key: cord-0799812-oboq9os5 authors: Zhang, Jonathan Z.; Watson, George F. title: Marketing ecosystem: An outside-in view for sustainable advantage date: 2020-04-30 journal: nan DOI: 10.1016/j.indmarman.2020.04.023 sha: 6ea5f637387ef423e3ee457005223c05b1a6a8d1 doc_id: 799812 cord_uid: oboq9os5 Abstract In the modern business environment, consumers are increasingly influenced by megatrends involving marketplace, technology, socioeconomics, geopolitics, and natural environment. Simultaneously, the data and insights that can inform consumer attitudes and behaviors often reside outside of firms' direct control. Consciously incorporating these interdependent factors into firms' decision-making is essential for adaptability and sustainable profitability. Building on the “outside-in” perspective, we propose that firm strategies should be informed through the lens of the marketing ecosystem that considers the interrelated and dynamic megatrends. By leveraging advances in data and technology, firms can sense-make the marketplace by extracting insights from massive amounts of diverse consumer data with modern-day analytics. By mapping out the megatrends with marketing analytics, firms can 1) more accurately predict consumers' changing preferences and formulate appropriate strategies to engage with them; and 2) become more market-adaptable and competitive in the present and the future. To deliver sustainably compelling value to customers, firms should adopt an ecosystem mindset and cooperate with various stakeholders. A broad-thinking, agile, and humble firm culture can enable the development of more robust outside-in capabilities. We elaborate on the megatrends in the interconnected world of the marketing ecosystem, and propose emerging research directions in each area. Marketing as an academic and managerial discipline is fundamentally concerned with understanding consumers and enabling firms to leverage consumer insights to deliver value and sustainably achieve efficient marketplace outcomes (Vargo & Lusch 2004; Day & Moorman 2010 ). However, the preferences and behaviors of consumers are not solely defined by their focal transactions and commercial relationships often observed through the narrow lens of a single stylized construct (Houston 2016; McAlister 2016) . Consumption and consumers are interwoven with contemporary society, and consumers are complex living entities that are constantly The marketing ecosystem perspective contributes to marketing theory and practice through a structured, outside-in view focused on a better understanding of the evolving consumers. First, the ecosystem framework expands the existing outside-in perspective to a macro level and guides firms to monitor and internalize the megatrends that influence consumers, thereby improving firms' abilities to understand and predict their preferences and needs. Second, we discuss how firms can market-sense through emergent, data-rich, yet unstructured environments where consumer and marketplace data often do not reside within the firm. Third, by identifying the megatrends that shape consumers into the future, future marketing strategy research can incorporate these factors to provide a fuller and more nuanced view of consumers and to help firms make market-adaptable decisions. We define the marketing ecosystem as an interconnected system of coevolving actors and forces that affect firms' abilities to sense-make the market and seize opportunities. In addition to competitors' and collaborators' actions that directly affect the firm's business, the marketing ecosystem contains five macro factors: 1) marketplace factors, 2) technological factors, 3) socioeconomic factors, 4) geopolitical factors, and 5) natural environmental factors. The marketing ecosystem perspective expands the existing lens of outside-in view in marketing to include a set of structured macro factors and associated megatrends that influence consumers and have profound implications for firm strategies. The marketing ecosystem perspective explicitly recognizes that marketing is an "open system," and that the firm can be thought of as an organism that is embedded in the broad ecosystem with which it needs to develop a symbiotic relationship to survive and prosper. Therefore, this perspective calls for a proactive and broad mindset of adaptability, exploration, and collaboration to improve firms' abilities for marketsensing and market-seizing. The marketing ecosystem has many elements. In this paper, we primarily focus on the megatrends occurring within the five macro factors, which are often ignored in previous outsidein perspectives. Figure 1 highlights the five macro factors as well as the megatrends occurring in each that we identify later in Section 4. The five factors are portrayed as concentric circles reflecting their specificity and the immediacy of their influence s on consumer behaviors and, consequently, firms' decision-making. This broadened outside-in perspective provides a stable structure in that the five macro factors encompass the vast majority of the influence that consumers face, but also allows for flexibility and dynamics through the identification and updating of trends within each factor. -Insert Figure 1 here -The ecosystem framework builds on the strength of the outside-in view, which stresses using outside factors to improve market-sensing, customer-engaging, and partner-linking (Day & Moorman 2010; Mu et al. 2018) . While the outside-in view is theoretically rich and thoughtprovoking, given its infancy in the literature, it is not yet fully developed and thus offers a fertile ground for frameworks. We build on the theoretical foundation of the outside-in perspective by crystalizing the various macro factors and discussing how they influence consumers and, consequently, firms' profitability, business models, and sustainable competitive advantage. In the past, many of these macro factors might have received cursory looks, and some were excluded from the scope and mission of profit-oriented firms. However, as the business environment becomes increasingly dynamic and consumers become increasingly empowered, we argue that these outside-in factors are more important than ever. We recommend that firms should consciously incorporate these ecosystem factors into their decision-making and firm culture, as these factors will enable firms to be more adaptive and will likely determine the competitive advantages of the future. The ecosystem perspective offers the following benefits for broadening firms' strategic thinking while grounded in the profit-orientation logic. First, the broad and anticipatory perspective enables firms to focus not only on current customer needs and current value for exploitation (Fader 2012) but also on future customer needs and future value for exploration (Mu 2015) . Markets change, and hence customers change. Current unprofitable customers and segments might evolve to become profitable in the future, and strategies that have worked in the past might not work in the future. The ecosystem perspective hence encourages firms to have a constant awareness of emergent segments and new needs. This perspective is consistent with the philosophy that organizations of all sizes need to promote entrepreneurial thinking and structure, and to promote experimentation for exploration and adaption, to overcome "the innovator's dilemma" (Christensen 2013; Christensen & Raynor 2013; Christensen, Bartman, & Van Bever 2016) . Firms need to be aligned with the marketplace (Day 2006) , and the marketing ecosystem framework explicitly