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Article: Impact of Emerging Markets in marketing: Rethinking Existing Perspectives and Practices
The Emergence of local markets that competes relatively to the internationally known producers of goods, services, devices and social-medias are now becoming globally competitive. The scarcity of resources, the inadequacy of infrastructures, and other market falls or shortages does not interfere to some entrepreneurs and marketers rather they consider them as reason for further exploring other possibilities. Localization of products that could battle out the advance markets will have been a great threat for some “old-schoolers” in the trade. The growth of these emerging markets is a result of unlocking the markets protected by ideology and socialism like what BRIC (Brazil, Russia, India and China) did. Another reason is that all advanced countries are aging very rapidly. As a consequence, their domestic markets become either stagnant or growing slowly.
Applying the (4 P’s) fundamentals and the standards of marketing is very significant to any business. In fact, no one can deny that the success of any matured company came from a good marketing strategy and management. Nevertheless, we all know that change is constant in this world and we should adapt into this changes. A lot of matured markets closed abruptly because they did not adapt to changes and for that reason emerging markets are eating their way to a greater market share. Countries that were used to be a site of production/plantation/outsourcing have become a self-proficient of goods and services. Such as, China who gained equality in terms market power to United States while India had been third largest market, according to the IMF 2008 data. These are examples that local entrepreneurs are outthinking and outrunning other international marketers through maximizing their potentials and resources first in a local setting and moving it into global set up.
This situation is massively happening in the...