A Marketing Mix for the Twenty-First Century: New Media, New Markets, and New Messes

This has been possible mainly thank to the important advances made in the 20th century, especially in the area of communication, transportation and new technologies. These advances have allowed many companies to extend their activities from a local scope to one of global scale, but this also means having to take more responsibility and act correctly.

Conditions have changed. Global trade has rapidly increased in both volume and value, reaching nowadays more than $4 trillion in 1997 (Daniels J.D., Radebaugh, 1998, pg. 529). Competition is fierce from all corners of the world. Failure at the global level can backfire and may consume existing brands and business relationships. At the same time, global opportunities have emerged that offer possibilities for growth, profit, and an improvement in worldwide standards of living.

The world we live in today is much more technologically diverse than any other period of time throughout history. From this diversity sprouts a new type of economy, one that balances on the evolution of basic ideals that fluctuate depending on our advances in different fields. In the book, American Economy Since 1920: How It Worked, the author explains four recurring themes in business. One of those themes is the relentless of change. Throughout the course of history, whether it be due to extraordinary advances in technology or devastating economic downfalls, the world of business is always changing.

Businesses to continue to succeed must always maintain a competitive advantage in the marketplace. The key to doing this has changed over the last century as is illustrated in our discussion in week one of the 21st century business challenges. Using your time line explain how the change in obtaining a competitive edge is reflected in the change of organizational theory over the last century?

“The ability to move products globally overnight, increasing levels of automation, and collaboration instantaneously via virtual means has forever changed and reduced traditional barriers businesses face while creating a myriad of new challenges, risks and opportunities.”

Globalization has transformed the world economy over the past years. The spread of ideas and technology across borders has facilitated new avenues of trade, creating new markets and expanding others. However not only has the world benefitted

* From mass media advertising to more particular (niche) media, which are centered towards more specific target audiences (Magazine, HR 2006).

The rise of social media has been a global phenomenon since internet giant Facebook began, with one in seven people having a Facebook account (Hennig-Thurau, Hofacker & Bloching 2013). This has had an impact on the marketing environment in several ways, with the two most notable being increased active participation and a strong level of networked interconnectedness (Hennig-Thurau, Hofacker & Bloching 2013). These two changes have shifted the power from the marketer to the consumer, as the regular consumer now has access to vast amounts of information and has the ability to amplify their opinion globally (Labrecque et al. 2013). For this reason, it may be argued that in the 21st century, marketing occurs among consumers, and is no longer purely

The last century has brought dramatic changes to the world. The globe has become more integrated, linking countries together economically, socially, and politically. Yet, as a result of this globalization, the world economy has become

An economic marvel has grasped countries around the world, the scope of which only continues to grow—globalization. From our favourite retail chains to the producers of our cellphones and computers, globalization influences every aspect of our lives. The emergence of the phenomenon of globalization in the 1980’s has positively impacted the international economic community, by reducing trade barriers and in turn creating jobs, innovated technology, as well as stimulating economic growth in developing countries.

An ongoing shift in global economic activity from developed to developing economies, accompanied by growth in the number of consumers in emerging markets, are the global developments that executives around the world view as the most important for business and the most positive for their own companies' profits over the next five years (Borg, 2015).

The global economy has not always been driven by large corporations. In fact, the idea and product of these globalized giants were not truly prevalent until just over a hundred years ago. In the first year of the 20th century works were under way to create a business firm that was so large it would become the world’s first large corporation. J.P. Morgan and a group of companies in the steel industry developed and created the U.S. Steel Corporation. The company would go on to become America’s first billion-dollar organization due to being built around nearly all major producers of steel, iron, and coke at the time. A near monopoly on the industry had effectively been developed and created. While this institution was private not all

The term "product" refers to tangible, physical products as well as services. A product is everything one receives in an exchange,

Today, almost all of us are aware that our lives are being shaped by an interconnected world economy of cross-border flows of trade, finance and technology. In our hearts, we know that there is no going back.”

Major developments in the information technology in the global economy have facilitated the success and have also become a core function of both economic and social lives. With these developments in social media marketing it’s possible to talk with the consumer as opposed to the traditional talking at them. This creates a reputation. New media technologies which include the internet, e-commerce, social networking among others have revolutionized how people interact with the world as well as with each other. Traditional media has always been aimed at reach. Even though it covers large numbers the numbers don’t