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526

Business Administration / Marketing will be the most critical area for the next century's business leaders

« on: June 03, 2015, 11:35:20 PM »

                                                Executives Rank Marketing Most Critical Area for Next Generation of Business Leaders
According to a survey of U.S. senior executives, marketing will be the most important area of expertise for the next-generation of leaders.
The study, commissioned by the Institute of International Research, sought to identify key areas for leaders. Marketing was the clear choice, with 31 percent of votes, followed by 20 percent for operations and 16 percent for financial expertise. Sales and engineering were deemed least critical to leadership with 11 and six percent respectively.
While marketing departments are often struggling to effectively measure effectiveness and the related battle for internal credibility, studies such as this provide evidence that marketing is making significant headway in proving its value within organizations.
Marketer Seth Godin attributes the rising recognition of marketing to fierce marketplace competition. “Being good enough is no longer good enough,” said Godin. “This is the most cluttered marketplace in history--just about everything is available everywhere, all the time. Leaders understand that spreading the word about their offerings is the only path to success. This survey hammers home that point--the success of an organization is driven by one thing: whether or not people choose to buy what you've got to sell.”

527

Business Administration / Re: Knowledge Management

« on: May 27, 2015, 07:03:52 PM »

Thanks for nice post

528

Business Administration / Is there any Need of EDP (Entrepreneurship Development Programs)?

« on: May 27, 2015, 06:56:31 PM »

Is there any Need of EDP (Entrepreneurship Development Programs) for the development of entrepreneurship in any country?

Are entrepreneurs are born or made? It’s an age-old question: Are entrepreneurs a special breed, born into this world with a drive and need to succeed that most of humanity lacks, or can they can be created through education, experience and mentorship? Experts have different opinions regarding this issue.
                                                                                      Entrepreneurs are born:
 Entrepreneurs possess certain competencies or traits. These competencies or traits are the underlying characteristics of the entrepreneurs which result in superior performance and which distinguish successful entrepreneurs from the unsuccessful ones. The idea that certain entrepreneurial traits – such as being able to spot opportunities, physical appearance, and tendency to hard work, think differently and take risks – may be inherent has even led to a whole new area of genetic research. The above mentioned traits are inherent.
In the past five years, multiple studies have indicated that there may be an "entrepreneur gene"--or at least that people with certain genetic characteristics and personality traits are more likely to be successful entrepreneurs than others. In his 2010 book Born Entrepreneurs, Born Leaders, Scott Shane, professor of entrepreneurial studies at Cleveland's Case Western Reserve University, suggests that genes don't just influence whether a person will start a business; they may even determine how much money a person will earn.
James V. Koch is a board of visitors professor of economics and president emeritus at Old Dominion University in Norfolk, Va. He's also co-author with James L. Fisher of the 2008 book Born, Not Made: The Entrepreneurial Personality, which argues that many entrepreneurs are simply wired that way, giving them a natural advantage in the business world. Julian Lange is a senior professor of entrepreneurship at Babson College in Wellesley, Mass. His research in the past five years indicates that exposure to the ideas and lessons of entrepreneurship can have lasting effects on students, even if they are not "natural" entrepreneurs.

