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Contemporary Issues In Marketing - Essay Example

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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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Contemporary Issues In Marketing
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Contemporary Issues In Marketing

Download file to see previous pages... 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. It employs over 500,000 people and serves 10 million customers worldwide in a single week (Tesco Plc, 2012). The company’s headquarter is located in Hertfordshire, United Kingdom. Tesco is committed to offer the best shopping experience to its diverse range of customers. Moreover, the company is determined to serve its varied customers, communities and partners in best possible way (Tesco, 2012). At present, the company is regarded as one of the largest and successful food retailers operating in the United Kingdom along with its operations in more than 2318 stores located across the world. The company sells more than 40,000 food items in its distinctly located superstores. Additionally, the company is also engaged in clothing and non-food product activities (University of Exeter, 2004). The 21st century has witnessed drastic socio-economic changes along with information technology changes. These changes help various organisations to overcome a few of their limitations related to business operation and provided organisations with numerous opportunities to expand their business and earn substantial profit. These changes along with the globalisation and liberalisation process have drastically influenced the business doing processes including marketing. The changes brought new ideas and terms in the marketing sector such as E-Commerce and have reasonably influenced marketing ethics as well as the concept of brand and brand development have got tremendously popular among the organisations and widely distributed customers. E-Marketing Marketing is a broad concept, apart from selling and purchasing of tangible or intangible (services) goods, it comprises all those activities that are related with selling and purchasing of goods and services. The present marketing concept significantly varies from those of the traditional concept. The recent development in the marketing segment has given a birth to E-Marketing, relatively new term which has increased the scope of marketing and has provided business and customers a convenient way for interacting with each other. Electronic marketing or E-marketing essentially refers to utilisation of marketing techniques through electronic media, particularly ...Download file to see next pagesRead More
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