The marketing function face challenges in the 21st century.

Mass media is a 20th century concept that will become increasingly less relevant in the 21st century. The number of communication channels has already exploded in many developed countries. There are households that have a choice of close to 100 channels of television, and an equal or greater number of radio stations. The audience is not getting smaller; it simply has more choices and more distractions than ever before. Consequently, the watchword of marketing in the 21st century will be targeted marketing. Fortunately for marketing professsionals, the diversity of interests that makes it important to offer 100 different channels of programming makes it easier for marketing professionals to identify the characteristics of each viewer market. For example, the people who are likely to watch an arts and entertainment channel are different from those who choose to watch MTV. While this adds to the complexity of the work the marketing department must perform, it also provides opportunities to target specific audiences representing certain demographic and income groups with tailored advertising. This type of targeting would not be possible if marketers were trying to market to a more diverse audience.

Some marketers believe that the population of the world will become more homogeneous in the 21st century. They suggest that the differences and distinctions between national markets will fade and eventually disappear. Proponents of this idea of homogeneity point to the rapid changes that have occurred among consumers in the brief history of the European Economic Community. They point to the EU as an example of the idea that globalization will eventually eliminate the cross-cultural issues that provide so many challenges to marketing.

While Europe has certainly succeeded with the European Economic Community and the rise of the Euro, I disagree that the world economy will become more homogenous. I believe that cultural differences will be challenges for marketers throughout the century. I advocate an approach to global marketing that respects and addresses cultural differences, rather than trying to ignore or minimize their importance. In fact, I suggest that marketers will be challenged to avoid the types of cross-cultural marketing mistakes that have occurred in the past.

Technological advances have fundamentally changed the lives of most potential customers. In the 21st century, technological advancements will mean that even more people telecommute. This means people will have more flexible timetables, which will add to the complexity of designing marketing campaigns for a mass market. Because technology like the Internet is relatively new, governments around the world are still unsure if and how to regulate online businesses.

 

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