                                                                            Entrepreneurs are made:
Whether these traits are in born in the entrepreneurs or can be induced and developed? Behavioral scientists have tried to seek answers to these questions.
A well-known behavioral scientist David C. McClelland (1961) at Harvard University made an interesting investigation-cum-experiment into why certain societies displayed great creative powers at particular periods of their history? What was the cause of these creative bursts of energy? He found that ‘the need for achievement (n’ ach factor)’ was the answer to this question. It was the need for achievement that motivates people to work hard. According to him, money- making was incidental. It was only a measure of achievement, not its motivation.
In order to answer the next question whether this need for achievement could be induced, he conducted a five-year experimental study in Kakinada, i.e. one of the prosperous districts of Andhra Pradesh in India in collaboration with Small Industries Extension and Training Institute (SIET), Hyderabad.
This experiment is popularly known as ‘Kakinada Experiment’. Under this experiment, young persons were selected and put through a three-month training program and motivated to see fresh goals.
One of the significant conclusions of the experiment was that the traditional beliefs did not seem to inhibit an entrepreneur and that the suitable training can provide the necessary motivation to the entrepreneurs (McClelland & Winter 1969). The achievement motivation had a positive impact on the performance of entrepreneurs.
In fact, the ‘Kakinada Experiment’ could be treated as a precursor to the present day EDP inputs on behavioral aspects. In a sense, ‘Kakinada Experiment’ is considered as the seed for the Entrepreneurship Development Programs (EDPs) in India.
The fact remains that it was the ‘Kakinada Experiment’ that made people appreciate the need for and importance of the entrepreneurial training, now popularly known as ‘EDPs’, to induce motivation and competence among the young prospective entrepreneurs.
Based on this, it was the Gujarat Industrial Investment Corporation (GIIC) which, for the first time, started a three-month training programs on entrepreneurship development. Impressed by the results of GIIC’s this training program, the Government of India embarked, in 1971, on a massive programs on entrepreneurship development. Since then, there is no looking back in this front. By now, there are some 686 all-India and State level institutions engaged in conducting EDPs in hundreds imparting training to the candidates in thousands.
Till now, 12 State Governments have established state-level Centre for Entrepreneurship Development (CED) or Institute of Entrepreneurship Development (lED) to develop entrepreneurship by conducting EDPs. Today, the EDP in India has proliferated to such a magnitude that it has emerged as a national movement. It is worth mentioning that India operates the oldest and largest programs for entrepreneurship development in any developing country.
The impact of India’s EDP movement is borne by the fact that the Indian model of entrepreneurship development is being adopted by some of the developing countries of Asia and Africa. Programs similar to India’s EDPs are conducted in other countries also, for example, ‘Junior Achievement Program’ based on the principle of ‘catch them young’ in USA and ‘Young Enterprises’ in the U. K.
The entrepreneurial traits like need for achievements, motivation, creativity, to competence etc. can be induced among the young prospective entrepreneurs through education, experience, training, intensive care and mentorship.

So EDPs (Entrepreneurship Development Programs) for the development of entrepreneurship in any country are inevitable. Through the entrepreneurship development program it is possible to develop entrepreneurship in any country.
Finally we can conclude that “Entrepreneurs are born as well as made”

529

Business Administration / Re: Should BB reduce interest rate?

« on: May 27, 2015, 06:12:49 PM »

Thanks  for providing valuable information.

530

Business Administration / Sources of an Entrepreneurial Stress:

« on: May 27, 2015, 05:54:49 PM »

                                                           Sources of an Entrepreneurial Stress:
Generally stress means a dynamic condition in which an individual is confronted with an opportunity, constraint, or demand related to what he or she desires and for which the outcome is perceived to be both uncertain and important.
Entrepreneurial Stress is the realization of a difference between the expectations of an entrepreneur and the actual ability to meet those expectations.
An entrepreneur faces variety of stress. Numerous studies have been taken to understand the stress of entrepreneurs. Many studies show that one of the leading causes for stress among entrepreneurs comes from having to deal with expectations.

There are different sources of entrepreneurial stress. The sources are collected from a research paper.
Collected from the Link:
www.researchgate.net/.../Kate_Ferris/...Measuring_stress_in_entrepreneu.
The sources are  shown in the paper, please see the attachment:

 

531

Business Administration / Re: Consumer behavior toward shopping mall in Dhaka City and Marketing Implication:

« on: May 27, 2015, 05:25:13 PM »

Yes sir, now customers are very much interested to get everything in one place like in a super shop.
Thanks for your nice reply.

532

Business Administration / Re: Nice online statistics courses

« on: May 21, 2015, 12:18:37 PM »

Thank you for sharing the information...........

533

Research on Entrepreneurship / Entrepreneurial Stress

« on: May 20, 2015, 01:53:30 PM »

Entrepreneurial Stress:
Generally stress means a dynamic condition in which an individual is confronted with an opportunity, constraint, or demand related to what he or she desires and for which the outcome is perceived to be both uncertain and important.
Entrepreneurial Stress is the realization of a difference between the expectations of an entrepreneur and the actual ability to meet those expectations.
An entrepreneur faces variety of stress. Numerous studies have been taken to understand the stress of entrepreneurs. Many studies show that one of the leading causes for stress among entrepreneurs comes from having to deal with expectations.

