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Describe The Changing Trends in Marketing in 21 Century.: Project On
Describe The Changing Trends in Marketing in 21 Century.: Project On
Presented To:
Prof. Mogheez
Made By:
Kruti Shah (20)
Describe the changing
trends in marketing in 21st
century.
Today, business are operating in a globalize economy. The traditional
concept revolved around profit maximization. Marketing in the 21st
Century revolves around the customer.
The 21st century consumer is far savvy, informed and demanding than of
the last century.
The new trends in marketing include,
E-COMMERCE
Retail Management
Globalization
Consumer Behavior
E-COMMERCE
Any form of business transaction in which parties
interact electronically rather than by physical changes or
direct physical contact.
Electronic commerce can be sub divided into four distinct
categories;
1. Business to Business
2. Business to Consumer
3. Business to Government
4. Consumer to Government
1. Business to Business
The business to business kind of e-commerce refers to a company
selling or buying form other companies. An example in this category
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would be a company that uses network for ordering from its suppliers,
receiving invoices and making payments. This category of e-
commerce has been well established for several years particularly
using electronic data interchange over private or value edit network.
2. Business to Consumer
The business to consumer kind largely refers to selling directly to
consumers through the internet. This category has expanded greatly
with increase in personal computers and internet connections
throughout the world.
3. Business to Government
The business to government category covers all transactions between
companies and the government organizations. For example in USA
the details of forth coming government procurements are publicized
over the internet and companies can respond electronically.
4. Consumer to Government
The consumer to government category involves transactions
between consumer and the government consumer to government
done electronically. Payment of taxes, fees etc., would be done
electronically.
Benefits of E-COMMERCE
E-COMMERCE or marketing through web constitutes a reliable,
easily accessible and an inexpensive means of bring together buyers
and sellers throughout the world. It benefits both to the consumer and
the seller,
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A web marketer can offer variety of services on-line. He can
also provide a path for agencies which provide such services.
5. Quick and enhanced service
Service of the modern world depends not only upon how the
service is but also how quick it is rendered.
6. Helps in building long term relationship with the
customers.
7. It enables proper co-ordination between the marketing
staff.
8. It is a very effective medium of communication.
Retail Management
Retailing includes all the activities involved in selling goods and
services to final consumers for ultimate consumption. A retailer is
any business organization involved in retailing. Retailers link the
producers and the ultimate consumer and provide services for both.
There are numerous retailers throughout the country. They form an
important link in distribution of goods.
According to William Stanton, “Retailing consists of the sale and
all activities directly related to ultimate consumer for personal, non
business use”.
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2. Specialty stores- e.g. dress shops, footwear shops
3. Super market - e.g. Big Bazaar
4. Convenience stores - e.g. stores with slightly high price for
being in distant areas.
5. Discount Stores - e.g. loot store
6. Off-price retailer - e.g. Factory outlets
7. Category killer stores – e.g. Planet M
8. Shopping malls – e.g. Inox mall
Trends in Retailing
The major development taking place in retailing can be
summarized as under:
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Retailing activities resulting in transactions that occur away
from a retail store are called non store retailing. e.g. tele-
marketing, internet marketing, automatic vending, etc.
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Globalization
Globalization is the new development of the late 20th century. It
considers world as one economy. It can be defined as “the
increasing internationalization of the production, distribution and
marketing of goods ands services”.
It could be described as a free exchange of capital, information,
labour and ideas across the world. It is free in the sense that these
processes are not under the control of any framework set by the
World Trade Organization (WTO). The movement of goods and
services throughout the world is facilitated by growth of transport
and communication. Globalization process now has been
accelerated due to the technological development and growth of
consumerism.
Consumer Behavior
Undertaking consumer behavior is a difficult task. The aim of
marketing is to satisfy the needs of the consumers. The recent
trends in marketing are not only to satisfy the consumer by
understanding and fulfilling his wants but also to make customer
delight.
Marketers today have realized the importance of customer delight.
This term was popularized by Philip Kobler. According to him, “it
is no longer enough to satisfy customers. You must delight them.”
When brand meet the expectations of the customers, it ensures
customer satisfaction. However, when they get value or benefit
beyond their expectations, the brand has ensured customer delight.
A delighted customer is always more loyal than a satisfied
customer. Customer delight is about demonstrating and providing a
set of tangible and intangible benefits beyond the functional
features, a combination of which provides value beyond customers’
expectation.
Following are some of the new way of delighting the customers;
1. Patronage Awards
2. Collaborative Marketing
3. Proactive Marketing
4. Cross Selling
5. Single Service Window
6. Call Centers
7. Exchange Schemes
8. Customer Data base
9. Suggestion Schemes
10.Personalization
11.Brand Loyalty