Marketing is the process of identifying, analyzing and understanding consumer needs and wants and then satisfying them profitably, using the appropriate marketing mix. Most businesses today put a lot of focus on Marketing and spend all of money in the department, for all the understandable reasons. There is no doubt that Marketing is important, everyone already in the field of business already knows that, and they also know the kind of marketing strategies that work in the modern world. However, for someone who is just entering the field of business, and even those who do not put much focus on their Marketing department, they need to understand the new Marketing Realities of the World. Below is a list of make new realities, some of which we will discuss.
To begin with, the customers have become much more rational. With access to internet all the time, it is very easy for a customer to search information about your product and compare it with that of your competitors. Within a matter of minutes, they can get access to reviews from customers and will know which one is the better product for them. This means that the law of Asymmetric information is downsized. Both the parties engaging in the transaction now hold information about the product or service, and each can pursue an offer that suits them most.
The idea of Brand loyalty has been reduced sharply. Let me break the ice by saying, that too many people no longer consider sticking to one brand. Consumers are becoming more and more diverse, and are learning to switch brands according to their needs. As an example, if a person uses Samsung smartphones and really likes the product, that in no way guarantees that he will also consume other products of Samsung, e.g. Samsung Refrigerators.
Another marketing reality is the loss of boundaries. Globalization has reached such a peak, that it is almost too convenient for anyone to import any good they want. Although, the process of making payment is still slightly tedious, but that too is working out well, although slow and gradual. This means that if the consumers cannot a good product in their own country, or an outsider does an extraordinary promotion, in some cases the consumer will order directly from abroad.