An interview was taken with industry expert on “Entrepreneurial Stress”  (Collected).
In an interview with Forbes, Sadhguru answered a question on this issue. Let’s see what he had to say.
Questioner: A main stress point for any manager or an entrepreneur is to manage peer group relationships. After all, many enterprises start with friends and family. We find that entrepreneurs go through a lot of stress and anxiety when they are building their enterprise, especially when the enterprise is doing well. The whole burden of societal expectations – whether it’s from family, friends, or even the media – can be fairly onerous. What advice would you give entrepreneurs who have to deal with balancing relationships at one end and yet keeping the focus on performance?
Sadhguru: One thing entrepreneurs should understand is the meaning of being an entrepreneur. An entrepreneur is someone who has chosen to do what he wants with his life. When you’re doing what you want with your life, that is the greatest joy that you can have. But slowly, you forget that you are doing what you want. You start working for somebody else’s expectations. That’s not the way. The meaning of being an entrepreneur is that you are doing what you want to do, and you should continue to do that all your life. Success is not only in terms of size. Success must also be looked at in terms of finding full expression of who you are, your capabilities and your competence.  If any human being finds full expression of who he is, always, he will find success. If you compare yourself to somebody in another completely different area or arena of activity, and put the numbers together, those numbers may be bigger – that’s not the point. In your area of life, finding full expression is success.
So there is no need to be pressured by peer groups, media, this and that, as long as you are able to find full expression to who you are through the work that you’re doing, and above all, establish your way of being. An entrepreneur does something that he cares for, that he wants to do. So it matters to him. His work is important. Once your work is important, the most important thing is, you must work upon yourself. This is completely missing. Managing a business essentially means you are managing thousands of minds. If you can’t manage yours, how will you manage theirs? If you manage yours, where is the question of pressure? Where is the question of stress? There is no such thing. Work is not pressure. Work is not stress. It is your inability to manage yourself which is the stress.
.

534

Business Administration / Re: Why the world is addicted to debt?

« on: May 19, 2015, 02:48:27 PM »

Really its fine
and realistic

535

Business Administration / Consumer behavior toward shopping mall in Dhaka City and Marketing Implication:

« on: May 18, 2015, 04:10:42 PM »

          Consumer behavior toward shopping mall in the Dhaka City and Marketing Implications:

Dhaka is the capital of Bangladesh. Dhaka is the most heavily populated city in the world. To meet up the needs, wants and demands of the city dwellers many luxurious shopping malls like (Bashundhara City, Jamuna Future Park, Estern Plaza, Rajdhani shopping complex and …. etc.) have been established since one decade. As more and more malls are coming up in the Dhaka City, competition in this domain has been intensifying and becoming fierce.

So it is becoming important to know about the customer behavior towards the shopping mall. To sustain in the competition as well as to ensure the better customer satisfaction analyzing the consumer behaviors toward the shopping mall and shaping the marketing strategy are act as a key to success. It is of utmost importance to mall management to understand the needs/desires of the targeted customers and deliver their offerings accordingly so that they can get not only the maximum wallet shares of the customers but also their mind shares.
                             Consumer Behaviors Regarding the Shopping mall in the Dhaka City:
The present consumer behaviors toward shopping malls in the Dhaka city are:
   Consumers view shopping malls as a place for socializing and recreation (apart from shopping)
   Now-a-days customers have set high expectations from the malls. They see malls as a one stop destination for various purposes like dining, watching movies, hanging out, meeting new/ old friends and shopping.
   The customers seek wide variety of assortment in the shopping mall
   The customers preferred one stop shopping, and a place for recreation with friends and acquaintances.
   Aesthetics were valued high by the Dhaka City customers, items related to the aesthetics like interior design, décor and lightning of the malls were observed to have received high acceptance from the customers.
   The current study also revealed that young customers of the Dhaka city were found to have favorably inclined towards the mall than their older counterparts.

Marketing Implications:

Marketers of the shopping malls have to take appropriate marketing strategy to cope up with the dynamic consumer behavior and provide superior value to the customers.
    The mall Marketers and managers should understand that malls have become something more than a place to buy products and they should transform the malls that would offer energetic and vibrant stores with attractive product merchandises, scores of entertainment bundled with modern, more sophisticated atmospherics and facilities, necessary to lure the target customers.
    Mall Marketers should bundle all the mentioned items (socialization, recreational and entertainment items, shopping, dining, Cineplex, place for recreation with friends and relatives, fantasy, as well as aesthetic items)while designing criteria which the mall has to offer to the customers, in order to lure them, make them to stay longer and spend more.
    Managing atmospherics (like color, decoration, scent, temperature, lighting, etc.) is of great strategic importance, resulting in an appropriate differentiation and positioning.
     For the young generation Marketers of the Mall should develop new strategies in order to attract more and more youth crowd by employing new technologies, vibrant color schemes and futuristic.
     Whereas to attract the old generation (older crowd) marketers may take different strategies like offering complete family entertainment along with a great shopping experience.

