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challenges

challenges

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Published by Kavitha Kannan
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Published by: Kavitha Kannan on Apr 10, 2012
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URL:http://www.google.co.in/url?sa=t&rct=j&q=facebook%20login&source=web&cd=1&sqi=2&ved=0CC4QFjAA&url=ht...YoursourceofFreeReprintArticlesandContent! LoginHOMESUBMITANARTICLEBENEFITSTERMSANDCONDITIONSTOPWRITERSFindanArticle:ArticlesGratuits.com,yoursourceofFreeArticlesabout:Business(General)MarketinginaGlobalenvironmentMARKETINGINAGLOBALENVIRONMENT:STRATEGIESTOMEETTHECHALLEGESOFGLOBALIZATION:Whatarethemajorimplicationsofglobalizationforbusinesstoday,andhowshouldcompaniesrespondinnovativelytothechallengesintheemergingworldmarket.OverthepastfewyearsGlobalizationhasbeenbyfarthemostdiscussedtopicInIndiaforanumberofreasons.Eventhough,fromahistoricalperspectiveglobalizationisdefinitelynotanewphenomenon,consideringthetraderelationshipscivilizationsestablishedovercenturies.Exceptforbriefperiodsduringthedarkages,medievalagesandcoldwardays,Ithasbeenafairlyflatworldformostpartofitshistory.WhatevermaybethefactonehastoconcedethatfromIndianindustryperspectivetheprocessofglobalizationstartedonlyinthelateseventies,whentheeconomystartedopeningupslowly.Multinationalswithfocusontechnologystartedenteringthecountry.Since,independencein1947,Indianestablishmenthaslaidmoreemphasisoncivilservicesanddefence,whichmeantIndianenterprisewasmostlycommodityandcosmetics.itwasnotbefore1991,whentheprocesswasacceleratedthroughaseriesofreformsandderegulationandinlate90’swhenitwasgivenaboostingbyincreasingFDIlimitsinmanysectorsthatthepressureofcompetetionstartedhavingitsImpactonIndianindustry.Inordertosucceedinsuchanamazinglycompetitiveenvironment,entrepreneurs,especiallyonthemarketingsidearerequirednotonlytofostercreativitybutalsodevelopinnovativetechniquesandprocessestoadvancetheirinterests.Plagiarismisleastlikelytosucceed,becausethehierarchyofcommercialandculturalofferingsavailabletodayisevolvingrapidlyandadoptionofaprovenprocess,strategiesandpromotionaltechniquesmayevenwoothecustomerawayfromthecompany.Still,thebiggestproblemfacedistacklingthefourP’sofmarketing,namelyPr
 
oduct,Price,PromotionandPlace,asamarketerischallengedtoputinplaceastrategytoaddresssuccessfullyeachoftheaboveparameterintheglobalbazaar,wherecustomeristheking.Thefirstparameterisdefinitelyindustrycentricastowhetheritisaproductoraserviceindustryandthisdefinesthecustomerdynamics.Theremainingthreeparametersareentirelycustomercentricandhenceistobeaddressedbythemarketer.ComparingIndiancompaniesvizavizmultinationalsthoughtheformerhastheadvantageintermsofprice,thesuperioradvertisingandlaunchingstrategyofthelattermayglozeovertheirshortcomingsintermsofprice.Forexample,takethemarketforITprofessionals.ITindustryparticularlyatthelowerlevelisverycompetitivewithmajorplayersrecruitinginlargenumberseveryweek.Here,inordertomakesurethatyouhavethebestoftalentfortheperiodtheinformationonrequirementshouldbeeasilyavailable.IBMcameupwithaninterestingtechniquetocounterthisproblem.Advertisementforrecruitmentandcontactdetailsaredisplayedonboardsacrossallmajorcitiesinsuchawaythatitisnoticeableevenwiththeshortattentionspanofacommutingaspirant.Inthiswaytheycouldensurethattheygetmaximumnumberofapplicationsforthejob.Suchaggressivemarketingtechniquescanputyourfirmwayaheadofcompetitors.IfmultinationalcompaniesoperatinginIndiaespeciallytheonesinFMCGsectorsneedtoaddresstheproblemofacculturisationandcustomizationofproductwithoutriskingitsidentity,theirIndiancompetitorsneedtoaddresstheproblemofproductqualityandcreationofnewmarketsfortheirproducts.AnotherinterestingtechniqueforextendingthereachwasdevelopedbyAventispharmaduringearlydaysofinternet.Ifsomebodytypedtheword“heartburn”inanyofthethenavailablesearchenginesthelistingswouldleadtoaventispharmaandallitsproducts.Indianventuresabroad,heirstotraditionbegunmorethanacenturyagobyanunknownhotelierfromcentralIndiawhostartedafastfoodchaininlondonduringthoseearlydaysoftheraj,havebeenfocussingonservices.TherebysuccessinforeignmarketforthesefirmsdependsonhowwelltheypositiontheirofferingbeitIdlisdosas,naansorsoftwareservicesvizavizproductsofthecompetetor.Forfirmsdealingwithrawmaterials,FMCGetcsuccessdependsonhowwelltheymanagetheirsupplychain.Therisingtideofinformationasaresultofglobalizationcontinuestoconfusethecustomer,companiesmustplayaneditorialroleindeterminingwhatisrelevantforthehim.Globalizationisaboutenmeshingofcultures.Thesuccessofacompanydependsuponitsawarenessofthecultureoftheregionitisoperatingon.Companiesthatunderstandtheirpotentialandcapabilityforinnovationwillthrive.Capabilitytocomeupwithnewbusinessmodelsisanaddedadvantage.USEOFTECHNOLOGY:Ihavealreadystatedthatpositioningofaproductorserviceplaysanimportantroleinitssuccessinthechosenmarket.Manycompaniesinsteadofattemptingtounderstandcustomerbehaviorandthenevolveasuitablepositioningstrategy,attempttobrainwashthecustomersoftheirproductbyadoptingtechniquesthatstiremotions.suchtacticscanneversucceedandarebylargeunethicalbusinesspractices.ZigZiglar,inhismuchacclaimedsecretsofclosingasalearguesthatlyingaboutaproductdoesnotchangeitsperception.AdoptionoftechnologyinmarketingpracticescouldimprovetheCapabilityofacompanytoextenditsreachaswellasincreaseitscustomerbase.ManycompaniesuseGPS(globalpositioningsystems)totrackandmonitortheflowoftheirproductsacrossdifferentregions.ProfessorJayForresteris87yearsold.AstalwartfromMIT,heisknownasfatherofaresearchandanalysiscalledsystemdynamics—amethodologythatusescomputer-basedmodelstosimulateandstudytheinterplayofgrowthandequilibriumovertime.Waybackinthe1950’sheenvisionedthatthetechniquesdevelopedbyhimcouldbeusefulinavarietyofdisciplinesincludingeconomics(say,forp
 
