IndexIntroductionThe Emergence of the Sharing EconomyConclusionIntroductionWith the advent of the Sharing Economy, traditional values ​​and the definition of marketing have changed dramatically over the past six years. Marketing has traditionally been defined as “The activity, set of institutions and processes of creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large”. 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 way in which goods are distributed between individuals, for a small fee or for free, over the Internet. The sharing economy has important implications for marketing because people in the United States are reducing the number of items and services they use and are instead taking advantage of the sharing economy, which has entered many niches. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original EssayThe Emergence of the Sharing EconomyThe sharing economy has emerged with a new way of using data to provide services to people at the time they need them. Uber and Airbnb are some of the main examples of the sharing economy and how it has reshaped marketing. Uber allows independent drivers to work through the company to provide others with rides in their personal vehicles. This has changed the taxi industry and the way taxis are marketed, as they now have a major competitor whereas before they only had other taxi services to compete with. Airbnb is a site where people can book private residences around the world instead of paying high hotel rates when they travel. It allows these homeowners to earn some extra money and at the same time allows someone else to experience the country where they live. 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 main differences that has changed the concept of marketing. With marketing, companies are attempting to show customers the value that their product will provide them so that they purchase it. However, with the sharing economy, individuals don't own anything, they essentially rent it out with services like Uber and Airbnb. Value is transferred from one entity to another with the sharing economy as one party is paid for the services and the other receives the services. In the sharing economy, a platform such as the Internet is often used because it facilitates exchange between suppliers and creates suitable matches through this platform. Marketing can use the Internet to advertise services and products, but it differs because this exchange does not occur as with the sharing economy. The sharing economy has seen rapidly accelerated growth in recent years that has disrupted the regular marketing that companies will use to convince buyers to purchase their products. One of the biggest advantages of the sharing economy over buying traditional products from companies that market to you is the positive user experience that many people have. Furthermore, usefulness and trust are other important aspects of consumers' decision to opt for the sharing economy rather than purchasing a product directly for themselves. Consumers have learned to trust brands like Uber, Lyft, and Airbnb to consistently provide great service and meet customer expectations.clients. These brands and others in the sharing economy have developed trust with consumers, who continue to use their services. Each separate practice of the sharing economy is a hybrid of exchange and sharing between individuals that is different from other aspects of marketing and management that have been seen before. Forms of non-ownership of consumer businesses have begun to rapidly increase in the marketplace, causing a rapid change in marketing and how managers are starting to think about how to get the word out about their products. Business practices like Airbnb have changed the hotel industry, pushing hotels to lower prices to compete and changing how hotels communicate about their business to customers. Sites like Expedia allow consumers to bundle hotel and flight deals and save huge amounts of money. This is one way hotels have attempted to combat the sharing economy by partnering with sites like Expedia and local airlines. When managers make marketing decisions for their business, they must always consider the sharing economy. For example, managers in the hotel travel industry should constantly monitor the prices of Airbnbs around them, as well as the traffic that Airbnbs get to adjust prices if necessary. If many people are staying in an Airbnb and not a hotel, this could mean that hotel prices are too high and need to be lowered. Once they start doing a lot of business again, they know that their prices are reasonable enough that customers will want to stay at the hotel over the exchange option. Managers must constantly think about how to defeat the sharing economy and make the best decision for their business. People own less and share much more with each other now than in previous years, which is the danger of the sharing economy. traditional companies that sell products. many people don't want to have many items because they are part of the new minimalist movement that has taken the country by storm. Furthermore, even people who don't earn a lot of money can own many items, especially since the production of these items has become significantly cheaper. The advent of digital and sharing economies has created a system in which people no longer need to own many objects to survive, as was the case before. With Uber, Lyft and other similar companies people don't even necessarily need to buy a car, in theory they could Uber everywhere take a Lyft to the places they need to go. In fact, many families find it more advantageous to have only one car or zero cars because they reduce the emissions they use. Not only are people trying to downsize their cars and belongings in general, but they can't even find traditional jobs anymore. An example of this is WeWork, a large company that provides coworking spaces in major cities. Entrepreneurs and freelancers can rent an affordable desk or an entire office without having to pay to rent an entire building or suite. meeting space, internet, and even coffee are often included as perks of renting with WeWork. These entrepreneurs and freelancers no longer need to work for a specific company to do their jobs, but can work for themselves and rent office space. This changes the HR department's candidate hiring process, as they will likely miss out on many qualified candidates who want the benefit of setting their own schedule and work pace. Peer-to-peer lending is another great example of how the sharing economy has kind of taken over the.