11/12/2019 0 Comments
Integration question - Assignment Example
While the basic fundamentals of marketing relating to the process of value creation, value communication, value distribution and value capture essentially remains the same, it can be increasingly said that the application of the processes has changed a lot. Various forms of marketing have emerged with the evolution of technology sponsored platforms, which enhances and multiplies the power of marketing. The secret to marketing still surround the process of retaining existing customers, while going for acquisition of new customers by creating as well as enhancing the demand for products and services, while making the consumers and clients of their enhanced and ever evolving needs. The process of introduction of the US Consumer Bill Of Rights in the year 1963 enhanced the power of consumers by providing the right to information, safety, and choice as well as consumer voice. This led to the emergence of a consumption pattern, where consumers more increasingly focused on the process of acquisition of materialistic goods. This significantly led to the development of a hyper consuming consumer behavior which contributed towards the development of a significant level of disconnectedness amongst the individuals. This significantly contributed to the development of a consumer attitude which is increasingly looking for more substance and more meaning to their demands. (Euro RSCG Worldwide, 2010b) Lazer in his paper in the year 1969 increasingly highlighted the fact that the marketers were more involved and more interested with the societal and lifestyle trends of the American hyper consuming consumers and this had led to the high level focus on the marketing for the purpose of influencing the consumer behavior with regards to particular products and services. Lazer also increasingly highlighted that the culture of hyper consumption that was existent in the developed countries like America was supposed to spread to other developing and emerging economies and countries, irrespective of the differences existing in terms of culture (Lazer, 1969, p.5). However, in the recent times, there have been massive changes with regards to the macro factors affecting the globe. The world economy has seen a tremendous amount of turmoil, owing to the bust of the housing bubble in the United States in the year 2008, and the simultaneous collapse of Lehmann Brothers, which pushed the world in the brink of an economic catastrophe. As a direct effect of the slowdown around the globe, which was planted by the financial crisis in the US, it can be increasingly said that the organizations around the world embraced the process of downsizing of staff in an attempt to cut down on organizational spending and attempting to sport a more leaner look. As a result of massive job cuts in the advanced Western economies, the consumers in the developed countries experienced a change in consumer behavior. The consumers of advanced countries, owing to the financial crisis, responded in a very significant manner for the purpose of overcoming the financial credit crunch around the world. They became more and more aware of their basic needs and wants, while attempting to curtail
Write something about yourself. No need to be fancy, just an overview.