Changing Market Environment
Changes in the Marketing Environment and its Implications
The word “Marketing” refers to an activity that is strategically concerned with the management of relationship among an organization and environment. Environment could be described as an internal and external condition to an organization. Internal Environment consists of situational factors that are present within the organizational boundaries whereas external environment consists of any factors or conditions that are not under the control of an organization. Internal Environment creates strengths or weaknesses for a firm, however external environment may create opportunities or threats. Over the past some years, a significant change in external environment has been happened. In response to the change in external environment, companies have to change themselves and plan accordingly. Successful companies do not treat environment as a constraint, rather they view it as an opportunity. Some time the change in the environment becomes a competitive advantage for a firm who exploits the change at a right time.
Changes in the Marketing Environment:
Since a last decade or two, significant changes in the marketing environment have been observed in the marketplace. These significant changes could be categorized as, supply versus demand environment, rising expectations, innovation in technologies, globalization, increasing focus on service, fashionisation of markets, erosion of brands, micro markets, commoditization and other constraints.
Previously, many companies do not bother to even think about customer needs and wants. They only concentrated on their production and specialization side. However, over time marketing managers realized the fact that understanding customer needs, behaviors and wants are crucial for customer satisfaction which ensures the continuity of an organization in the market. Now every other business is trying to achieve customer satisfaction, meet customer expectations and increase their
The word “Marketing” refers to an activity that is strategically concerned with the management of relationship among an organization and environment. Environment could be described as an internal and external condition to an organization. Internal Environment consists of situational factors that are present within the organizational boundaries whereas external environment consists of any factors or conditions that are not under the control of an organization. Internal Environment creates strengths or weaknesses for a firm, however external environment may create opportunities or threats. Over the past some years, a significant change in external environment has been happened. In response to the change in external environment, companies have to change themselves and plan accordingly. Successful companies do not treat environment as a constraint, rather they view it as an opportunity. Some time the change in the environment becomes a competitive advantage for a firm who exploits the change at a right time.
Changes in the Marketing Environment:
Since a last decade or two, significant changes in the marketing environment have been observed in the marketplace. These significant changes could be categorized as, supply versus demand environment, rising expectations, innovation in technologies, globalization, increasing focus on service, fashionisation of markets, erosion of brands, micro markets, commoditization and other constraints.
Previously, many companies do not bother to even think about customer needs and wants. They only concentrated on their production and specialization side. However, over time marketing managers realized the fact that understanding customer needs, behaviors and wants are crucial for customer satisfaction which ensures the continuity of an organization in the market. Now every other business is trying to achieve customer satisfaction, meet customer expectations and increase their