Hardly any of the classic functional areas is as strongly affected by the digital change as marketing. In academic education, which has been the standard for many decades, we all certainly remember the marketing mix and the 4Ps of place, price, product, and promotion. In the meantime, Process, Physical Evidence and People have been added to 7Ps (Magrath 1986). Even in times of digitization, artificial intelligence, and climate change, an attractive range of services, optimal positioning, clever pricing, and a brand-appropriate presentation are key success factors. So what has changed?
New ideas and new skills are needed. Globalization as an important driver for the growth of startups and SMEs has changed. It no longer does it in the form of hyper-globalization as before. Up until 2010, global goods exports developed about twice as fast as global economic output as a whole. However, these growth rates have been declining significantly for several years and instead we are seeing individual value-added activities being relocated abroad.
More and more established companies are participating in start-ups and are looking for cooperation with newly founded firms. More than three quarters of the Fortune 100 companies have their own investment companies that are looking for attractive start-ups. The reason is clear. The innovations from our own company are obviously not enough to keep up.