GLOBAL MARKETING INNOVATIONS - AN INSIGHT

GLOBAL MARKETING INNOVATIONS - AN INSIGHT

                Every company acts as a child to gain attention and visibility among mass public by its unique tactic of crying (i.e, marketing), crying about its products or services distinctiveness and superiority. Crying by a specific company could be modified in several ways i.e, through application of its universal tools of 4Ps in case of Products and 7Ps in case of Services. Broadly, two opposite viewpoints for developing international marketing strategy are commonly expounded. One is localized strategy based on four differences across borders – 1) buyer behaviour characteristics, 2) socio-economic conditions, 3) marketing infrastructure, and 4) competitive environment. In contrast to the view, many practitioners recommend offering identical products at identical prices through identical distribution channels and supporting these identical products by identical sales and promotional programs throughout the world. Global marketers have developed a holistic approach to marketing communications in recent times known as Integrated Marketing Communications. The approach designs all aspects of marketing communications such as Advertising, Sales promos, PR and Direct marketing to work together as a unified force, rather than permitting each to function in isolation. Technically oriented innovations include online marketing such as e-commerce, web development, online advertising etc, but to quote a specific innovation recently used by Microsoft is mobile marketing with Microsoft Tag solutions. CG companies can use these tags to turn cell phones into “sell phones”. To unleash more marketing innovations in entertainment industry SET has pioneered innovations through associations that deliver widespread reach and consumer-connect while ensuring a brand fit with its programmes and characters. An innovative price mechanism of ‘pay-by-the-hour’ at Tenji restaurant in Mont Kiara has hit the hospitality industry in Japan and aims to serve customers well. Additionally, to stress on ethics and CSR in the world of marketing, an emerging doctrine states that the products we sell must be made under appropriate and acceptable working conditions whether they are made in our own factories or those of our suppliers and customers. Due to the impact of increase globalization and decreased trade barriers among countries this new dimension of ethical concern will grow and cannot be ignored by the global companies. The paper attempts to gain deep insights on key dimensions of innovative marketing adopted by the global companies.
Globalization is forcing companies to do things in new ways – BILL GATES
Yours Raghvendra
Jodhpur, Rajasthan