pa from North Carolina University considers that “A business model is the methods of doing business by which a company can sustain itself, that is, generate revenue. The business model spells out how a company makes money by specifying where it is positioned in the value chain" (Rappa, 2005). But the fast changing socio-economic dynamics have created a fiercely competitive business environment, necessitating changes in the role and techniques of traditional marketing to encompass broader parameters of business performance.
Levitt argued that the marketing takes into account the preferences of the customers and thereby builds a solid customer loyalty that result in sustainable customer base that has potential for growth because it continues to satisfy the changing requirements of their needs (Levitt, 1960). The fast changing global values have necessitated drastic shift in the approach to traditional marketing strategy. The increasingly changing pattern of society, which is becoming multicultural in essence, needs to be addressed in the wider application of social imperatives and included in all spheres of public and private business strategy. It has become important to introduce effective strategic goals and managerial controls that are able to address the emerging challenges of the society at large.
Kashani has asserted that the traditional role of marketing was confined to selling its products to the people, frequently using advertisements to make them popular amongst the masses but the changing socio-economic dynamics ‘have challenged our traditional way of thinking about marketing’(Kashani, 2005). The compulsions of the emerging new dynamics in the global businesses have necessitated for people-centric policies and plans that would meet the challenges of the changing social patterns and its changing demands. While product is of vital importance and pricing makes it a salable item, maintaining a good database of customers is intrinsic part of market