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Current Trends and Formative Forces in Marketing

The biggest current trends in the social, economic, technological, competitive, and regulatory forces are the rapid development of all fields and the need for greater flexibility to adjust to emerging conditions. From this perspective, the two forces, social and technological, can have a significant impact on marketing (“Chapter 3 – Understanding the marketing environment, ethical behavior, and social responsibility,” n.d.).

The former’s influence is presented by the growing importance of people skills, which is going to grow over the next five years and be high enough to match machine and human intelligence in ten years (“IBM: Build a smarter planet,” n.d.). In turn, the latter will develop advanced features in five years, and, in ten years, it will shift to highlighting the respect of customers from improving complexity (“Toyota: The world’s largest automaker,” n.d.). Thus, in both areas, the perspective will be directed towards the human factor.

In this case, core values and mission are essential for informing the population of the designed policies and their modifications. Organizational culture will help ensure the understanding of the course by employees, and the process of setting business goals will efficiently underpin the projected outcomes (“Chapter 3 – Understanding the marketing environment, ethical behavior, and social responsibility,” n.d.). The use of marketing dashboards and metrics will be reasonable for matching the evolving market conditions with customer needs.

The three steps of the planning phase of the strategic marketing process are situation analysis, development of objectives, and suggestion of corresponding marketing programs. Their performance in the pre-defined order is the key to companies’ success. The purpose of environmental scanning is to verify the compliance of measures with market conditions. Thus, demographics and culture are characteristics, which determine demand. The factors affecting ethics include societal norms, established business practices, corporate culture, and personal behavior. In addition, social responsibility incorporates these notions alongside human rights, which are to be respected, and sustainable development, implying the long-term orientation of policymakers.

References

Chapter 3 – Understanding the marketing environment, ethical behavior, and social responsibility (n.d.).

IBM: Build a smarter planet. (n.d.). Web.

Toyota: The world’s largest automaker. (n.d.). Web.

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"Current Trends and Formative Forces in Marketing." Essay4Business, 9 Dec. 2022, essay4business.com/current-trends-and-formative-forces-in-marketing/.

1. Essay4Business. "Current Trends and Formative Forces in Marketing." December 9, 2022. https://essay4business.com/current-trends-and-formative-forces-in-marketing/.


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Essay4Business. "Current Trends and Formative Forces in Marketing." December 9, 2022. https://essay4business.com/current-trends-and-formative-forces-in-marketing/.

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Essay4Business. 2022. "Current Trends and Formative Forces in Marketing." December 9, 2022. https://essay4business.com/current-trends-and-formative-forces-in-marketing/.

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Essay4Business. (2022) 'Current Trends and Formative Forces in Marketing'. 9 December.

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