Customer empowerment: • Company empowerment Heighten competition: Retail transformation:- Changing technology: Globalization: Deregulations Privatization: Customizations: Industry convergence: Dis-intermediation:- Consumer Resistance

How business and marketing are changing

16-14

Shift in Marketing Management as a result of the new economy and

rapid globalization and rapid technological advancement .

i) From marketing does the marketing to everyone does the marketing

ii) From organizing by products units to organizing by customer segments

iii) From making everything to buying more goods and services from outside if they are

cheaper and better than other.

iv) From using many suppliers to working with fewer suppliers

v) From relying on old market positions to uncovering new ones

vi) From emphasizing tangible assets to emphasizing intangible assets

vii) From building brands through advertising to building brands through performance

and integrated marketing communications (IMC).

viii) From attracting customers through stores and salespeople to making products

available online

ix) From selling to everyone to trying to be the best firm serving well defined target

markets

x) From focusing on profitable transactions to focusing on customer lifetime value

xi) From a focus on gaining market share to a focus on building customer share

xii) From being local to being “ global” Both global and local

xiii) From focusing on the financial scoreboard to focusing on the marketing scoreboard.

xiv) From focusing on shareholders to focusing on stakeholders

xv) From overpromise, under delivery to under promise, over delivery.

xvi) From no satisfaction measurement to measure the satisfaction and retention rate.

xvii) From focusing on the customer acquisitions to focusing on the customer retention