What are The Important trends in Marketing Practices?

Important changes in marketing macro environment such as 1.Globalization2. Market fragmentation3. growing consumer awareness about environment4.The explosion of social media has led to many shifts in Marketing namely..

#1 Reengineering

Appointing teams to manage customer-value building processes and break down walls between departments

#2 Outsourcing

Buying more goods and services from outside domestic or foreign vendors

#3 Benchmarking

Studying “Best practice Companies” to improve performance

#4 Supplier Partnering

Partnering with fewer but better value-adding Suppliers

#5 Customer Partnering

Working more closely with customers to add value to their operations

#6 Globalization

“THINK GLOBAL. ACT LOCAL “

#7 Merging

Merging with firms in the same or complementary industries to gain economies of scale and scope

#8 Flattening

Reducing the number of organizational levels to get closer to the customer

#9 Accelerating

Designing the organization and setting up processes to respond more quickly to changes in the environment

#10 Justifying

Becoming more accountable by measuring , analyzing, and documenting the effects of marketing actions

#11 Focusing

Determining the most profitable businesses and customers and focusing on them

#12 Empowering

Encouraging and empowering personnel to produce more ideas and take more initiative

#13 Broadening

Factoring the interests of customers, employees, shareholders and other stakeholders into the activities of the enterprises

#14 Monitoring

Tracking what is said online and elsewhere and studying customers, competitors, and others to improve business practices

Consider, Toyota Prius..Toyota predicted sales of 3,000,000 cars within five years of launching

its gas and electric hybrid Prius Sedan in 2001.

But, By 2004, The Prius had a six month long waiting list !Moral of the story : Functionally successful new products that consumers see as good for the environment can offer enticing options ! Marketing and Products have undergone many important shifts.

Now more than ever, marketers must think holistically and use creative win-win solutions to balance the ever rising demands !

Created by Aishwarya Kandukuri, IIITD&MK during an internship by Prof. Sameer Mathur, IIM Lucknow.

www.IIMInternship.com