describes the macro factors in the interconnected environmental factors that firms should consciously incorporate, beyond the previously considered factors such as technologies and competitive actions. Second, by examining each macro factor, the ecosystem perspective helps to identify external stakeholders such as policymakers and tastemakers that influence consumers. Whereas the traditional stakeholder theory (Freeman 2010 ) focuses on business ethics and corporate social responsibility, the ecosystem perspective offers a marketing lens from an outside-in perspective. It focuses on customer value creation by extracting market insights from data in various sources in the broad environment to meet the needs of both current and potential customers, so that firms can build sustainable competitive advantage. As the needs for ethical behaviors and social responsibility are internalized by consumers, the corresponding actions by the firm would also provide superior value to its customers in terms of goodwill, brand warm glow, customer loyalty stemming from increased customer-brand identification, and potential "attitudinal insurance" against the firm's future mistakes (Flammer 2013; Godfrey, Merrill, & Hansen 2009; Kang, Germann, & Grewel 2016) . When thinking about the five macro factors, it is imperative for firms always to adopt a global view. With today's rapid rate of information and capital flow, compelling developments in the technological, marketplace, and cultural arenas in one corner of the world can quickly spill over to the other regions. Environments always change, and thus consumers always change (Zhang & Chang 2020 ). The concentric-circle "radar" design of the marketing ecosystem framework can guide firms on a concentric-level of "outside-in" thinking, focusing on factors that have more immediate effects while keeping an eye on the radar to simulate what-if scenarios on how changes in other factors could impact consumers and markets. This broadened view of the marketing environment can enhance the firms' outside-in capabilities, their abilities to experiment, and their abilities to deliver compelling offerings to customers in the long run. At a firm culture level, the marketing ecosystem perspective can synthesize the two dominant perspectives on market orientationone focused on processing marketplace information (Kohli & Jaworski 1990 ) and the other focused on a market-oriented culture (Narver & Slater 1990). The ecosystem thinking promotes a firm culture that is open-minded, agile, mindful of diverse stakeholders, and boundary-breakingfactors that make the firm more dynamic (Teece 2007) . This culture embracing dynamism can, in turn, facilitate the rapid development of specific capabilities to gather, process, and benefit from marketplace information. Data are paramount to understanding consumers. Therefore, before we dive into the megatrends in each of the five macro factors, we first discuss how marketplace and technology trends over the past two decades have contributed to increasingly richer data and more in-depth understanding of consumers. Data are becoming increasingly complex, and more and more relevant data now resides in the ecosystem outside of the firm's immediate control. J o u r n a l P r e -p r o o f Journal Pre-proof Understanding how diverse data and analytical technologies can be leveraged will enable firms to understand the marketing ecosystem factors empirically and quantitatively. Data environments have evolved significantly over the past two decades from ones that were relatively controllable and often resided within the firm, to ones that are massive and growing but also scattered in the marketing ecosystem. We briefly describe this evolution in the following section for context. Table 1 and Figure 2 provide an overview of this history. -Insert Figure 2 here --Insert Table 1 here - Before the proliferation of the internet and PCs, the availability of consumer and industry data and firms' analytic capabilities were relatively limited. Much of the data and corresponding analysis focused on making the most of discrete and crude data such as scanner panel data (e.g., Allenby 1989; Guadagni & Little 1983; Winer 1986) and primary data such as periodic surveys (e.g., Oliver & Swan 1989; Blair & Burton 1987) . Considering the sparsity of data types, marketers adapted statistical techniques or corrections to make use of this relatively "limited" information, such as non-response bias (Armstrong & Overton 1977) , or estimation of customer churn through limited information such as data on recency, frequency, and average monetary spending (e.g., Schmittlein et al. 1987) . J o u r n a l P r e -p r o o f With extensive adoption of internet communications beginning in the early 1990s through the launch of the first smartphones, the substantial amounts of detailed consumer data available laid the foundation for the modern era of data-driven marketing. Large amounts of detailed transaction panel data provided new opportunities for firms to examine and understand not only customer segments but also customer dynamics and behavioral changes (Zhang & Chang 2020) . This data development resulted in a more customer-centric research focus such as satisfaction (e.g., Bolton 1998 , Mittal et al. 1999 , customer equity (e.g., Blattberg & Deighton 1996) , and customer lifetime value (e.g., Berger & Nasr 1998) . The better attitudinal and behavioral individual-level data coupled with more sophisticated statistical models led to a rich set of customer-centric research such as understanding and predicting customer profitability, repurchase, and relationship trajectories (Anderson, Fornell, & Lehmann 1994; Ganesan 1994; Reinartz & Kumar 2003; Zhang et al. 2016; Zhang, Watson, & Palmatier 2018) . The introduction of smartphones in the late 2000s brought a new level of data granularity that led to an unexpected challenge: data overload. Mobile location data, real-time app usage, page views, and the ability to link omni-channel touchpoints not only for a single consumer but also across consumers and competitors, created opportunities to provide better consumer experiences. Granular data capture (e.g., clickstream tracking in e-commerce) combined with cloud storage capabilities have enabled firms to synchronize analysis across data resources beyond their immediate internal availability (e.g., augmenting firm's internal data with social media posts and user online reviews). With sufficiently detailed data, firms in both B2C and B2B domains could implement previously difficult personalization tasks such as targeted pricing (Zhang, Netzer, & Ansari 2014) , personalized product recommendations (Ansari, Li, & Zhang 2018) , advertising timing (Trusov et al. 2016) , managing marketing-mix exposure (Du et al. 2015) , and optimizing the multichannel retail experience (Chang & Zhang 2016; Zhang 2020 ). During this time, we also began to see relevant data moving from firms' internal CRM databases to external environments -a development that requires firms to consider diverse sources for market-sensing such as social media, review sites, and forums. For example, the emergence of large-scale textual data generated by current and potential customers in online forums and review sites can reflect consumer sentiments and scale-up qualitative market research insights (Melumad, Inman, & Pham 2019; Netzer et al. 2012) . The textual data can also be generated by institutions and society at large. For example, data from the Google Book corpus, news media, government reports, song lyric websites, and