Final answer:
Marketers are favoring Data Analytics and information technology over traditional advertising to build customer relationships and adapt to new market conditions defined by globalization and advancements in technology.
Step-by-step explanation:
Marketers are increasingly turning to Data Analytics and information technology to build long-term relationships with the firm's customers. Data Analytics are essential in understanding consumer behavior, improving customer engagement, and anticipating market trends. In the context of modern marketing, the reliance on these tools has grown due to the decline in the effectiveness of traditional advertising methods.
Moreover, the widespread adoption of information and communications technologies has created new dynamics in market competition. Small firms now can extend their reach globally, but there is also a risk of larger firms dominating the markets due to their extensive resources. The integration of globalization and technology redefines how markets are structured, increasing the competition that local businesses face.
As technological advancements continue, the strategies employed by businesses are evolving. The improvement in communications and information technologies has empowered consumers to transact from anywhere in the world, thus altering traditional market boundaries and encouraging the use of business-to-business online platforms.