The results of the current study have many implications to the managers and marketers for an efficient, effective and productive mall performance.

536

Research on Entrepreneurship / Concept of Entrepreneur

« on: May 17, 2015, 04:08:08 PM »

Concept of Entrepreneur:

The word “Entrepreneur” comes from the French word “Entreprendre”. Entreprendre means "to undertake", take responsibility, to do work, to think or to take some steps for doing something. In a business context, it means to start a business. The Merriam-Webster Dictionary presents the definition of an entrepreneur as one who organizes, manages, and assumes the risks of a business or enterprise.
There is a debate on the definition of entrepreneurs.
From the view points of Economist: An entrepreneur is one who brings resources, labor, materials and other assets into combinations that make their value greater than before , and also one who introduces changes, innovations, and a new order.
From the view points of psychologists: Entrepreneur is such a person is typically driven by certain forces- the need to obtain or attain something, to experiment, to accomplish, or perhaps to escape the authority of others.
Although being an entrepreneur means different things to different people, there is agreement that we are talking about a kind of behavior that includes:
•   Initiative taking
•   The organizing and reorganizing of social and economic mechanisms to bundle resources in innovative ways, and
•   The acceptance of risk, uncertainty, and/or the potential for failure.
So an entrepreneur is an individual who takes initiative to bundle resources in innovative ways and is willing to bear the risk and/or uncertainty to act.
Some expert definitions: 
According to Oxford Dictionary (1889), “Entrepreneur is a person who starts or organizes a commercial enterprise, especially involving financial risk”.

American Heritage Dictionary, “Entrepreneur is a person who organizes, operates and assumes the risk for business venture”.

According to New Encyclopedia Britannica, “Entrepreneur is a person or individual who bears the risk of operating a business in the face of uncertainty about future conditions and who is rewarded accordingly by his profit or loss”.

 According to Richard Cantilon, “Entrepreneur is an agent who purchases factors of production at certain price in order to combine them into a product with a view to selling it at uncertain prices in future”.

According to French Economist Jean Baptiste, “Entrepreneur is a person who shifts economic resources out of an area of lower and into an area higher productivity and yield”.

According to Austrian Economist Joseph A. Schumpeter, “Entrepreneur as primarily innovator whose dynamic creative response makes him central to the promotion of  material growth and material development and who is engaged in producing new commodity or producing old one in new way”.

In the light of above discussion, we can define entrepreneur as a person who tries to create something new organizes production, undertake risks and handles economic uncertainty involved in enterprise.

Evolution of the concept of entrepreneur/who is entrepreneur:

The evolution of the concept of entrepreneur is considered over more than four centuries. Since then the term entrepreneur is used in various ways and various views. These views are broadly classified into three groups, namely, risk bearer, organizer and innovator, which are discussed in below-

1. Entrepreneur as a risk bearer: According to Richard Cantillon- Entrepreneur is an agent who buys factor of production at certain prices in order to combine them into a product with a view to selling it at uncertain prices in future. For example- a farmer who pays out contractual incomes which are certain to the landlords and labourer and sell at prices that are uncertain. So, they are risk bearing agents of production.

2. Entrepreneur as an organizer: Jean Baptist defined entrepreneur associates with the functions of co-ordination, organization and supervision. He/she is one who combines the lands of one, the labour of another and the capital of yet another and thus produces a product. By selling the product in the market, they pays interest on capital, rest on land and wages to labourer and what remain is his/her profit. An organizer should have the below characteristics-

a. Moral qualities of work judgment, perseverance and knowledge about business world.                       
b. Command over sufficient capital.
c. Uncertainty of profits.   

3. Entrepreneur as innovator: An entrepreneur is one who discovers new method and new material. He utilizes inventions and discovers in order to make new combinations. Joseph A Schumpeter considered, economic development as a discrete/isolate dynamic change brought by entrepreneur by instituting new combinations of production i.e. innovation. Introduction of new combination of factor of production can be occurred in the following ways-
   
a)   The introduction of a new product in the market.
b)   The instituting of new production technology which is not yet tested by experience in the branch of manufacture concerned.
c)   The opening of a new market into which the specific product has not previously entered.
d)   The discovery of new source of supply of raw materials.
e)   The carrying out of the new form of organization of any industry by creating of a monopoly position or the breaking up of it.