redictingcashflows).AbsorbingtheimplicationsofthesemodelsinwaysthatProfessorForresterprescribescanallowmeremortalstocomprehendtheobscurenatureof(andcounterintuitivesolutionsto)suchknottyproblemsasenvironmentaldamage,theboom-and-bustpatternofeconomiccycles,supplychainmalfunctionsetc.Theseproblems,saysProfessorForrester,areallmanifestationsoftheunderlyingnatureofcomplexsystems,fromlivingcellstoorganismstoorganizationsandcorporationstonationstotheworldatlarge.Inhispioneeringcomputersimulations,ProfessorForrestermodeledtheslow-to-emerge“tippingpoints”(aswriterMalcolmGladwellwouldlatercallthem)thatmakesystemsdifficulttomanage,yetcanalsoprovidehiddenleveragepointsforeffectiveintervention.Modelingthiskindofgrowthandresistancerequiresnonlinearcalculus—aformofmathsointricatethateventhemostgiftedandhighlytrainedmathematiciansareincapableofsolvingnonlinearequationsintheirheads.ProfessorForrester’sinfluence,particularlyinbusinesscircles,isbroaderthanhismodestnamerecognitionmightsuggest.Theprinciplesofsystemdynamicshavebeenincorporatedintoscenarioplanning,wargaming,“leanproduction,”andsupplychainmanagement.Morethanadozenuniversities,mostprominentlyMIT,havebusinessschooldepartmentsdevotedtothefield.OneofprofessorForrester’ssimulationpromptedMasterCard’sdecisiontointroducethefirstthird-partyaffinitycards.ThemodelaccuratelypredictedtheamountofmarketshareMasterCardwouldgainaswellasthefactthatVisawouldmatchtheofferingwithinayear,andthatAmericanExpressandDiscoverwouldnotorcouldnotfollowintheco-branding.Mastercardexampleshowshowacompanycouldexploittechnologyskillfullytomultiplyitsmarketshareandtrackthecompetitors.Inaglobalenvironmenttheuseoftechnologyformarketingandpositioningyieldssatisfactoryresults.CUSTOMERINTERACTION:Anyfirmseekingentryintoaforeignmarketshouldplantheventureinverymeticulously.Dataoncustomersshouldbecollectedandcollatedassiduouslyandperiodicallyreviewedbyemployingstatisticalproceduresandtechniques.Thishelpsinderivingvariousmarketmeasurementsandprovidingmoreaccurateprojections.Dataoncustomersshouldbebothqualitativeaswellasquantitative.CONCLUSION:Marketinginaneraofglobalizationprovidesmanychallenges.Inanyregioncustomersegmentisheterogenous.Marketersshouldbecreativeaswellasinnovative.Strategiesemployedmustconfirmtoethicalbusinesspractices.skilfullusageoftechnologyinmarketinginitiativescouldprovidegreatresults.Meticulouscollectionofcustomerdataincreasesmarketingefficiency.-K.SETHUMADHAVANTheauthorworksasaITbusinessanalystforSiemensaleadingsoftwarehouse,inInIndia.HeholdsanMBAintelecommanagement,andhasFiveyearsofexperienceinthefieldofITsystemsandapplicationsmanagement.REFERENCES:1.Strategy+Business,(magazinebyBoozAllenandHamilton).2.Advertising&marketingbyogilvy&mather.3.Allleadingnewspapersandmagazines.Published:2007-08-21Author:K.SETHUMADHAVANAbouttheauthororthepublisherAmanagementprofessionalwitheightyearsexperienceintelecommunicationsindustry,Ihavewrittenalotofarticlesinsubjectsrelatedtomanagementandstrategicinformationanalysis.Source:ArticlesGratuits.com-FreeArticlesSearchAmazon.…ContemporaryIndianEnglish…KanwarDineshSingh(Hardcover-Ja…

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