Marketing in the 21st Century(USE AS GUIDE ONLY)

Marketing in the 21st Century(USE AS GUIDE ONLY)

Marketing in the 21st Century(USE AS GUIDE ONLY)

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Running head: MARKETING IN THE 21ST CENTURY

Marketing in the 21st Century
MARKETING IN THE 21ST CENTURY
Abstract
Marketing in the 21st century involves the need for clear strategies in order to reach and engage
target markets in an ever evolving landscape. In this paper, personalized marketing, technological
shifts, new consumer trends, globalization, and pricing strategies are analyzed in order to shed
more light on some of the challenges companies face in establishing and sustaining strong brands.
MARKETING IN THE 21ST CENTURY
Marketing in the 21st Century
There is no recipe for success for marketing in the postmodern world. Marketing
successfully is not linear, but rather is the interplay of complex forces with many variables and little
ROI data (D'Esopo & Almquist, 2007). Marketers must increasingly address changing expectations
and oversaturated customers. Consumers are exposed to on average hundreds of advertisements per
day (Nunes & Merrihue, 2007). If only a fraction of the information penetrated into the
consciousness of people, marketing would be a breeze. How do marketers best address changing
expectations and oversaturated consumers in order to reach consumers effectively? What marketing
strategies pay off in this age of mass communication and information overload? What can
companies do in concrete terms within this media jungle to identify the unique selling points of
their products and services and at the same time effectively communicate them to the customer?
That advertising is necessary is undisputed. Without differentiation and gaining the
attention of an audience, products and saleable services risk irrelevance. The effectiveness of
advertising is based on three core factors: drawing attention to products and services, increasing the
probability of contact with the target group, and actively differentiating products from competing
brands by conducting image work. Catching people in bottlenecks, using Trojan horses, targeting
people at play, and getting people to play games are viable strategic marketing options for large
and smaller brands alike (Nunes & Merrihue, 2007). Brand development can make a difference and
with strong brands all the more as a means of communication between companies and consumers.
Hence, it is an increasing necessity for companies to re-engage the 5Ps in order to harness
maximum competitive advantage locally, globally, and online. Strong brands generally achieve
success due to an above-average efficiency of their marketing expenditures, high customer loyalty,