Table of ContentsIntroductionThe Emergence of the Sharing EconomyConclusionIntroductionWith the advent of the sharing economy, the traditional values ​​and definition of marketing have changed dramatically over the over the last six years. Marketing has traditionally been defined as "the activity, institutions and processes of creating, communicating, delivering and exchanging offerings that have value to customers, partners and society in its whole. » This definition of marketing is six years old, and since it was conceived, the "sharing economy" has grown, challenging the three fundamental foundations of marketing. The sharing economy is a means by which goods are distributed between individuals, for a small fee or for free, via the Internet. The sharing economy has important implications for marketing, as Americans reduce the number of items and services they use and instead take advantage of the sharing economy, which has penetrated many niches. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get the original essayThe emergence of the sharing economyThe sharing economy has emerged with a new way of using data to provide insights services to people when they need them. Uber and Airbnb are some of the best examples of the sharing economy and how it has reshaped marketing. Uber allows independent drivers to work through the company to provide rides to other people in their personal vehicles. This has changed the taxi industry and the way they market taxis because they now have a major competitor whereas previously they only had to compete with other taxi services. Airbnb is a site where individuals can book private residences around the world instead of paying high hotel rates when traveling. This allows these owners to earn a little extra money while allowing someone else to experience the country they live in. One of the differences between marketing and the sharing economy is that with the sharing economy, offerings are temporarily accessed rather than owned. This is one of the major differences that has changed the concept of marketing. With marketing, companies try to show customers the value their product will bring them so that they will buy it. However, with the sharing economy, individuals do not own anything, they essentially rent it with services like Uber and Airbnb. Value is transferred from one entity to another with the sharing economy since one party is paid for services and the other receives services. A platform, such as the Internet, is often used in the sharing economy because it facilitates exchanges between suppliers and creates appropriate matches through that platform. Marketing can use the Internet to promote services and products, but this differs because this exchange does not occur as in the sharing economy. The sharing economy has seen rapidly accelerated growth in recent years, disrupting the regular marketing that companies use to convince buyers. to buy their products. One of the biggest attractions of the sharing economy over purchasing traditional products from merchandising companies is the positive user experience many people have. Additionally, utility and trust are other major facets of consumers' decision to embrace the sharing economy rather than purchasing a product for themselves.Consumers have learned to trust brands like Uber, Lyft and Airbnb that consistently provide high-quality service and meet customer expectations. These brands and other players in the sharing economy have developed the trust of consumers, who therefore continue to use their services. Each distinct practice of the sharing economy is a hybrid of exchange and sharing between individuals, unlike other aspects of marketing and management that have been seen before. Non-ownership forms of consumer activities have begun to increase rapidly in the market, leading to a rapid change in marketing and the way executives begin to think about how to market their products. Business practices like Airbnb have changed the hotel industry, caused hotels to lower their prices to compete, and changed the way hotels tell guests about their business. Sites like Expedia allow consumers to bundle hotel and flight deals and save huge amounts of money. This is one of the ways hotels have tried to combat the sharing economy by partnering with sites like Expedia as well as local airlines. When executives now make marketing decisions for their companies, they must always consider the sharing economy. For example, travel industry managers who own hotels should systematically check the prices of Airbnbs around them, as well as the traffic generated by Airbnbs, in order to adjust prices if necessary. If many people are staying in an Airbnb and not a hotel, that could mean the hotel's prices are too high and they need to lower them. Once they start generating a lot of business again, they know their prices are reasonable enough that guests will want to stay at the hotel rather than resort to the exchange option. Leaders must constantly think about ways to beat the sharing economy and make the best decision for their business. People own less and share much more with each other today than in previous years, which is the danger of the sharing economy. traditional businesses that sell products. many people don't want to have a lot of items because they are part of the new minimalist movement that has taken the country by storm. Additionally, even people who don't make a lot of money can own a lot of items, especially since making those items has become significantly cheaper. The advent of digital and sharing economies has created a system where people no longer need to own a lot of items to survive like they used to. With Uber, Lyft, and other similar companies, people don't even necessarily need to buy a car, they could theoretically use Uber everywhere or take a Lyft to places they need to go. In fact, many families find it more beneficial to have just one car or no cars at all because they reduce the emissions they use. Not only are people looking to downsize their cars and items in general, but they're also no longer getting traditional jobs. One example is WeWork, a large company that offers coworking spaces in major cities. Entrepreneurs and freelancers can rent cheap office space or an entire office without having to pay to rent an entire building or suite. meeting space, internet, and even coffee are often included among the benefits of renting with WeWork. These entrepreneurs and independents no longer need to work for a..