Changing marketing needs for the changing economic conditions

Marketing Strategies
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Introduction
The changing scenarios of the world economic conditions have increased the need to change the marketing strategies to deal with the new kind of situation. The emergence of internet and its effect on the society has been playing a big role to shape the economic scenario.
The recession on the world economic situation has led to the demand of change in marketing scenarios. This report will discuss the various ways of the marketing and its effect. The situation which creates the needs for changing the marketing strategy will also be discussed in this report.

Changing marketing needs for the changing economic conditions
As in the recent times there has been an increase in the emergence of the multinational organization which has led to the change in the economic condition which demands new kinds of marketing strategies for the promotion. The emergence of the multinational companies in the consumer goods has led to the change of the marketing strategies based on the changing trends of the people. The internet is playing the most important role in this kind of marketing here the promotion of the consumer goods are being done by the multinational organizations (Nagle and Müller 2017). The internet is playing the major role in bringing the consumer goods to the customer from the producers directly.

In last few years there has been a lot of change in the world economic scenario which has gone through much economic recession. These recessions has forced the economists and the law makers to change their views of marketing and to take care of the situation which has been creating problems for the industrial and the agricultural sectors. There has to be different kind of marketing strategy to promote the products again in these difficult times.

There has been spike in agricultural production yet there are millions of peoples dying of starvation. There may be surplus food production but the distribution of the items is not efficient which is making millions not to get the foods. The change in the strategy has to be brought in to make the distribution systems more efficient.

The industrial sectors are also going through lot of changes like there has been a drop in demand in many countries which is forcing the industries to cut their sizes affecting the employees. There needs a change in the marketing strategies to provide necessary support to the industries. The decrease in demand has forced the organizations to cut down their work force. New strategies are needed for making the industries more functional and to make their products more attractive and to increase the demand (Cummings and Worley 2014).

Globalization has led to the influx of multinational organizations to enter different markets from their home markets. The local and home grown industries are under existential threats so for their survival they need to bring in new marketing strategies.

The emergence of the multinationals in the consumer goods has brought a new form of marketing by the use of internet which promotes goods online and brings the goods to the customers directly from the producers which reduces the cost by eliminating the middleman. This plays a role as global marketing strategy in integrating with the customers. The organizations are generally abler to provide goods to the customer at a much affordable cost.

The new strategy of marketing does not in the traditional factors of marketing like providing sales benefits. The new method of promotion involves of providing the customer with the top brands with the most affordable cost (Piercy 2016). The strategy promotes that the middle man is eliminated and the benefits are passed on to the customer providing them with more benefits and affordable cost. The organizations put more stress on making the customer more brand conscious and to get the customers buy branded products at competitive prices.

Changing strategies for the changing economic situations

Needs of the customer
This is the most important factors that will determine the face of the industry and the organization. With time the trends, needs of the customers has changed and the organizations needs to change their products and services in that way. The marketing should be devices which will make the customer attracted to the promotion and buys the products or services. There is a need to understand the future customers and their needs and trends which has to be highlighted in the marketing and promotion (Hickman and Silva 2018).

Use of electronic media
The use of electronic media for the marketing and promotion has led to massive spread of the organizations. As the economic situation is not static the use of the electronic media has to be changed depending on the economic situation (Piercy 2016).  As more and more people are getting online so it provides a great platform form for promotion of products and services. The rapid conversion of the marketing has led to different strategy being followed.

Globalization of marketing strategy
As there has been a rapid growth of globalization in the world market so the marketing strategy has to shelve the idea of focusing in just single market. Instead it has to design marketing strategy keeping in mind the situation if the whole world (Hayes 2018). It should include the picture of the various opportunities that are provided by the different markets around the world. The marketing strategy has to be more integrated in terms of various factors which influence the global markets.

Conclusion
Hence it has been concluded that changing economic situations demand change in existing marketing strategy to accommodate new features for helping the organizations grow in different and difficult times. The various needs which make it necessary for the organization to change the marketing strategies has also been discussed in this report.  The various kinds of changing marketing strategies have also been discussed in this report. The reasons like globalization also play a major role for change in marketing strategies has been mentioned here. The report provides clear idea about the needs for changing marketing strategies in changing economic scenarios.

References:

Cummings, T.G. and Worley, C.G., 2014. Organization development and change. Cengage learning.

Hayes, J., 2018. The theory and practice of change management.

Hickman, C.R. and Silva, M.A., 2018. Creating excellence: Managing corporate culture, strategy, and change in the new age. Routledge.

Nagle, T.T. and Müller, G., 2017. The strategy and tactics of pricing: A guide to growing more profitably. Routledge.

Piercy, N.F., 2016. Market-led strategic change: Transforming the process of going to market. Routledge.

Piercy, N.F., 2016. Market-led strategic change: Transforming the process of going to market. Routledge.

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