Final answer:
In recent decades, the definition of markets has been influenced by technological advancements and globalization. The internet has enabled consumers to access products from anywhere in the world, increasing competition for local businesses. Additionally, new media and technology have changed the way companies advertise, with a focus on creating brand recognition through synergistic advertising practices.
Step-by-step explanation:
In recent decades, there have been two especially important shifts affecting how we define markets: one centers on technology and the other centers on globalization. With the improvement in communications technologies, including the development of the internet, consumers can now order products from all over the world, increasing competition for local retail businesses. This effect is even more pronounced in markets for business supplies, where "business-to-business" websites connect buyers and suppliers globally.
In addition, companies use advertising to sell products, and the way they reach consumers is changing. New media and technology allow consumers to bypass traditional advertising venues, prompting companies to be more innovative and intrusive in their advertising strategies in order to gain consumer attention.
One example of this is the use of corporate branding and synergistic advertising practices, which ensure that consumers receive the same message from a variety of sources and platforms. This can include seeing billboards, watching commercials, and encountering product placements at various events. These marketing strategies aim to create brand recognition and influence consumer purchasing decisions.