MGT301 GDB Sol

Being marketing manager, how will you cope with the marketing challenges of 21st century? 

Being a Marketing Manager I will cope with the marketing challenges of 21st Century as followings:

· Market Segmentation

· Product Line Extension

· TQM (Total Quality Management)

· Creation of personalized customer relationships

· Calculating the lifetime value of customer and investing in it

· Satisfying and retaining existing customers

· Using predictive modeling to target customers and existing customers

· Product proliferation

· Increase in imports

· Extensive Sales Promotion

· Eroding the advertised-brand dominance

will be the ultimate approaches to face the marketing challenges of the 21st century.

The 21st century will be the times of massive consumer database. A great many consumer marketing companies and almost all business-to-business marketers now maintain some form of detailed prospect and customer profile using geographic, demographic and psychographic characteristics, and purchase history. Keeping track of the customers’ personal characteristics, preference, and purchase in a relational marketing database, and pushing a customer-focused marketing strategy, together represents the single most significant development of modem-day and future marketing.

With the new media world of marketing, branding has to take on mobile marketing, online social marketing, digital advertising as well as maintaining (at least for now) a print and television persona. It’s a brave new marketing world that demands brave new ways to brand.
 

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