movie script databases can provide a wealth of information. Although these text generators are not the firm's customers, they could nevertheless shed light on broad consumer cultural trends such as tastes in movies (Toubia et al. 2019 ) and music (Berger & Packard 2018) . As technological developments accelerate, consumers' interaction with mobile and smart devices generate massive amounts of data through social media posts, location-based photo and video uploads, as well as in-use data and living habits through sensors from IoT devices. Balducci & Marinova (2018, p.558) define unstructured data as "a data unit in which the information offers a relatively concurrent representation of its multifaceted nature without predefined organization or numeric values." Data resides on a continuum from highly structured data (e.g., numeric data such as sales transactions) to highly unstructured such as non-verbal data (e.g., facial cues), images, and videos. Increasingly, text, audio, auditory, and video data cooccur in marketing communications across advertising, social media, product offerings, and numerous other touchpoints. Large amounts of unstructured data (e.g., from brand communities, product reviews, smart devices) and continued development in data-summarizing techniques can enable structures on these novel data types that could allow for the ability to scale up qualitative research and identify consumer conversations and emotions to facilitate market-sensing. The ever-increasing sources of data offer the enormous potential to firms to learn deeply about consumers and markets and formulate strategies from an outside-in perspective. However, they challenge firms' analytic capabilities. These challenges have necessitated new disciplines to take advantage of these technological and data developments to adapt to a business environment that is unforgiving of data ignorance. The marketing field continues to evolve from its roots in the analysis of in-house numerical transactional data to incorporate vast troves of unstructured data from often disparate origins. On the one hand, this development allows for a more in-depth understanding of consumers. On the other hand, it necessitates capabilities for firms not only to model the complex data but also to look for relevant data that reside outside of the firmemphasizing marketing analytic capabilities as well as outside-in ecosystem thinking. Creative ways to source these unstructured data in the ecosystem can be enormously insightful. For example, to understand how disruptive companies such as Uber or Airbnb navigate resistance to market changes, one might study transcript of town hall meetings and other public documents in which citizen input is heard. As exogenous shocks in the forms of social movements such as #MeToo, #MAGA, and #FarmToTable can affect brand images and firms' marketing communication strategies, one can study how different groups of people define and advocate for certain meanings in the marketplace. At a broader level, firms can analyze texts, images, and photos in the ecosystem to assess how their brands fit into the cultural fabrics of current societal meanings and norms (Arvidsson & Caliandro 2016). To make the most of this data opportunity, marketers are looking to other emerging disciplines in data science, artificial intelligence, and machine learning to process non-structured data (Chintagunta, Hanssens, & Hauser 2016) . In the following section, we examine marketers' responses to these accelerating developments through emergent disciplines' use of massive unstructured data. For a more in-depth review of marketing analytics in data-rich environments and associated substantive topics, we direct the reader to Wedel & Kannan (2016) . J o u r n a l P r e -p r o o f We center our discussion on what we view as the three critical roles of data for marketing in the coming years. Table 2 provides an overview of emergent disciplines in data roles and analysis. The first is the need to gather and source data from often disparate origins to generate the structure for analysis. The second is that firms must store and protect the data they have collected to ensure their proper use and accessibility for decision-making. This role is most likely to be overlooked but is of vital importance to prevent malicious attacks and ensure consumer privacy. The final part is the use of data for learning and decision-making, for which there are developing methodological disciplines in the domains of artificial intelligence. Firms can extract market insights from the iterative process of data analytics to create unique value for customers. -Insert Table 2 here - User-generated content, such as online comments and product reviews (Ansari et These programs have the advantage of not needing to specify parameters, and their openly available nature allows replication of results and utilization in firms with moderate technical ability. Data now flows from connected consumer devices such as Nest's thermostats, smart running shoes and athletic wearables, virtual personal assistants (e.g., Amazon's Alexa, Microsoft's Cortana), smart electrical plugs and LED lighting, door locks, and security cameras, and health monitoring devices (Cross 2018) . In addition to understanding consumer preferences and behaviors, in the B2B space, IoT-connected equipment can improve maintenance prediction, inventory, supply chain efficiencies, and the ability to share in-use information from customers with suppliers for tighter partner-linking and service guidance (Russo & Albert 2018; Zhang & Hon 2020a) . In these environments, each IoT object generates static information (e.g., operational, warnings, repair, build information) and customer in-use information (e.g., input changes, user interaction monitoring, biosensors), which provides real-time data flow for later There is also a wealth of offline consumer activities such as customer participation and engagements in firm-sponsored or user-community events that have been traditionally overlooked. Many firms begin to realize the power of brand communities and the deep consumer engagements stemming from offline social interactions. Capturing activities such as event attendance and behaviors during the events in the CRM system through advancements in J o u r n a l P r e -p r o o f video capture, computer vision, and hand-held POS devices and examining how these activities affect search and purchases can offer a complete picture of the drivers of consumer behavior in offline and group settings (Zhang 2019a , Zhang 2019b ). The same detailed and wide-ranging data that provide firms with insights can underwrite an increasing public concern about the accessibility, privacy, confidentiality, and the potential for misuse (Martin et al. 2017) . Outside-in perspective places the interests of customers in the center (Mu 2015) , and protecting customers from harm should be a central focus of the firm. Firms must handle the obligation to effectively store and protect the data to reduce vulnerabilities to consumers and themselves, while still maintaining the usefulness of the data. This places emphasis on privacy-preserving data publishing (PPDP), which represents data stewardship that balances privacy preservation with utility loss (Fung et al. 2010 ). In addition to collection and storage safeguards, firms should also be mindful of security and privacy when mining data for business insights (Xu et al. 2014) . It is the firms' responsibility to modify or remove potentially sensitive information from the raw data upon collection, and to