Marketing in 21st century – Transforming the growth of business

What is marketing? It is the process of satisfying customer’s need with our offerings and simultaneously making profit out of it. So, we can say that every department in an organization is involved in it. We can say it is the heart and soul of any business. It involves identifying consumer needs or gaps in the market and coming up with services to cater their needs in the most efficient way.

4 P’s of Marketing

As most of you might have heard already the 4 P’s of marketing which involves product, price, place, and promotion. This is fundamental principle of marketing which has been followed for ages. Today, the world is going through a digital transformation, and it has evolved the world of marketing as well. Though we are moving towards the new norms of digital marketing, which has brought an enormous change in this segment whether it is the product or promotional or pricing and placement strategies, but the fundamental values of marketing remain the same. The ultimate aim of marketing is delivering value to its end customers.

As the economy is growing, the dynamics of business world is changing continuously. Customers purchasing power is increasing and they are also becoming more educated, this brings large opportunities for businesses to expand themselves but also make it challenging to convince these educated customers to buy their product. Not just this, but there is huge competition in the market almost in every sector which makes it difficult for marketers to compete with them.

In this digital world where the customers have variety of option and have proper knowledge and resources to compare various products and offering of different organization, it is a challenge for marketers to place their product in front of the target customers and gain their attraction and differentiate their product from their competitors.

How a marketer should manage the changes?

Now when the horizon of marketing has completely changed, but still the fundamental of marketing remains the same. It may evolve with time but the basics remain the same. As a marketer, we should first identify customers’ needs and preferences and then come up with the offerings to satisfy their needs and bridge the gap between desired stage and current stage of our customers. As the changing scenario, customers preferences, need and buying behavior are also changing, marketers need to do a proper analysis of it before jumping to any consequences. and secondly, we should focus on promoting our offerings in front of our customers and differentiating our offerings from our competitors.

Today, digital channels have become the major mode of promotion, marketers to do the proper research on what digital platforms they will get their target customers and then promote their products/services on those platforms to again actual conversions.

Since the things are changing with a vast pace, organizations should keep updating themselves with the market trends and dynamics but stick to the fundamental of marketing. This will help them to get to their right customer segment and ultimately generate sales for the organization which is the ultimate aim of any business. Hope this article helps you in developing a basic understanding of marketing and its development in 21st century.

For further details over making a career in marketing and ask your questions, book your personalised session from here