Sei sulla pagina 1di 7

Project on:

Describe the changing


trends in marketing in 21st
century.

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

Electronic networking on the global scale has in fact changed the


fundamentals of business. It has overcome the limitations of time and
distance. It has also enabled small innovative enterprises to complete on
equal footing with large established enterprises.
Retail management as the concept of retail marketing is changing from
just availability of product to shopping delight with the growth of
superstores and multiplex complexes.
Consumer behavior in this media explosion has to be studied properly.
The inspirational levels of consumer are increasing day by day. The
cultural barriers are being reduced.

 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

2
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,

Benefits to the seller


1. Global market
Due to e-commerce the whole world has become a single
market place. Ecommerce has helped in overcoming the
geographical barriers.
2. Economical
Opening a website is more economical than opening branches
all over the world. Even small manufacturers can reach to
consumers spread all over the world.
3. Customization possible
E-marketing enables the marketer to target the customers
individually and thereby know their preferences.
4. Services

3
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.

Benefits to the consumer


1. Convenience
The consumer can purchase any product by sitting in his house.
Thus it saves a lot of time, money and effort that is involved in
conventional shopping.
2. Wide choice
Conventional marketing restricted the choice of products to
limited shops. However e-marketing helps the customer to
search for a product throughout the world by just operating on
his computer.
3. Product demonstration can be done in case of complex
products.
4. Since web marketing is interactive bargaining possible.
5. The details of the product as well as terms and conditions of the
sale are explained on line making the deal transparency.

 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”.

Major Retailer Types


1. Departmental stores - e.g. Akbarallys

4
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:

1. New retail forms


New forms and combinations of retail organizations have
emerged. E.g. some super-markets include bank branches
and fitness clubs, petrol pumps include food stores,
shopping malls with theaters and many more.
2. Increase in competition
There has been tremendous increase in competition in
retailing. Different types of stores such as discount stores,
departmental stores, all compete with each other.
3. Growth of giant retailers
Retail organizations like super stores and category killers
are growing rapidly. Due to better financial back up,
superior information system and buying power, they are in a
position to deliver varieties of products and services at
reasonable price to masses.
4. Expanding computer technology
Revolution has taken place in computer and information
technology. Many retailers are using computers in their day
to day work. This increases their efficiency.
5. Emphasis on lower prices and lower costs
Many retailers follow this strategy to attract customers.
They resort to cost-cutting as earning profits by increasing
the profit margins is not advisable in this competitive
market is not advisable.
6. Entertainment
Shopping malls, these days provide means of entertainment
such as coffee shops, food courts, mini theaters, pubs,
children’s play spaces, etc. this enables the customer to
enjoy shopping.
7. Growth of non store retailing

5
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.

6
 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