Defining Marketing for the 21st Century

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The 21st century has seen the advent of the new economy, thanks to the technology innovation and development. To understand the new economy, it is important to understand in brief characteristics and features of the old economy.

• Industrial revolution was the start point of the old economy with focus on producing massive quantities of standardized products.
• Mass product was essential for reducing costs and satisfying the needs of a large market share.
• As manufacturing increased, businesses expanded into new geographical markets.
• The old economy had the organizational hierarchy where in top management gave out instructions which were executed by the middle manager over the workers.

In contrast, the new economy has seen the buying power at all time thanks to the digital revolution.

• Consumers have access to all types’ information for product and services.
• Standardization has been replaced by more customization.
• There is an increase in terms of product offering.
• Purchase experience has changed with the introduction of online purchase.
• Companies are designing more efficient marketing programs across consumers as well as the distribution channel.
• Digital revolution has increased speed of communication mobile, e-mail SMS, etc.

Some of the benefits of good marketing are :

• It promotes the company, increases its visibility and exposure and lets people know about the company’s products and services
• Differentiates Products/Services of the company by positioning it in a unique way
• Helps the company to acquire new business and retain old customers
• Generates income for the company and helps build networks with other professionals– to further enhance company growth.