At last we can say, entrepreneur as a person who tries to create something new, organizes production and undertakes risks and handles economic uncertainty involves in enterprise.

537

Research on Entrepreneurship / Daffodil Business Incubator (DBI)

« on: May 17, 2015, 04:00:50 PM »

 Daffodil Business Incubator (DBI)
 
Daffodil Business Incubator:
 A Hub of Generating Young Entrepreneurs Daffodil International University is the first in Bangladesh to have a business incubator jointly with Bangladesh Venture Capital Ltd. With a view to creating new entrepreneurs, Daffodil Business Incubator (DBI) initiated its journey in September 2012 & is implemented in May 2014 through rigorous entrepreneurial guidance and evaluation process under Daffodil International University. It imparts different types of entrepreneurial initiatives, business skills development training and workshops to the students aspiring to be entrepreneurs. It has already achieved the trust and reputation for the quality, standard and success of its students. Some students have already started their businesses practically with support from DBI. The objective of DBI is to develop a supplemental business process that fosters a strong sense of self-worth, self-confidence, and self-reliance, reduce unemployment problem and creating job opportunities. New entrepreneur will start their preliminary operation from DBI.
Objectives of Daffodil Business Incubator:
The broad objective of Daffodil Business Incubator is to motivate, inspire, incite and instruct the students to become successful entrepreneurs. The specific objectives of Daffodil Business Incubator include:
•   Setting up business
•   Networking activities
•   Marketing assistance
•   High-speed Internet access
•   Helping with accounting/financial management
•   Accessing to bank loans, loan funds and guarantee programs
•   Helping with presentation skills
•   Linking to higher education resources
•   l Linking to strategic partners
•   Accessing to angel investors or venture capital
•   Comprehensive business training programs
•   Advisory Boards and mentors
•   Management team identification
•   Help with business etiquette
•   Technology commercialization assistance
•   Helping with regulatory compliance
•   Intellectual property management
Focus:
•   Creating jobs and wealth
•   Fostering a community's entrepreneurial climate
•   Technology commercialization
•   Diversifying local economies
•   Building or accelerating growth of local industry clusters
•   Business creation and retention
•   Encouraging women or minority entrepreneurship
•   Identifying potential spin-in or spin-out business Opportunities
•   Community revitalization

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Research on Entrepreneurship / Business Incubators: A global Trends

« on: May 17, 2015, 03:43:12 PM »

