role of marketing in 21st century with reference to the impact of business scenario
Answers
Explanation:
The 21st century has seen the advent of the new economy, thanks to the technology innovation and development. To understand the new economy, it is important to understand in brief characteristics and features of the old economy.
Digital revolution and 21st century have made companies fine tune the way they conduct their business. One major trend observed is the need of stream lining processes and systems with the focus on cost reduction through outsourcing. Another trend observed in companies is, encouragement to entrepreneur style of work environment with glocal (global-local) approach. At the same time, marketers of companies are looking forward to building long term relationship with consumers. This relationship establishes platform understanding consumer needs and preference. Marketers are looking at distribution channels as partners in business and not as the customer. Companies and marketers are making decisions using various computers simulated models.
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