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Top1. Introduction
Organizations and individuals engage in a vast number of activities which may be related to marketing (Patro, 2021). In the face of the digital revolution and other major changes in the business environment, effective marketing today is both increasingly vital and radically new (Morabito, 2022). The marketplace has changed rapidly over the past few years and is dramatically different from even ten years ago. Dramatic shifts are happening with respect to new marketing behaviors, opportunities, and emerging challenges (Zheng & Ding, 2022). Companies should understand and appreciate the new marketing realities and should develop strategies and initiatives accordingly to face the competition. Otherwise, it may be difficult for companies to sustain and to grow in the competitive business environment. The business environment is dynamic and is changing at a fast pace (Gupta, 2021). According to the 2020 Digital Innovation Benchmark report, nearly 40 percent (39 percent) of technology leaders at public companies expect companies to go under or be acquired by 2023 if they lag behind (Cision PR Newswire, 2019). In the age of tough competition, companies should embrace and accept the new realities and understand the major marketing forces so that they are not only able to deal with the challenges, but also to convert those challenges into opportunities (Mandal, 2020).
The new realities can be divided into many categories. These include the market forces that shape the relationships among different market entities, the market outcomes that stem from the interplay of these forces, and the emergence of holistic marketing as an essential approach to succeeding in the rapidly evolving market (Talwar, 2015).
Companies should understand the new marketing realities. They should evaluate whether they are equipped to face the new realities and to win in the competitive business environment. Consequently, it is imperative for companies to analyze the new market forces and the new realities. Although the topic is important, few studies address and analyze the various aspects of the marketing realities in which companies are operating at present. The study aims to address this research gap.
The objective of the study is to analyze the various aspects of the new marketing realities and the major market forces which are shaping the business environment. The focus is on understanding how companies are facing the new realities and the major forces.
The methodology adopted is a conceptual analysis of the various aspects of the new realities and the major forces. Research papers published on the topic in reputed academic journals are referred to for conducting the analysis. Primary data is not collected and empirical analysis is not done.
The novelty and the contributions of the study lie in the fact that an in-depth conceptual analysis of the various market forces viz. technology, globalization, physical environment, and social responsibility is done. It is also discussed how these marketing forces are resulting in new marketing realities. Discussions are done from a business ecosystems and business platforms perspective. Business ecosystems and business platforms perspective may provide better and deeper insights. Academicians may analyze the various aspects of the new market forces and the new realities and understand how the marketing landscape is changing. Based on the analysis, academicians may suggest how to convert the challenges into opportunities. Companies and practicing managers may analyze the new market forces and how these forces are shaping the marketing realities. They should be equipped to handle the market forces, the marketing realities, should adopt relevant strategies and initiatives, and succeed in the competition.
The study is structured as follows.