ensure potentially sensitive information does not appear in the results of the analysis. As data types become more complex, applying suitable ways to implement and quantify privacy can be challenging. However, promising technical developments in the use of blockchain and cryptography are beginning to make their way into data practice (Christidis & Devetsikiotis 2016; Zyskind et al. 2015) . Consumer concern is not always about actual harm from a privacy breach, but also about the vulnerability of potential harm, which makes many people reluctant to participate or share their International Monetary Fund 2018). As the trend of global consumer and regulatory data mindfulness continues, firms (especially those that operate in multiple jurisdictions) will need to ensure compliance with data protection laws and adapt their marketing and business practices such as direct marketing and communication to fit these requirements. Recent developments in machine learning are well adapted to many of the characteristics of the massive unstructured data. In data environments where researchers face substantial uncertainty, machine learning techniques provide an advantage over more structured statistical or econometric analysis because they do not require strong assumptions to model relationships within the data. This modeling approach mitigates risks associated with improperly specified models or assumption-violating data. Research has demonstrated that applying machine learning J o u r n a l P r e -p r o o f techniques to user-generated content can reveal unseen information about the firm's offerings such as consumer quality perceptions (Ansari et al. 2018; Netzer et al. 2012; Tirunillai & Tellis 2014) or its competitive landscape (Lee & Bradlow 2011)issues would be otherwise difficult to address using internal resources and traditional market research approaches. Other goals for data use are the abilities to introduce new products with higher chances of success, personalize offerings, improve transactional experiences, and increase customer acquisition conversionareas that align with the primary functions of marketing and business operations. Although the vast majority of the approaches used for textual analysis rely on bag-of-words methods and currently have limited ability to capture the true linguistic relationships among words beyond their co-occurrences, we expect to see developments in areas such as natural language processing (NLP) and deep learning that can better capture semantic relationships. these methods can be applied more widely by more substantively focused researchers. While current work has become proficient at object recognition in visual data (You et al. 2015) , many conventional approaches still have difficulties recognizing and extracting more abstract information such as emotions and sentiments, which is admittedly tricky even for humans coders due to subjectivity (Wang & Li 2015) . Machine learning techniques can work around this subjective task by pairing with textual data like reviews or social media posts (Chen et al. 2017; You et al. 2016) , and advancements in bio-informatics technology such as facial recognition and eye-tracking have yielded insightful results in this domain (Teixeira et al. 2012; Venkatraman et al. 2015) . While machine learning can accommodate highly complex relationships, it can be J o u r n a l P r e -p r o o f difficult to interpret its output as well as generalize it to other contexts (Li et al. 2019). Furthermore, counterfactual analysis and policy change examination may not be as feasible as with more structured and theory-rich approaches. Therefore, we envision that future analytical excellence relies on two approaches -while firms should embrace the predictive abilities of intelligent machines, they should not indiscriminately abandon formal models grounded in theories of economics, psychology, and sociology, in order to understand the underlying phenomena and to articulate and extrapolate the strategies. The abundance of unstructured data is not without pitfalls and limitations. One caveat is the potential for self-selection bias. Observed data, whether it is in the forms of product reviews, forum discussions, or twitter posts, could reflect strong motivations such as extreme satisfaction or dissatisfaction, political correctness, herding mentality, or trolling behaviors. Those consumers without strong sentiments and motivations for posting could be the "silent majority" that constitute the mainstream of the economy. Firms, when extracting insights from data in the ecosystem, need to be cognizant of the various sources and magnitude of bias. Even in the era of big data and AI, blind reliance on data and algorithms could lead to unintended and undesirable consequences. Therefore, data and the associated algorithms should be used in tandem with traditional market research approaches to ensure representative samples. The findings should then be triangulated with intuitions, institutional knowledge, and first principles. The success of marketers and firms relies not only on the ability to leverage new data effectively but also on the identification and business-model adaptability of emerging developments in the ecosystem, which we will discuss next. Recognizing emerging and accelerating trends is not a straightforward task. We argue that these aspects can be addressed by understanding the macro forces as gleaned from the deployment of an ecosystem mindset. To triangulate forces and trends with substantial influence on marketing J o u r n a l P r e -p r o o f practice going forward, we leverage the work from several worldwide leading organizations that study business and societal shifts. Based on concentric levels of outside-in thinking related to 1) marketplace, 2) technological, 3) socioeconomic, 4) geopolitical, and 5) environmental domains, we examine seismic shifts from a marketing-specific lens with guidance from the thought leadership of the Marketing Science Institute (MSI) which bridges marketing academics with practitioners, a broader business strategy perspective via leading global consulting firms McKinsey & Co. and the Boston Consulting Group (BCG), a US domestic view via the Pew Research Foundation, and an international view via the Brookings Institution and the United Nations. The role of data in facilitating an ecosystem perspective is our key focus for this paper and is consistent with MSI's recent 2018-2020 Research Priorities titled "Capturing Information to Fuel Growth" (MSI 2018). MSI puts forth that academic research should focus on "approaches to ingesting and analyzing data to drive marketing insights" (MSI 2018, priority No. 4 ). Using these leading authorities as a guide, we trace five interrelated key developments that are influencing marketing theory and practice at an accelerating rate, summarized in Figure 3 . -Insert Figure 3 here - To underscore growth and opportunities for research pertaining to the five megatrends mentioned earlier, we provide a keyword analysis of the extant research in business literature, as the proportions of articles dedicated to a topic reflect the share-of-thought in a given academic discipline. Obtained from Reuter's Web of Science database and coded using the keywords, titles, and abstracts provided by the authors of published works, we determine the annual proportion of articles published for a given topic by dividing the number of articles about that topic published in a given year across a journal set by the total number of all articles published. Our approach is similar to the