Unit 1 Forum Understanding Marketing Management

MKTG 630
August 24, 2016

Consider the three key forces driving the new marketing realities noted in chapter one:
technology, globalization, and social responsibility. How are these likely to change in the
future? What impact will that have on marketing as these changes occur? What other
major trends or forces might affect marketing in the future?

Large and small businesses are affected by both internal factors and environmental factors.

These environmental factors, which businesses have little to no control over, are taken into

account when making marketing decisions in order to create an accurate depiction of where the

company stands in the marketplace. Today’s marketplace, however, is in a more constant state

of transformation than in previous decades. With transformation come new challenges,

opportunities, and the emergence of new models. Three key forces driving marketing’s new

realities are technology, globalization, and social responsibility.

Technology plays a key role in marketing’s transformation. Much like processes involved in

the production of a product, future marketing success relies on creativity and innovation. With

the substantial increase of internet based research databases, communication applications and

social media, consumers and business are able to interact on a more personal level. This

elevation in interactivity allows marketing departments to better gage their customers’ needs and

solve major relationship issues (Danciu, 2013). Likewise, direct business to consumer

interactivity creates an environment where it is easier for new entrants to emerge in the

marketplace, communicating with global consumers is cost effective, and a vast variety of data is

easily available with few mouse clicks. This leads to technology not only being a force in

current marketing trends, but becoming one of the major forces behind future trends.
 Globalization has resulted in many changes to the business environment such as potential

increases in market share, trade, investments and resources; while also increasing competition.

Compliments of technology, consumers and businesses are connected like never before.

Products produced in one area of the world are readily available in other areas, and customers are

able to provide feedback on their purchases more quickly than ever. The globalization trend is

likely to continue well into the future resulting in oversaturated markets. As such, marketing

strategies become a more prominent focal point for businesses to succeed. Success may be

redefined from constant, stable growth to a more strategic approach focused on maintaining

market share (Czinkota & Skuba, 2010). Creating a global brand will no longer be a luxury, but

a necessity. In order to create a global brand, businesses will need to provide region specific

messages and experiences.

Corporate social responsibility (CSR) is more critical to a business’ image than ever before.

Customers are more conscious about the impact businesses have on the environment and their

communities. This awareness drives new concerns and expectations of businesses and their

investors as well as increased concern about the damage caused by economic activities to the

environment, and transparency of business activities brought about by the media and other

information technologies (Chahal & Sharma, 2006). For the majority of the previous century,

these issues were viewed as solely government’s responsibility, but as society progressed,

businesses grew more powerful and influential. As such, businesses not only need to make

decisions that positively impact environments, communities, and employees, but actively

communicate these decisions. Surveys show that consumers are willing to pay more for a

product from a company with a positive CSR image. This trend is only going to increase over
time. It is important for the stability of businesses to prominently incorporate CSR into future

marketing strategies.

References

Chahal, H., & Sharma, R. D. (2006). Implications of corporate social responsibility on marketing

performance: a conceptual framework. Journal Of Services Research, 6(1), 205-216.

Czinkota, M., & Skuba, C. (2010). Sources of new growth. Marketing Management, 19(1), 16-

17.

Danciu, V. (2013). The future of marketing: an appropriate response to the environment

changes. Theoretical & Applied Economics, 20(5), 33-52.