Impact Of Marketing In The 21st Century
Marketing has always been about sustaining customers with a purpose of gaining profit, or as McCarthy and Perreault has defined it “The marketing concept means that an organization aims all its efforts at satisfying its customers-at a profit” (1984, p. 35). There have been many definitions of many different forms about marketing, but it always revolves around a single maxim, that the customer is always a priority in the eyes of any organisation. Harry Gordon Selfridge, a well-known pioneer and businessman, coined the term “The customer is always right”, a phrase many organisations tend to take literally. In today’s world, marketing can be very hit and miss to execute. With the rise of social networks and the Internet, it can be seen that marketing has correspondingly changed according to the times.
This article will address the implications of the rapidly changing market of the 21st century. Customers and organisations both are affected by the change of the market and it will be discussed on how it will influence both in a positive or negative manner and what this means for customers and organisations alike. Additionally, this essay will also try to answer the question on whether or not customers are still number one, and if organisations should treat the customers the same way they have been doing for many generations.
Managing Marketing in the 21st Century (Capon, Mac Hulbert and Capon, 2009), has created a device that has shown how marketing is different in modern
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