procedure examining keywords employed in prior studies of trends and meta-J o u r n a l P r e -p r o o f analysis (e.g., Mela et al. 2013; Watson et al. 2015) . We organically determined a set of twentyone keywords for each topic beginning with "business model," "sustainability," "globalization," "data privacy," and "economic inequality," respectively, for each of the trends, and grew the keyword list by noting co-occurring keywords from author-provided keywords, titles, and abstracts (please refer to the complete list of keywords for a topic under its corresponding figure). Leading companies are using their capabilities not only to improve their core operations but to launch entirely new business models" (Henke et al. 2016, p.3) . Likewise, BCG highlights that marketplace opportunity often arises from innovative business models that rely "less on the physical movement of goods and fixed investments in markets, and more on leveraging digital connectivity and ecosystems to expand across borders" (Bhattacharya et al. 2017, p.1) . In this vein, the authors identify seven recent business models that alter the global competitive landscape: 1) cross-border servitization, 2) asset-light market entry, 3) value-add through software, 4) global digital ecosystems, 5) global personalization, 6) multilocal manufacturing, and 7) developing multiple national identities. The network effects of digital platforms are "creating a winner-take-most dynamic in some markets" (Henke at al. 2016, p.4) , which lead to the rise of tech giants that enjoy increasingly large influence on the economy. Newly established companies have access to market intelligence, global market research (e.g., advertising on Facebook and Google), affordable and scalable HR and IT services (e.g., many SaaS programs, cloud computing via Amazon Web Services and Microsoft Azure), diversified startup funding via crowdsourcing (e.g., Kickstarter), and the global explosion of venture capital funding (Brown et al. 2019; Zvillichovsky et al. 2017 ). However, the same incumbent providers of these entrepreneurial ecosystems have increasingly concentrated power and thus create an uneven playing field for start-ups. This power asymmetry, in turn, kills overall market dynamism and likely reduces innovative investment in the aggregate (Ofek & Turut 2008) . In response to these developments, rising anti-monopoly sentiments popularly labeled as a "Techlash" are already reflected in the proposed regulations and popular discourse (Scott 2020, p.1). We label this changing marketplace trend "Market Dynamism." Nearly 3 in 10 articles (~30%) published in MKTG3.0 journals are related to market dynamics and changing business models (Figure 4) , which is seven percentage points higher than J o u r n a l P r e -p r o o f academic business literature in general (FT50). This topic has experienced steady growth since 1990, with MKTG3.0 journals exhibiting ten-percentage points higher share of published papers than FT50 journals. Attention is warranted, considering that evolving consumer behaviors and market structures have direct implications for marketing practice. -Insert Figure 4 here - Despite easier access to data, technology, and funding for entrepreneurs, which all contribute to lowering startup costs, the US self-employment rate (a measure of entrepreneurial activity) has decreased by over 30% over the past two decades (US Bureau of Labor Statistics 2018). While total business applications gleaned from IRS filings recovered from its lows during the Great The second development reflects the need for firms in competitive environments to gather and use as much detailed consumer data as possible to understand and react to marketplace trends. The advent of wearable, IoT, facial, and voice recognition technologies can generate realtime lifestyle, emotional, and biometric data. However, this big data revolution and the corresponding marketing advancements have also brought about a dark side of data use. Numerous data breaches along with outright corporate misuse of customer data have generated push-back from consumers and regulators. As more and more customer-firm interactions move away from face-to-face into digital interfaces, consumers have become wary of real and perceived data privacy concerns, corporate surveillance, and general human-computer relationships (Martin et al. 2017 ). According to the Pew Research Center, most Americans (93%) said that "being in control of who can get information about them" is important (Madden & Rainie 2015, p.5). 86% of internet users have "taken steps online to remove or mask their digital footprints, but many say they would like to do more or are unaware of tools they could use" (Rainie et al. 2013, p.1) . This trend has grown in reaction to the swift growth in data-centric business models and holds significant implications for marketing practices in the future. We label this technological trend "Privacy and Surveillance." Despite their regular headline appearances in recent years, consumer privacy and corporate surveillance concerns are surprisingly understudied in both marketing and business literature, with fewer than 3% of recent articles published in MKTG3.0 or FT50 journals ( Figure 5) . Whether this is a product of willful ignorance or research myopia, academic research lags both industry and public concerns considerably. -Insert Figure 5 here - Considering the consumer reaction to frequent reports of data breaches and corporate mismanagement of private data, it is of little surprise that consumers increasingly utilize counter- 4. As the customer-firm relationship is traditionally viewed as a concept between human decision-makers, how are relationships different when consumers form relationships with firms based on their interactions with chatbots and algorithms? How do "humancomputer relationships" compare with "human-human relationships"? How and when is AI better than human interactions? 5. Research on the phenomenon of "digital detox" and the renaissance of analog products and analog experiences across many product categories (e.g., vinyl records, mechanical watches, the resurgence of print catalogs (Zhang 2020) ). Under which conditions do consumers prefer analog vs. digital offerings, and why? As marketplace shifts facilitated by technological developments have accelerated over the last decade, increasingly substantial economic gains have flowed to concentrations of innovative industries such as tech, finance, and media (Aghion et al. 2018) . Likewise, increasing wage growth has been confined mainly to the fewer, more highly educated workers as the technical skills required to work in finance and tech sectors increased beyond many current levels of worker training (Adler et al. 2019) . Consequently, the US and other developed economies exhibit an increasing bi-furcation of powerful, data-rich and tech-savvy firms and their highly compensated workers, and many more data-poor legacy firms and the shared waning fortunes of their workforce. Part of this can be seen in the ongoing "retail apocalypse" and the continued We label this socioeconomic trend "Economic Inequality." Published articles related to economic (income and wealth) inequality across both marketing and business academic journals are limited with slow growth. Fewer than 2% of MKTG3.0 journals' recently published articles touch on the topic, which is below the 3% of articles in FT50 journals (Figure 6 ). There is a myriad of under-researched consumer and firm implications, including shrinking and shifting consumer segments, product and brand