Question - What are the marketing challenges that business organizations are facing today? Can you suggest ways to overcome these challenges?
Marketing Challenges The Business Organizations Facing Today
- Rapidly changing customer needs, wants, and expectations;
- Increasing domestic and global competition;
- Heterogeneous and fragmented market
- Increasing popularity of Internet;
- Rapid technological changes;
- Challenge of selecting among too many options; and
- Challenge of generating leads.
Today, the needs, wants, and expectations of customer is changing rapidly. It is a great challenge not only for small marketers but for big players too. It requires extensive study of market trends and consumer behaviour while developing new product or updating existing product.
Increasing Global and Domestic Competition
Competition today is global rather than just domestic. Marketers have to compete not only with domestic players but with global players too. The intense and global competition is a great challenge for marketers to deal with.
Increasing Popularity of Internet
With the increase in popularity of Internet a new spectrum of marketing channel is emerged. The worldwide increase in number of Internet users brought a shift from traditional print-based media to new online platforms. It presents a new set of marketing challenges - challenge of deciding how much to allocate to digital v/s print-based media; challenge of using social media marketing largely because of regulatory issues and concerns over its measurability; and challenge of doing more with less money as the rise of Internet made communication cheaper and efficient .
Challenge of Selecting Among Too Many Options
The greatest challenge the marketers facing today is simply too many options. Too many potential customer segments. Too many product or service options. Too many communication tools. It is really difficult and challenging for marketers to choose among too many options. The marketers today doesn't suffer from lack of opportunities or options. The picture is totally opposite today. Now they suffer from too many opportunities or options.
Ways to Overcome These Challenges
For the success of any business overall performance is required to be taken care of . Not only financial performance but also marketing performance. Marketing performance includes - sales volume, market share, and, customer satisfaction. Various marketing challenges makes it difficult for marketing managers to achieve the targeted marketing performance. But, there are ways to overcome such challenges. We are here to share the best possible ways to overcome marketing challenges the business organizations facing today.
Create a Learning Organization
Business organizations must include learning as a key to improvement in their organizational values. Proper training must be given to marketing employees and it should be considered as an investment rather than as a cost. Marketing managers are required to continually question their own views of the market place. Learning is not an one time activity its a continuous process, ability to learn can be a key competitive advantage for any business.
Marketing organizations must invest in market research and they are required to make extensive use of it. Organizations are required to be good at using information about markets, customers, and competitors. Market research must be focused on understanding customer needs, wants, and expectations.
Reevaluate the Old Mix - Four Ps to Four Cs
With the increasing globalization, competition, and popularity of Internet the old marketing mix is facing many new challenges; and to tackle these challenges marketing management must reevaluate the old marketing mix to to new mix by converting four Ps to four Cs.
Product / Customer Needs
Price / Cost to the Users
Place / Convenience
Promotion / Communication