Document Type: Research Paper
Department of Business Administration, Beirut Arab University, Beirut, Lebanon
This paper analyzes the major trends in the business environment that shaped the business models adopted by companies and their new marketing strategies. It adopts a desktop research methodology by collecting data from previous academic papers, statistical, and analytical reports. It starts by analyzing the globalization trend that forced most of the emerging economies to liberalize and privatize public entities to attract new investments. These trends intensified the competition between companies who reinforced their positions by adopting growth strategies based on mergers and acquisitions (M&A) and strategic alliances. The rising level of competition, trades, consumption, and population intensified the ecological problems and raised the awareness among consumers who were willing to buy goods and services from eco-friendly companies who started adopting green marketing strategies to address the ethical consumer markets. Further, the digitization attracted new start-ups to adopt the sharing economy as a business model. It also directed companies to adopt cognitive marketing strategies to analyze and benefits from data collected to set up digital marketing strategies. This paper concludes that digitization changed consumer’s attitudes and behaviors and pushed companies to innovate and adopt new digital marketing strategies.