substitution patterns given new budget constraints, changes in consumer self-identity, political polarization and the consequent lack of trust in social interactions and towards certain brands and industries. Given the growing importance of these trends in all areas of business and society, there are enormous research opportunities for both marketing and business academics. -Insert Figure 6 here - As economic gains flow to an increasingly smaller share of the population, a significant populist backlash has become prevalent in recent years in the United States and around the world. In the US, economic inequality recently reached its highest level since the Census Bureau started tracking it 50 years ago (Semega et al. 2019) . In response, there has been growing movement for firms to shift perspectives to a more macro-level stakeholder lens, which accounts for the outside forces that influence their businesses rather than focus only on traditional firm-level concerns. For instance, the 2019 US Business Roundtable, chaired by JPMorgan Chase CEO Jamie Dimon, released its "Statement on the Purpose of the Corporation" in which maximizing shareholder value was no longer the number one priority, but instead that they shared a "fundamental commitment to all…stakeholders" (Murray 2019, p.1) . Behavioral data can be used to address economic inequality directly (e.g., financing) or indirectly (e.g., EdTech open-source training and personalized education). Marketers can accordingly focus on broadening the data spectrum for their decision-making that takes in macro-level consequences beyond shareholder value, augmenting and rethinking measurements of customer lifetime value (CLV) and profitmaximization with ecosystem-level consequences in mind (e.g., early education in the community, investing in the continued education of their employees to promote upward mobility). 6. How should firms to use unstructured data in the ecosystem to identify cultural discourses such as languages around debt, credit, gender, and race? These insights would enable firms and policymakers to understand how consumers react to messages from a diverse set of writers and to formulate corresponding strategies for diversity and inclusion. As global market access increased, developing economies experienced significant boosts in living standards and market power. This development leads to the rise of global companies from emerging economies (e.g., Alibaba, Tata, Huawei). There is also greater attention to consumers in youthful and dynamic markets such as China, India, Southeast Asia, and Africa, which has challenged incumbent firms in developed economies. However, rising levels of inequality in the US and other developed economies has led, at least in part, to rising anti-globalization sentiments across numerous populaces, particularly among those who did not experience the promised benefits of globalization. Increasingly, the world is "de-globalizing" as a reaction to the past economic integration of the 1990s and early 2000s and can be seen from the UK's Brexit vote, the US's global trade tensions, France's Yellow-Vest protests, the failure of the Trans-Pacific Partnership, and the rise of China's One-Belt-One-Road initiatives, and most recently, the shutting-down of national borders and the highprofile "finger-pointing" during the 2020 coronavirus pandemic. All of these developments certainly do not bode well for the future of globalization and international cooperation. (Figure 7) . In particular, marketing research in this subject has lagged that of general business in the last decade between two to five percentage points. These gaps present an opportunity for marketers to understand both firm-level implications of these developments (e.g., trade disputes, supply chain disruptions and reversals, quality inconsistencies, and incentive structures to engage in long-term planning and international market-entry decisions) as well as consumer-level disruptions (e.g., multiple and incompatible technology formats, nationalistic brand preferences). -Insert Figure 7 here - Domestic and multinational businesses face the same environment of shifting brand preferences and regulatory disruptions to global supply chains, as governments of advanced economies have responded to each other with increased protectionist policies and reevaluations of trade alignments. The Brookings Institution notes that from 2017 to 2018, worldwide governments introduced over 1,000 new policies that "harmed foreign commercial interests," an J o u r n a l P r e -p r o o f Journal Pre-proof increase of about 67% from 2016. Compounding this development, the number of new trade reforms during the same period declined by more than 20% percent, reflecting a movement away from the paradigm of global free trade (Evenett & Fritz 2019) . The de-globalization trend is strengthening regional spheres of influence in ways that significantly hinder global commerce, cooperation, and understanding. Simultaneously, these protectionist movements also coincide with the emergence of the "bottom of the pyramid" consumers newly connected on digital platforms that may add billions of participants to the global economy. Enabled by recently affordable mobile technology, millions of newly empowered consumers emerge to join international trade and market offerings, and their behaviors have rarely been observed and studied before in marketing on such a large scale. However, the deepening balkanization of goods and information can cut off potentially life-changing exchanges for many in the bottom rung to improve their economic, political, and health standings. Balancing domestic pressures in the face of increasing international protectionism will yield impactful research for marketing strategy and policy implementations for firms operating in the inevitably connected world. Future research questions for marketing in the geopolitical arena can address: 1. How does the media's negative political portrayal of a foreign country affect consumer perception of this country's products? What are the relative effects and the effect duration of different types of news? 2. As higher tariffs make consumer goods more expensive, how do consumers resolve the tension between their nationalist pride and the higher prices arising from protectionist trade policies? Relatedly, how much more do consumers value products made in the home country across different product categories, and why? J o u r n a l P r e -p r o o f 3. How does the perceived hostility adversely affect the international tourism and hospitality sectors? Consequently, how would the decreased cultural exposures and exchanges further contribute to isolationism? 