In today's times, firms that carry out marketing strategies in a standalone fashion, i.e. without understanding and accounting for the ripple effects of these strategies on other stakeholders and functions, often face suboptimal results.
The very concept of marketing is becoming increasingly complex. Firms now resort to many types of communication/marketing techniques such as PR events and experiences, viral marketing, mobile and social media marketing, etc. Firms have also resorted to selling their products and services via multiple direct and indirect channels (see: ). With an increased engagement of and exchange of information with the customers, firms get more and more detailed information about the needs and preferences of their customers and channel partners. Along with a focus on increasing revenue and profits, firms have also become conscious of their roles and responsibilities towards the community, environment, and governing bodies.
All of these changes call for a new, in
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