The future of marketing

We now live and work in a world of unprecedented social and technological upheaval, which has introduced new levels of competition for all kinds of organisations.

Business is becoming global, customers are more demanding, many mature markets now offer little room for growth, brand valuation is recognised on financial balance sheets, environmental pressures are growing and the pace of change is quickening all the time. Speed of market introduction and acceptance are important factors.

Taken together, all these issues constitute a new challenge to the marketer. Just as the economic context is changing, so too are the disciplines of marketing. New social trends and corporate structures have opened up fresh avenues of opportunity for marketers to become even more central to business success. Relatively recent technologies such as database marketing, direct-to-plate printing, video-conferencing, and internet and intranet communications, have made many more things possible than was the case a generation ago.

One of the strengths of marketing is the way it constantly adapts and responds to changing conditions. Today, as organisations introduce streamlined management hierarchies and more flexible working practices, so the marketing approach is proving itself a valuable interdisciplinary to the company which wants to break down functional boundaries and focus intensely on its core capabilities.

Current research suggests that a number of distinct trends are emerging. Firstly, renewed emphasis is being placed on the collection, analysis and use of more (and better) marketing information. Advances in information technology are playing a key role in this development, for example, in more sophisticated customer databases for direct marketing campaigns.

Secondly, more importance is being attached to measuring and monitoring performance, and more sophisticated tools are being developed to do so, as part of the general drive to be more accountable.

Thirdly, there is growing investment in staff training and development, with particular emphasis on continuing professional development so that companies can more effectively defend the competitive advantage that successful marketing gives them.

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