4. How are the behaviors of the "bottom of the pyramid" consumers, which constitute a significant portion of the world's population, different from the middle-class consumers often studied in marketing? For instance, what are the product substitution patterns with resource constraints, and media and entertainment consumption patterns? How would these behaviors evolve with higher income? IoT devices to remove the cognitive load faced by the "bottom of the pyramid" consumers, reduce the upfront cost of their future-oriented behaviors, and improve their decision making? As living standards increase globally, and as the population continues to grow at regionally uneven rates, counteracting forces exert influences in different parts of the world. On the one hand, increased middle-class consumption and robust population growth in emerging economies (e.g., India, Africa), and on the other, slowing growth and aging population in many developed economies (e.g., Japan, Germany), have taxed thought leaders on corporate sustainability to recognize how business must respond to global natural resource sustainability challenges. to shift global response into higher gear" (United Nations 2019). The population is expected to increase over the next several decades, albeit unequally across the globe, so we anticipate this trend will only increase in importance going forward. We accordingly label this environmentbased trend "Natural Resource Sustainability." Over the last decade, between 10 to 15% of articles in MKTG3.0 journals are related to environmental/resource sustainability and are roughly reflective of the trend within general business journals (Figure 8 ). However, growth seems to have plateaued since 2008, despite the increased public discourse on climate change related topics. Furthermore, much of the extant research is focused on the firm's production perspective, leaving opportunities to examine customer-centric implications stemming from ecosystem-level factors. -Insert Figure 8 here - Consumers' evolving relationships and expectations for firms and their operational practices are moving beyond "green" marketing to include environmental considerations such as materials and energy sourcing (e.g., wind, solar) and preferences for local products in B2B and B2C spaces that minimize transportation-related environmental impacts. These consumer preferences reflect the growing sentiment in the US, where approximately two-thirds of US adults say that the federal government is doing too little to reduce the effects of climate change, to protect air, and to protect water quality (Funk & Hefferon 2019) . Values-based consumers, especially those from Gen-Z, are demanding greater environmental stewardship from both regulators and corporations. However, firms face difficulties overcoming collective action for sustainability due to selfinterest, economic reasoning, weak actor bonds, and differing perceptions of the issues (Finke et al. 2016) . Reflecting on this reality of balancing both consumer adoption of sustainable practices J o u r n a l P r e -p r o o f and business implementation difficulties, Industrial Marketing Management dedicated a 2014 special issue to "Integrating Marketing and Operations for Business Sustainability" in order to prompt continued work in this area of accelerating importance. Nevertheless, areas of inquiry that can effectively address marketing issues related to finite natural resources by leveraging diverse data resources remain substantially underdeveloped. Considering consumer concerns toward resource depletion and the pressing needs for firms to innovate around these concerns, future research in this domain can address: 1. How should firms resolve the cultural tension between the current marketing and business paradigm of minimizing purchase frictions to achieve instant gratification, and the growing trend of anti-consumerism, intentional buying, and minimalist living? 2. What does the term "sustainability" mean for consumers, and how do they value sustainability across various B2B and B2C products and services? 3. How do firms develop sustainability-based value-add attributes (i.e., beyond price, functionality, and quality commonly studied in marketing) such as materials and sourcing? How should firms quantify different sustainability attributes and communicate these efforts to consumers in a compelling way? 4. How do firms innovate in their branding and product strategies to migrate from the disposable consumer culture to building environmentally sustainable business models? 5. As consumers own less and share more, how does the rise of the sharing economy and the changing perception of ownership affect consumers' self-identity, as physical possessions have traditionally been considered as "extensions of the self" (Belk 2013)? 6. How should firms and policymakers design communication and nudging strategies to encourage consumers to alter their consumption patterns and reduce carbon footprints? 5. Concluding remarks: a call for agile, growth-minded, and epistemologically-modest organizational culture J o u r n a l P r e -p r o o f As the world evolves quickly along many interrelated dimensions, firms' strategies are challenged to expand beyond the immediate technological and competitive factors in the marketplace. Accordingly, firms need to develop capabilities to meet the current need of the market as well as to anticipate how megatrends shape future consumer preferences, market structures, and their competitive standings. In this paper, we build upon the view of outside-in marketing to propose a holistic and structured perspective for formulating marketing strategy -the "marketing ecosystem" perspective. It explicitly recognizes that marketing as an open and interconnected system of coevolving actors and forces that affect firms' abilities to sense-make the market and seize opportunities. We have emphasized on the megatrends in the ecosystem that is less studied in marketing. By doing this, we extend the view of outside-in marketing from being micro-focuses to encompass both micro and macro focus. As we have shown throughout the paper, although the macro factors are conceptually distinct, their developments can be interrelated, and the resulting influence on consumers is often a confluence of multiple factors. Like any ecosystem in nature, the marketing ecosystem should be viewed as a "living" thing, with complex and interdependent parts, and in perpetual motion (Scheffer et al. 2001; Walther et al. 2002) . It would be difficult, if not impossible, to truly isolate the effects of a single factor (Hooper et al. 2005) . For instance, the interrelationships of the various factors ranging from firms' organizational, marketplace, technological, environmental, cultural, to geopolitical, are at full display during the 2020 COVID-19 pandemic and are affecting firms and consumers in all industries world-wide. Whereas in the past many of these ecosystem factors might have been relegated to the domains of corporate social responsibility and goodwill and have been viewed as truly "outside" of the core scope and mission of profitoriented firms, we argue that consciously incorporating these outside-in ecosystem factors into firms' decision-making will be essential for adaptability and sustainable profitability in an increasingly interlinked and dynamic business environment. Marketing has long stressed the importance of long-term firm strategy. However, grand multi-year strategy formulations are becoming less and less relevant in the inherently and increasingly volatile and complex environments and can limit adaptability. The management theorist Peter Drucker once said, "culture eats strategy for breakfast." Culture represents the values, customs, beliefs, and symbolic practices that men and women within an organization live and breathe day in and day out (Eagleton 2016) . A resolutely embraced firm culture is as close as it gets to a set of "organizational DNA" that can be reproduced and passed down in the development and sourcing of the next generation of leaders. Accordingly, the fast-moving and unpredictable characteristics of the marketing ecosystem calls for an organizational culture of agility, humility, and nonlinear thinking. Firms should keep a constant pulse on the ecosystem but also acknowledge and embrace uncertainty in the market, avoid ideological rigidity, and be ready to admit mistakes and adjust or reverse course. Managers should embody the growth