Megatrends do we have to consider for the future by Philip Kotler
“The economic landscape has been fundamentally altered by technology and globalization. Companies anywhere can now compete anywhere, thanks to the Internet and more free trade.
The major economic force is hyper-competition, namely companies are able to produce more goods than can be sold, putting a lot of pressure on price. This also drives companies to build in more differentiation. However, a lot of the differentiation is psychological, not real. Even then, a company’s current advantage doesn’t last very long in an economy where any advantage can be copied rapidly.
Companies must pay attention to the fact that customers are getting more educated and have better tools such as the Internet at their disposal to buy with more discrimination. Power has been passing from the manufacturer to the distributor, and now is passing to the customer. The customer is King.”