The Changing World Economy

Even as new markets open to growing affluence in such countries like the "new industrialised" Pacific Rim, poverty in various areas and slowed economies in earlier industrial nations has already changed world economy. The New Economy shows many new challenges and opportunities for the marketer. Most important point is  that the New Economy assuredly places the customer more firmly in driver's seat for decisions on her/his product and service option (customerization and customization). Additionally, there have been and will be various changes in marketing and business practices as consumers and businesses both have virtual and real-time access to literally millions of offers, products, prices, people, options, competitors, and sources of information that did not present till recent years. As a result, the marketing mix will alter as marketers and firms recognize new uses for effective customer and intangible assets relationship management that is more than a marketing term. We can suppose that this increasingly fast growth and rate of change will continue, and despite the recession, dot-com bust, and other major political, social and economic adjustments, Internet and the New Economy have altered marketers and marketing for the long-term future.