mindset as described by the social psychologist Carol Dweck (Dweck 2008 ) and a humble attitude of what the writer David Brooks calls "epistemological modesty" (Brooks 2011 )that society is a complex organism and we cannot fully understand and predict all of its forces. An epistemologically modest attitude also acknowledges that past successes are a combination of sound strategy as well as favorable market conditions and serendipity, and that strategies that worked in the past might not work in the future. As the Nobel-winning psychologist Amos Tversky once said -"he who sees the past as surprise-free is bound to have a future full of surprises." As digital transformation becomes increasingly democratized, and technological barriers for business excellence continues to drop (Zhang & Hon 2020a) , culture and mindset will play a more significant role than specific technical capabilities which have generated competitive advantages of the past. An agile, broad-thinking, and humble culture can enable firms to develop a more robust outside-in capability which allows them to better market-sense and seize opportunities, and quickly develop specific capabilities that fit into future market needs. Understanding megatrends often requires decision-makers with different backgrounds, training, and viewpoints. Thus, the ecosystem perspective calls for a management culture of interdisciplinary formulation of marketing strategies. Likewise, future marketing and business leaders should be exposed to liberal arts in addition to possessing technical and business skills, in order to harbor a humanistic and holistic view of the consumer and of the marketplace, informed by history. One open question is why so many modern organizations with strong analytical abilities and outside-in perspective are still surprised and sidestepped by missed market opportunities and unexpected events. This puzzle presents a limitation of the current research and suggests that the market success of an organization cannot be solely determined from a marketing lens. Within an organization, marketing is just one function with its limited resources and boundaries. Factors such as reward structure, organizational structure, the power of the various executives, and the integration and collaboration of different functional units all contribute to whether a marketing ecosystem mindset can be adopted successfully and executed coherently. These are important areas of future research. It calls for "boundary-breaking" research programs and the involvement of scholars from diverse disciplines as well as multiple research stakeholders such as managers and policymakers -a sentiment echoed by the marketing academic community (Moorman et al. 2019; Simonson et al. 2001; Zeithaml et al. 2020 ). Finally, we once again emphasize that as the world becomes wealthier (Brookings 2018; Forbes 2015 ; O'Toole 2013), as inequality widens, and as natural resources become depleted, a daunting challenge for firms of all types is how to balance the profit-maximization mantra of capitalism with responsible growth and meaningful impacts on society (Zhang & Hon 2020b) . Consumers demand it, the world needs it, and businesses' continued relevance and survival depend on it. Marketing and business communities need to deeply reflect on their worldviewshow they comprehensively see and envision the world across economic, social, and political borders, and think about the purpose of their existence beyond profit, growth, and shareholder J o u r n a l P r e -p r o o f Journal Pre-proof value. Solutions to this challenge require cultural and policy paradigm shifts (Aragon-Correa, Marcus, & Vogel 2020) informed by the outside-in, an awakening to "enlightened capitalism" (O'Toole 2019) beyond idealistic and theoretical discussions, and sustained and concerted efforts from society's multiple stakeholders. This process will not be easy, but there needs to be no tension between the various objectives. Reconciling social benefits with consumers' interests in mind and with growing profits for the firm is only a matter of the right mission and values. Broader availability of behavioral data enabled more customer-centric approaches such as CLV, with emphasis on micro-level customer dynamics and predictive abilities. Bolton (1998); Mittal et al. (1999) ; Blattberg & Deighton (1996) ; Berger & Nasr (1998) ; Anderson et al. (1994) , Ganesan (1994) , Reinartz & Kumar (2003) Store and protect Blockchain Cryptography Cloud data warehouse Datalake Highly detailed data underwrites public concerns about accessibility, privacy, confidentiality, and ownership. These concerns lead customers to counter with technology (e.g., VPNs, adblockers, deep web) and governments to implement regulations (e.g., GDPR) that impact data utility and the future roles of data in business models. Learn and use Supervised, Unsupervised, and Reinforced Machine Learning (ML) Customer-facing AI (e.g., retail) Virtual reality (VR) and Augmented reality (AR) Deep learning Application-specific AI hardware Natural Language Processing (NLP) for text data Modern data environments can cover 100s+ variables with quickly changing values (e.g. via IoT). ML and AI can effectively accommodate highly complex relationships to address correlational or predictive analysis, but at the cost of potential difficult interpretation or low generalizability to other data sets. Firms should accordingly use the intelligent machines in conjunction with analysis grounded in theories of psychology, economics, and sociology to understand the underlying phenomena. Topic Keywords: "Business model*" or "Business model innovation" or "Business innovation" or "Emerging technology" or "Innovation adoption" or "Innovation management" or "Innovation" or "Business entities" or "Dynamic*" or "Dynamic behaviors" or "Corporate strategy*" or "Market learning" or "Disruptive technolog*" or "Disruption" or "Sharing economy" or "Peer-to-peer" or "Market mak*" or "Open business model" or "New business enterprise*" or "Stakeholder value" or "New product development" Topic Keywords: "Data privacy" or "Privacy" or "Customer privacy" or "Consumer privacy" or "Surveillance" or "Data breach" or "Privacy rights" or "Right of privacy" or "Personal information" or "Consumer information" or "Customer information" or "Information privacy" or "Data protection" or "Digital privacy" or "Computer privacy" or "Computer surveillance" or "Electronic surveillance" or "Data security" or "Customer data" or "Data security failures" or "Cybersecurity" Highlights  Consumers are increasingly influenced by outside factors and trends involving the marketplace, technology, socioeconomics, geopolitics, and the natural environment.  We propose looking at consumers through the lens of the marketing ecosystem, which is a broadened view of "outside-in" consisted of interrelated and dynamic factors and trends that shape consumers' attitudes and behaviors.  By leveraging advances in data that reside in the ecosystem, firms can sense-make the marketplace by extracting insights from massive amounts of consumer data from various sources with modern-day analytics technologies.  We identify megatrends in the ecosystem as changing market dynamism, privacy and surveillance, economic inequality, international protectionism, and resource sustainability  Firms should consciously incorporate the megatrends into their decision-making. A broad-thinking, agile, and humble firm culture can enable the development of more robust outside-in capabilities. 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