As the world spins into the 21st century, dramatic changes are occurring in the marketing arena. The explosive growth in computer, telecommunications, information, transportation, and other technologies has had a major impact on marketing. The technology has created exciting new ways to learn about customers, and to create products and services tailored to individual customer needs.
In an increasingly smaller world, many marketers are now connected globally with their customers and marketing partners. Today, almost every company, large or small, is touched in some way by global competition. Thus, managers in countries around the world are increasingly taking a global, not just local, interest in the company’s industry, competitors, and opportunities.
Today’s marketers are also re-examining their social values and social responsibilities. As the worldwide consumerism and environmentalism movements mature, marketers are being called upon to take greater responsibility for the social and environmental impacts of their actions. Corporate ethics and social responsibility have become hot topics for almost every business. Few companies can ignore the renewed and very demanding environmental movement.
In the past, marketing has been most widely applied in the for-profit business sector. In recent years, however marketing has also become a major power of the strategies of many non profit organizations, such as colleges, hospitals, museums, symphony orchestras, and even churches. Finally, the major new developments in marketing can be summed up in a single word: relationships.
Today, smart marketers of all kinds are taking advantage of new opportunities for building relationships with their customers, their marketing partners, and the world around them.