Marketing Challenges - 1099 Words

Marketing Challenges in a New Economy There is a new trend in today’s economy that does not involve large chain suppliers, retailers or wholesalers. This new trend involves companies that allow owners to rent out their physical assets to increase their income. This new business practice puts the producer directly in contact with the consumer to conduct business. This new trend in the consumer marketplace is known as the share economy. This paper will discuss how this new concept of the share economy has had an effect on the traditional economy and whether the shared economy is creating new value for the consumer or if it is just replacing existing business. The share economy concept involves individuals renting out their physical†¦show more content†¦74). In the example of Airbnb and other share economy companies the transparency of the costs of goods is straight-forward due to no hidden costs and the transaction taking place directly between the buyer and seller and no intermediaries. The impact of this visibility also has an effect on companies that are not part of the share economy. The visibility of prices makes for a more competitive market. Non-share economy companies face the possibility of having to lower their prices to match share economy companies. The share economy concept is creating new value for consumers and also replacing existing businesses. The ability for consumers to rent tools, bicycles, homes or other physical assets versus buying these items at higher prices, then renting creates a better value for the consumer. This ability also creates the fallback for existing businesses because they may not be able to compete with the pricing that the share economy concept can offer. Existing businesses use different pricing strategies due to the nature of their business and overhead costs, whereas companies that do not have to consider these elements in their pricing strategy and can offer lower prices. The new concept of share economy has both positive and negative impacts for the overall marketplace. There is potential for consumers to get a great deal and for individuals toShow MoreRelatedThe Challenges of International Marketing1208 Words   |  5 PagesThe Challenges of International Marketing BY Jay Fankam Baker College 2005-2006 Abstract Regardless of the success of your company on a national scale, to engage yourself in a successful venture outside of your borders requires several critical elements that one must acknowledge and apply with great care. One of those requirements would be to thoroughly research the cultural environment in which you wish to launch your product no matter how popular and indispensable you believe itRead MoreChallenges in Service Marketing1168 Words   |  5 PagesCHALLENGES IN SERVICE MARKETING Managing, growing, and profiting with both product and service businesses are challenging tasks. But the challenges are different from one to the other. 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