Describe the concept of marketing in the context of changing business environment
Answers
Marketing innovations and technical changes now occur at an ever increasing rate in the field of FMCGs and electronics. Industrial products, however, in the industrial field are often a case of changing technology. The needs of consumers undergo a change.
New competition is coming from all directions—from global competitors eager to grow sales in new markets; from online competitors seeking cost-efficient ways to expand distribution; from private label and store-brands designed to low price alternatives, and brand extensions from strong megabrands leveraging their strengths to move into new categories. The global market pattern is made possible by the development of international transportation and communication system and liberalisation policies adopted by different countries at present.