Business incubators: A global trend
Syed Mansur Hashim
Assistant Editor, The Daily Star.
Business incubation is not a new concept. It focuses on growing new companies which will leave the business incubation programme when ready. It has evolved since the mid-'80s. What started as an experiment in the United States has over the course of three decades encompassed Europe and become a global trend. According to 2002 data, there were an estimated 5,000 business incubators globally. The concept found a solid founding in Asian economies accounting for about a fifth of that total. Again half of this figure is concentrated in the Chinese economy. Interestingly, China along with Australia and the US has incubators that have lasted more than fifteen years.
The idea of business incubators was born out of necessity. As any entrepreneur will agree, starting a business is no joke. Although most start-up companies and new entrepreneurs know their product or service they wish to launch, a great many lack all requisite skills and resources to turn their ideas into success stories. Incubators step into fill these voids. A 2008 study by Grant Thorton conducted on behalf of the US Department of Commerce Economic Development Administration found that business incubators produce new jobs at a low cost for the government. As stated in the report Construction Grants Program Impact Assessment Report: for every $10,000 in Economic Development Administration (EDA) funds invested in business incubation programmes, an estimated 47 to 69 local jobs are generated. Hence, these incubators are creating jobs at a much more cost effective manner than EDA and their application is in areas such as roads and bridges, industrial parks, commercial buildings, sewer and water projects. It was further found that incubators provide up to 20 times more jobs than community infrastructure projects at a federal cost per job of $126 - $144, compared with $744 - $6,972 for other infrastructure projects.
There is no set model for an incubator. Rather, cultural differences and work ethos in different countries and continents have helped variants of the base model. In China, incubation has merged with technology parks and investment incentives resulting in hybrid models that are best suited to the Chinese business environment. To illustrate how incubation works within set models of business development, we may take the example of a science park in China. It provides a platform for businesses with educational and research institutions. It borrows from the "incubator" idea to provide start-up businesses the infrastructure and support services, viz. real estate, office space, office equipment and personnel in terms of fax, telephone, internet, computers, Xerox machines, etc. -- all capital expenditure that most new companies can ill afford. While larger businesses will remain within the confines of the park to do business, start-ups will at some point in time leave, i.e. when they have reached a certain maturity level. As pointed out by the National Business Incubation Association, USA, "A business incubator's main goal is to produce successful firms that will leave the programme financially viable and freestanding. These business incubator graduates have the potential to create jobs, revitalise neighbourhoods, commercialise new technologies, and strengthen local and national economies."
Reverting back to where it all started, the United States, the incubator model has proved to be a success and legislation to that effect has been drafted. The National Business Incubation Association estimated back in 2005 that business incubators supported some 27,000 start-up companies which created space for fulltime employment for 100,000 workers. The revenue generation by these businesses was estimated to be $17 billion annually.
Such findings, especially in the middle of the recession that hit the global economy in 2008, were not lost upon policymakers. And it paved the way for the introduction of Business Incubator Promotion Act as a bill to US Congress in April, 2010. The bill has a two-prong approach. First it ensures that the most economically distressed have access to EDA funding and second, it promotes business incubators by constructing new incubators and expanding and supporting existing incubators. The bill provides for an independent EDA funding stream that will "provide competitive grant funding up to $750,000 for feasibility studies and plans, and up to $3 million for implementation."
The need for such legislation has been encapsulated by people like Terry Martell, Director of Operations and Business Development for the Akron Global Business Accelerator who states: "Between 1980 and 2005, 40 million jobs were created by firms five years old or less, while established firms produced no net new jobs. Start-up companies historically have a high attrition rate, with only five percent surviving after the first five years; however, fully 40 percent of incubated companies survive after five years -- or an eight-fold increase over non-incubated companies."
Yet for countries such as Bangladesh, it is still a developing concept, but one that holds immense potential. The Bangladesh experience has already started. Infant incubators have started bearing fruit. Unheard of start-ups have started graduating. What is needed now is government patronisation and legislation, but that is the subject matter of another article.

539

Research on Entrepreneurship / Business Incubator

« on: May 17, 2015, 03:39:58 PM »

Simply, a business incubator is a company that helps new and startup companies to develop by providing services such as management training or office space.
More broadly "Business incubation is a unique and highly flexible combination of business development processes, infrastructure and people designed to nurture new and small businesses by helping them to survive and grow through the difficult and vulnerable early stages of development."
Functions of Business Incubator:
   Business incubator provides a nurturing, instructive and supportive environment for entrepreneurs during the critical stages of starting up a new business.
   Business incubator provides SMEs and start-ups with the nurturing environment needed to develop and grow their businesses, offering everything from virtual support, rent-a-desk through to state of the art laboratories and everything in between.
   They provide direct access to hands on intensive business support, access to finance and experts and to other entrepreneurs and suppliers to really make businesses and entrepreneurs to grow.
The goal of incubators is to increase the chance that a start-up will succeed, and shorten the time and reduce the cost of establishing and growing its business. If successful, business incubators can help to nurture the companies that will form the true creators of regions or nation’s future wealth and employment.

540

Business Administration / Changes in Consumer Behavior and Marketing Strategies: In 21st century

« on: May 14, 2015, 01:17:20 PM »

Changes in behavior of the 21st century’s consumers in Bangladesh:
Over the past two decades, the face of the world consumer has truly changed. Bangladesh is no exception. The Bangladeshi consumers’ behavior also has been changing tremendously since two decades. Most mentionable changes are occurred like:
Changes in Behavior:
•   Goods are more available
•   Online shopping tendency increasing
•   Consumers becoming more conscious aware about the product.
•   Want to get the product by convenient way and at convenient place.
•   Information about these goods is more open and accessible
•   And the ability to buy these goods from any corner of the earth has become possible.
•   Consumers becoming Savvy …………………………………..
 As a result, marketers have to rethink about their consumers. Marketing is more important now than ever before. The challenges facing by modern marketers are changes in consumer behavior.
Marketing strategies:
To cope up with the 21st century’s consumer behavior successful marketer can follow the following strategies:
   Successful communication with the target market: Using social media to share consistent information about products and services.
   Communicating directly with culture-driven consumers: Who already communicate online amongst themselves and even with competitors.
   And mastering people-to-people (ONE TO ONE) communication with consumers.
In order to survive in the 21st century marketers have to practice the above mentioned strategies.