Question

Nowadays, Marketing became a dynamic and strategic domain that all organizations, from different sectors, apply to their businesses. One of the characteristics of modern Marketing is the changing nature of customers and the shifts of their behaviour.

How the previous statement affects the Marketing activities considering the concept “Exchange”.

Answer 1

The mentioned statement reflects the changing nature of market and its alignment with the exchange so that utility is maximized for both the parties. When a marketer identifies the specific needs and wants of the consumers and try to fulfill it with exclusively designed products and services, then it creates value. While doing it, goods and services are exchanged with suitable amount of money and utility is maximized. Consumers get utility by consuming goods and get satisfied., while firms get revenues by offering products to help consumers get their needs satisfied. It builds loyalty among consumers and they return to the marketers for similar products. It brings modification in consumer purchasing behavior and it is only possible, due to the strategic nature of market. It adds to the dynamism also, because trends, preferences and competition keep changing. So, to ensure that exchange is able to maintain high level of utility, it is important for marketing to be strategic as well as dynamic, both.