Challenges for Marketing in New Era

The concept of marketing has changed dramatically in recent decades, and recently the focus has moved more and more customers (compared to the products and the sale of) global marketing and various technology issues that impact on the market. In addition, there is a renewed emphasis on marketing to create and innovate with new and better products and services and not only compete with other companies and marketing following the guidelines established by competitors.

Porter 5 forces of competition model

Marketing faces challenges in the 21st century to meet the following parameters:

1. The threat of the new entrants– which is the ratio of new to the industry, and the proportion is higher, the greater the intensity of competition.

2. Bargaining power of buyers – When the competition becomes intense and the number of producers is greater, the buyer has more options for switching product, this will increase the purchasing power of the buyer.

3. Threat of substitutes – the term for the more obvious is the threat of new competitors, results in greater competition and thus increase the number of substitutes.