To achieve their goals and objectives, every organization requires solid marketing strategy and effective planning.

Without a solid marketing strategy and effective planning, organisation cannot satisfy the needs and wants of their customers and other stakeholders..

Many organisations use strategic planning to leverage their strengths and capitalize market opportunities..

Also, every organization, including your local mall,  large multinational corporations, state and federal governments, and non-profits organization, develops and implement one marketing strategy or the other.

The challenges and opportunities of Marketing in today's global economy is our focus here.

Therefore, we will critically examine the major challenges and opportunities faced by marketers in this post.

The Challenges And Opportunities Of Marketing In The Global Economy

1. Customers controlling the market: Due to the rapid growth pf the internet and social media, customers now have more influence than marketers.

Customers now have the ability to manipulate businesses due to their access to information and ability to compare products and prices.

Individual customers and business customers can make can make product specification in a matter of minutes. 

In a matter of minutes, both individual customers and business customers can make product specifications and compare the prices of goods offer by different marketers

Additionally, customers now interact with one another, enabling them to exchange opinions on the worth of the products and the reliability of the suppliers before purchasing a goods.

Because power is now concentrated in the hands of customers, marketers have no choice but to ensure that their products are unique and of the highest quality so that customers can have reason to buy their products and remain loyal to the marketers.

2. Tremendous increase in product selection: The sheer number of goods and services available for purchase online is mind-boggling.

Further, improved transaction efficiency has even makes it easier and more simple than ever for customers to meet their demands.

Due to the increases availability of products choice to customers and the globalization of the world economy, marketers are now vulnerable to threats from competitors all over the world.

3. Changing value propositions: The internet's efficiency and speed have altered how people perceive value.

For instance, fewer people go to the mall to shop today. Customers now turn to various sites to order for their needs.

Unsurprisingly, the mall has suffered setbacks. Similar changes have occurred in the travel, banking, mortgage, car buying, real estates industries.

This shows that value proposition of customers can change at anytime, therefore, businesses should be ready to adapt to new changes sooner.

4. Dynamic demand patterns: In most cases, changes in technology have shifted customers demand for certain product categories.

This is clearly visible in the difficulties the entertainment industry faces. he simple fact is, customers prefer downloading movies, music from internet and create their own custom playlists on cds and mp players.

The industry has lost millions of dollars in revenue due to the unauthorized downloading of copyrighted materials. This is probably going to continue until the industry adapts.

5. New sources of competitive advantage: In this global economy,  companies that connect their extranet (external networks with suppliers, consumers, and stakeholders) with their internal communication network can best utilize the benefits of e-commerce in deals with customers.

In new economy, the best advantages arise from partnership and alliances with other firms.

6. Privacy, security and ethical concerns: Thanks to technological advancements, our society is now far more open than it ever was.

These changes have forced marketers to address relevant issues about security and privacy both on internet and physically.

Businesses have always collected necessary information from their customers. Customers are much aware of the uses of these information.

Though customers appreciate the convenience of e-commerce, they want assurance that their information is safe and secure.

Concerns over online privacy and security are associated with hackers who are ready to bankrupt the firm using information they find online.

So, it is now up to marketers to safeguard the information of their customers and to always reassured customers that their information is always safe and secure.

7. Ambiguous legal jurisdiction: A final issue concerns the conflicting perspective over legal jurisdiction in the global economy.

One relevant issue involves the collection of sales tax for online transactions. In the past, e-commerce marketers do not paid tax on online transaction, providing them a bigger edge over brick and mortar retailers.

However, Presently, almost all counties now collect taxes on online transaction. This is due to the fact that there is no international legal agreement to protect online buyers and sellers across the globe.