Introduction

The external and the internal variables impact the working of both small and large organisations. These external elements, over which businesses have little influence or at all no influence, are being considered when making marketing decisions that are taken in order to provide an accurate picture of the company’s current position in the marketplace. However, today’s marketplace is in a more continuous state of flux than in past decades. New problems, possibilities, and models arise as a result of change. Technology, globalisation, and social responsibility are three fundamental forces driving marketing’s new reality.

1. Technology
Scholars and practitioners think that with the rapid development of e-commerce, mobile Internet, and Web penetration in emerging regions, brand marketers must improve their “digital balance sheets.” Consumers and marketers today have access to massive volumes of data and information on practically anything. Technology has a significant impact on even traditional marketing operations.

2. Globalization
The entire globe has shrunk in size. New transportation, shipping, and communication technologies have made it simpler for us to learn about the rest of the world, travel, and purchase and sell anything we want anyplace (GiziMammadova, 2018). Countries have become more multicultural as a result of globalisation. Companies take ideas and lessons from one nation and apply them to another as a result of globalisation, which alters innovation and product creation.

3. Social Responsibility
Poverty, pollution, water scarcity, climate change, conflicts, and wealth concentration are all pressing issues that need to be addressed. The business sector is playing a role in improving living circumstances, and companies all over the world are emphasising the importance of corporate social responsibility. The mission of the company is to identify target markets’ requirements, wants, and interests and to meet them more effectively and efficiently than rivals, all while protecting or improving customers’ and society’s long-term well-being (Lim, 2020). As commodities become increasingly commoditized and customers become more socially conscious, some businesses use social responsibility to set themselves apart from their competitors, to increase consumer preference, and to increase sales and profits.

How Will the Key Forces Driving the New Marketing Realities Change in the Future?

These three factors (technology, globalisation, and social responsibility) have profoundly altered the marketplace, providing new possibilities to consumers and businesses. Changes in channel structure and increased competition are also transforming the marketplace.

1. Technology
The evolution of marketing is aided by technology. Future marketing success, like product manufacturing methods, is dependent on creativity and innovation. Consumers and companies may now connect on a personal and convenient level because to the proliferation of databases related to internet-based research, communication tools, and social media. Marketing teams may better gauge their consumers’ wants and resolve key relationship difficulties thanks to this increase in engagement.

2. Globalization
Many changes to the corporate environment have come from globalisation, and they consist of the profits in the share market, investments made, and the resources, as well as increased competition. Due to the technological advancements, the companies are now more connected to the customers in a common platform (Yung, & Khoo-Lattimore, 2019). Customers may offer feedback and opinions on the purchases more quickly than before, thanks to products made in one part of the world being easily available in another.

3. Social Responsibility
Another driver pushing new marketing realities is social responsibility, as people are growing increasingly worried about the environment and their own well-being. Participating in corporate social responsibility also provides additional company capabilities, such as enhancing the firm’s brand image and reputation, which may have a beneficial impact on profitability and productivity in the future.

What Major Trends or Forces Might Affect Marketing?

The factors that affect the marketing of product are as follows:

1.Social factors:
Social factors are referred to as the factors which include a person‘s lifestyle that may eventually impact on his or her purchase behaviours (Mansurova, 2020). Market researchers and business organizations need to be aware of the changes and the needs and requirements of the customers. The most important social factor is the population because rising population tends to results in the increment of goods and services.

2.Economic Factors:
Inflation, taxation, currency rates, interest rates, and recession, are all economic issues that impact marketing.

3. Regulatory factors:
There are many existing regulations and laws created by the federal government and also by state governments. If a company breaches any of the laws or regulations then financial penalties and many impairments related to money will be imposed (Loureiro et al. 2019).

4. Competition:
Various individuals and businesses compete to offer items and services in a market under a competitive framework. Competition is a powerful motivator of excellence and creativity. It helps both producers and consumers in enhancing profitability and quality of the products or services since it allows for the creation of a larger range of goods and services at significantly reduced costs.

What Brands and Products Successfully Speak to You and How Do They Effectively Target Your Age Group?

