The Marketing Function in the 21st Century
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The marketing function will face a number of challenges in the 21st century. One only needs to consider the dramatic changes that occurred in the 20th century to imagine what might occur in this century. For example, the 20th century saw the first powered flight, a rapid increase in world population, great leaps forward in the area of medicine and healthcare, the introduction of electricity into most households in developed countries, the invention of radio and television, the rise of technology combined with the birth of service oriented post industrial economies, and the globalization of business. The last century saw the return of Hong Kong to China, and the end of colonial rule for Great Britain, Germany, and France among other nations. It saw the collapse of the Soviet Union suggesting that communism, while an powerful political ideology, is not a viable model for managing a large, complex, modern economy.One of the defining qualities of a 21st century marketer is that he or she must be a visionary. A marketing manager must be able to look ahead and see changes in consumer preferences in order to help his or her company stay ahead of demand. Marketers will need a higher degree of precision in identifying target customers, understanding their needs, determining the appropriate media for reaching them, and evaluating the effectiveness of advertising and promotional campaigns and expenditures. Marketers will need better and more precise demographic and p
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singly mobile and global marketplace.á
Globalization of business, and the globalization of the marketing function are inevitable in the 21st century. Despite the emphasis on globalization of business marketing professionals must continue to develop messages and choose distribution channels focused on meeting local needs. It would be a serious mistake for anyone involved in marketing in the 21st century to ignore local customs, norms, tastes and expectations. It is equally inappropriate to try to sell products and services using a generic message rather than one customized to be relevant to a specific target market.
Many have heard the horror story of Pepsi's slogan: "Pepsi, the choice of a new generation" being incorrectly translated in certain countries. The resulting message was that Pepsi would bring dead ancestors back to life. This was a public relations disaster for Pepsi.
Marketing in the next century must embrace diversity in order to appeal to a wider demographic. It is easy to imagine that as the world's population grows in this century that marketers might look to masses of potential customers as exciting opportunities for sales and profit growth. However, population numbers alone are virtually meaningless.
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Approximate Word count = 1877
Approximate Pages = 8 (250 words per page)
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