Among the recent changes in marketing, six stand out as most significant. The first of these relates to the dominance of the customer. It’s becoming even more important to understand and anticipate the needs of future customers. Another trend is the increased use of marketing research, both in quantity and scope. Increased computerization in marketing is a third trend, with applications for reporting data and planning and control by management. Test marketing is also becoming more necessary, with computer simulations playing a role. A fifth trend is a shift in field selling, with less focus on presenting the product line, and more on integration with marketing. A final trend relates to global market planning, as mergers, licensing agreements, and joint ventures with overseas companies are on the rise.
Key Takeaways:
- As a business owner it is important to notice which changes specifically impact a given industry and which changes more broadly effect industry as a whole.
- The customer is a pivotal point in any industry. So, it’s always important to note the ways that customer needs shift and expectations rise or fall over time.
- Understanding shifts in norms allow businesses to prioritize and make crucial changes. For example, many modern buyers today prefer leasing over ownership.
“Change gets costlier every day; yet not changing can be costlier still.”
