Contemporary Issues In Marketing - Essay Example

Extract of sample
Contemporary Issues In Marketing

Marketing has over the years emerged as a prime business concept and pertinent organisational function. It has been observed that marketing is a key towards attaining desired level of success for every company. With the emergence of 21st century, technology has started to play a vital role for the organisations to prepare their marketing mix related strategies and also their overall product assortment (Brown, 2001).
In the 21st century, the traditional approaches related to marketing have started to depict their limitations owing to the fact that companies have quite less amount of direct contact with their existing as well as prospective customers. The aspect of information which is quite readily obtainable through the advent of internet has made consumers to become more passive as well as homogenous. Therefore, companies are increasingly finding the need to devise strategic initiatives to retain their customer base. Customer need identification has become one of the leading strategies incorporated in marketing to derive competitive advantage. Companies are also attempting to create inimitable marketing strategies to lure the customers towards their offerings which would in turn enable them establish their brand recognition in the market (Kamei, 2000). In order to comprehend the changing scenario in marketing in the 21st century, Tesco Plc has been selected.Tesco was founded back in 1919 as a market stall in London’s East End. From its foundation to till now the company’s business has attained tremendous growth in its global operations. Presently, the company functions in fourteen markets of Asia, North America and Europe. ...Show more

Summary

This paper tells that the traditional market was un-segmented and was perceived that all the customers have same needs. However, the present marketing concept has able to distinguish market into different segments based on certain criteria like age, income, gender and fashion. …
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