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MARKETING MANAGEMENT - Marketing Environment

The Technological Environment - Marketing Environment

   Posted On :  17.06.2018 11:49 pm

Technology is revolutionizing the marketing environment.

The Technological Environment

Technology is revolutionizing the marketing environment.

(i) New products/ new processes

The technological environment represents the application to marketing of discoveries in science, inventions and innovations. New technology results in new goods and services for consumers; it also improves existing products, strengthens customer service and often reduces prices through new, cost-efficient production and distribution methods. To gain competitive advantage marketers have to be innovative, focusing on new product development. Companies like Nokia, Microsoft, Wipro, HUL, are seen introducing new models with new features and new designs.

(ii) Threat of obsolescence

Technology can quickly make products obsolete. Marketers consider planned obsolescence as a strategy to outdate their own products by launching new models on a regular basis. Maruti models include Maruti Suzuki Grand vitara, launched in 2003, Maruti Versa, launched in 2004, Maruti Suzuki Swift, launched in 2005, Maruti Zen Estilo and Maruti Suzuki SX4, launched in 2007.

(iii) New industries

Technological innovations not just create new products but also whole new industries. Recently, the Internet has been transforming the way companies collaborate with different stakeholders to create more value for the customers. E-commerce and online marketing have revolutionized the style of marketing. Software companies and their packages for CRM and SCM are changing the way firms operate today.

(iv) Green products

Technology can sometimes address social and environmental concerns by offering a cheap, non-polluting, energy-conserving, safe product and also create parity among consumers by providing equal access and opportunity. Companies are reducing the production of plastic materials and switching to paper products which are biodegradable. Paper making companies are encouraging social forestry to save forests. Organic waste is converted into biogas to be used as fuel.
Marketers must closely monitor the technological environment for a number of reasons. Creative applications of new technologies give a firm a definite competitive advantage. Marketers who monitor new technology and successfully apply it may also enhance customer service. 
Tags : MARKETING MANAGEMENT - Marketing Environment
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