Next generation marketing: Challenges and issues

Abstract

This report intends to study and analyze the various marketing strategies, which have revolutionized the Indian marketing environment and have changed the definition of advertizing, which was there just a few decades ago. This report begins with a study of the various technologies that are acting as vehicles over and above the different type of strategies driving them to change the process of Product delivery to the customers. The age-old marketing mix has now become a lot more dependent on the fourth ‘P’ i.e., promotion to the customers. Throughout the study, the customer has emerged as the most powerful entity and the whole marketing campaign has rested on his behaviour. Across all the strategies, he is being tracked, analyzed and lured; efforts are being taken to gauge his attention and convert his interests and likings in the form of a product. The report has a systematic analysis of the change in marketing domain from latest to the oldest. Each section of the report stressed on in-depth exploration of the history behind the particular concept and the various point-of-views, which have existed till now. A comprehensive outline has been given about the origin and evolution of all these concepts. The study is initiated with a thorough analysis of various marketing trends that are there in the Indian business environment. The report subsequently deals with the business drivers that enable these trends to take place and in turn put a platform for these strategies to grow and develop. The concepts are more comprehensively explained through case studies of several Indian and multinational companies. A discussion on the primary research of various companies has been done to get an expert viewpoint on various contemporary issues and trends in marketing. A survey on the behavior and inclination of customers towards the existing and yet to come new trends in marketing has been conducted and the results are qualitatively and quantitatively analyzed to get a know-how of the customer mindset which is then compared to the techniques which companies now are adopting. On the basis of this comparison, recommendations are advised for the Indian marketers to change and modify their efforts in this direction. The report, at its end, contains the appendices & scope for future research to expedite the use of newer trends in marketing.