MARKETING CHALLENGES IN THE NEXT MILLENNIUM

There have been a number of concerns of marketing in this highly dynamic global world and
these must constitute the bulk of challenges that a marketing student must also face.

1. Growth of Non profit Marketing

Schools, Hospitals, churches, the Army, the police and Museums are now practicing marketing,
an activity that was the preserve of highly competitive profit making enterprises.

Challenges in these fields include: Declining enrolment, Competition, Cost of service and Public
relation

2. Rapid Globalisation

It is definite that today the world has become a global village. That which used to be exclusively
for a particular market and culture is now a product of the entire universe with the improved
transport and communication systems. When blending the Marketing Mix, we must now take
into consideration the variable and diversified global preferences.

3. The Challenging World Economy

A larger part of the world is becoming poorer and making the global economy growth sluggish.
This is a big challenge on pricing and quality. Wal-Mart for instance echoes that they sell for
less. Why? Because they are aware of the challenge.

4. The Call for More Ethics and Social Responsibility

People don’t just buy successful products but ethically produced and sold products. The society
would want to know how they benefit from a product they buy.

5. The New Marketing Landscape

The new marketing landscape loudly screams, “The Customer is everything”. The past
theoretical and highly academic texts of marketing are being challenged with the new teaching
and gospel represented by a number of publications whose titles tell clearly of the new marketing
landscape, for instance: The Customer Driven Company, The customer is always right, Keep the
Customer, Customer for Life Total customer service: The Ultimate weapon.

6. The New Digital Age

The explosive growth in computers, telecommunication, information, transportation and other

technologies has had a major impact on the ways companies bring value to their customers
Advancement in technology has seen the marketer adopt new approaches such as
videoconferencing, internet marketing, customer database management, interactive Television,
cell phones, websites etc