Recent Trends in Marketing

ELEMENTS OF MARKETING

RECENT TRENDS IN MARKETING

Recent Trends in Marketing

The market scenario in the world today is changing very rapidly. The boundaries of nations are disappearing for exploiting the opportunities of business. Today’s customers are global and exhibit international characteristics. Because of developments of information technology, rapid means of transportation, liberalization, and mobility of people across the world, their buying habits are fast varying and so are the fortunes of various organisations. In the Globalised business environment, the marketer must move goods faster and quicker to satisfy the consumers’ needs and wants by serving the best quality goods and services. Therefore marketers are shifting from transaction thinking to relationship building and also focusing on life long customers. So, marketer has given more emphasis on the notion, “offer more for less” and adopt different strategies to satisfy the consumers. It is possible to carry out all the business transactions over an electronic network, primarily through the internet. The number of internet users is increasing very rapidly. They use a variety of tools like computers, laptops, tablet and smart or android phone devices to access different websites. Besides the social media networks have opened new avenues of interacting with customers.

(i) Electronic Commerce (E-Commerce)

It is well known that business is a branch of commerce. It looks after the distribution aspect of the business and also is concerned with the exchange of goods and services. If all activities, which directly or indirectly facilitate that exchange of goods done through internet and other online environments is known as Electronic Commerce (EC) or simply as E-Commerce.

(ii) E-Business

The regular production or purchase and sale of goods undertaken with an objective of earning profit and acquiring wealth through the satisfaction of human wants is known as business. Electronic business (e-business) via, web, internet, intranets, extranets or some combination thereof to conduct business. In simple words, if all the business transaction carried out through internet and other online tools is called E-business

(iii ) E-Commerce Vs E-Business

E-commerce simply refers to the buying and selling of products and services through online but E-business goes a way beyond the simple buying and selling, of goods and service and much wider range of business processes, such as supply chain management, electronic order processing and customer relationship management. E-Commerce and E-Business is used interchangeably in its broader meaning just as commerce and business.