes, marketing technology, and product development). The growing number of marketing options, and the competition for mindshare among consumers and businesses that are overwhelmed with competing marketing messages, are real-world challenges that result from this rapid change.
The rapid proliferation of Social Media (online technologies and practices that are used to share opinions, experiences, insights, etc. with each other) is having a significant impact on the way companies go to market and respond to customer demands.
New names for old concepts, e.g. Blue Ocean strategy supposedly calls Porters generic strategies into question, but upon closer analysis, looks amazingly similar to his “differentiation” strategies. There are not many new ideas, but a whole lot of old ones with new names masquerading as original thought.
Next is the “green” issue because this is a rapidly growing niche market. We can call it a niche because still the majority of consumers ignore green factors when making buying decisions; however, there are a growing number of consumers who are becoming more socially and environmentally conscious.
The techniques to market to folks vary greatly by age, for instance which age groups can you reach by newspapers, which by emails, which by social networking, which by digital media. We may segment the consumer market by age ranges, and can focus on the one single issue which is most important in reaching folks of that age range – and use and demonstrate a technology related to that issue for each ad range, e.g. we can have photocopies of newspaper articles which deal with issues for seniors, we can have a Facebook page or something similar for another age group…
New entrants who want to understand contemporary marketing need a hybrid approach that includes (a) some grounding in those past marketing theories which are timeless and relevant, (b) fluency in marketing technologies, which will greatly affect their ability to enter the marketing workplace in the present, and (c) the tools to adapt opportunistically in fluid markets, which is the chief skill marketers will require in the future.
Dr. Pooja Chopra is the Founder Director, Orlina Ventures Pvt. Ltd. (www.orlinaventures.com). She is MBA (Marketing), Ph.D. in Management (Research area Ecotourism) and Masters in Environment Management from Yale University, USA. She could be reached at email@example.com.