The most likely brand and product that successfully spoke to me and my related age group, which is between 18-35, are as follows:
1. Clothing: Nike
2. Electronic: Samsung

The reasons for liking the products:

1. Clothing: Nike
Nike has done an excellent job presenting its items in the marketplace. They have outstanding styles/designs, perfect endorsers, and eye-catching print and web ads. In virtually all of my sports, I utilise Nike products. When I go to the gym, I do Circuit Train, boxing, jogging, golf, and other activities. Nike’s target age group is quite broad because their product range may appeal to a variety of activities that people of all ages participate in. They are able to cater to the fashion and sports needs of children (ages 18-35 years old) too. Nike’s branding and placement in the market are undoubtedly effective; however, they can enhance their branding. They should improve their corporate social responsibility efforts. They must strive to assist the less affluent customers by manufacturing products with affordable pricing.

2. Electronic: Samsung
Samsung is continuously looking for methods to meet the demands of their consumers before their competitors. They do research and identify client needs. Samsung’s products are well-designed and user-friendly. They are cost-effective and fair. The products’ legitimacy and quality are always ensured, since Samsung Smart Plaza is overseen by a chief executive who is committed to providing the highest quality items.

Which Brands and Products Do Not Successfully Speak to You and to Your Age Group?

The brand and product that do not successfully speak to me and my related age group are as follows:
1. Clothing: Boohoo
2. Electronic: Apple

The reasons for not liking the products:

1. Clothing: Boohoo
Finding economical and low-priced apparels in Boohoo is not easy. The price of the brand is usually above the average price of other products. Boohoo apparels are clearly lot more expensive than other brands offering the same type of clothes at a much reasonable price. Consequently, Boohoo triggers excess spending plan to drain enough to buy apparels. Moreover, as the target age group usually look for something at the best quality at reasonable price, that they can’t afford Boohoo’s products with their own earnings or pocket money.

2. Electronic: Apple
The electronic brand apple is expensive and not every one of my age group can afford it. The interface and the handling of the phone is also complex in nature. They provide a high level of security that sometimes creates problems for the user. It makes file sharing quite difficult in different circumstances. In comparison, Samsung is much more user friendly, with less cost, and more features.

What can be done better to make Non-appealing Products or Brands appealing?

Making products and brands attractive is a vital action for businesses to perform in the current market scenarios in order to thrive in a competitive environment. The following are some of the elements that have been highlighted that can assist the firm in making its products more appealing:

1. Make consumers happy
Modern shoppers place a great importance on individual wellbeing, which encompasses mental, physical, and emotional well-being, and they expect this to be reflected in their shopping experiences as well. According to a research study conducted by Hole, Pawar, and Bhaskar (2018), 41% of customers want to see open areas in shopping malls with grass or greenery, and over a third prefer to shop at businesses that provide healthy food alternatives.

2. Form communities
Consumer communities are growing more powerful, despite the fact that friends and family opinions are still essential when it comes to product recommendations. Shoppers are increasingly turning to a larger network of like-minded individuals to tap into a brand’s customer knowledge base and talk and connect with peers (Hole, Pawar, & Bhaskar, 2018). As a result, shops and brands have begun to create their own social networks, both in-person and online, through in-store events.

3. Participate in the trend of shared products and services.
An increasing demand for shared products and services is contributing to the increased interest in sustainability. Retailers who can predict change and jump on board with long-term customer trends will have the best chance of succeeding.

References

GiziMammadova, S. M. (2018). The Significance of the Marketing Orientation Concept In The New Realities. Економіка І Регіон, 2 (69), 34-39.
Hole, Y., Pawar, S., & Bhaskar, M. P. (2018). Service marketing and quality strategies. Periodicals of Engineering and Natural Sciences (PEN), 6(1), 182-196.
Loureiro, S. M. C., Guerreiro, J., Eloy, S., Langaro, D., &Panchapakesan, P. (2019). Understanding the use of Virtual Reality in Marketing: A text mining-based review. Journal of Business Research, 100, 514-530.
Lim, W.M., 2020. The sharing economy: A marketing perspective. Australasian marketing journal, 28(3), pp.4-13.
Mansurova, N. (2020). Marketing Terms in English and Uzbek Language. Theoretical & Applied Science, 5, 766-768.
Yung, R., &Khoo-Lattimore, C. (2019). New realities: a systematic literature review on virtual reality and augmented reality in tourism research. Current Issues in Tourism, 22(17), 2056-2081.