A look at marketing needs for the 21st century in light of globalization.
This paper provides a comprehensive understanding of the various factors that affect marketing management in the modern world. It attempts to identify issues that might be critical to the economic health of a company. It explores how factors such as slowing sales growth and shorter product life cycles have changed all the industries considered and shows how intense rivalry to launch new products first into the market exists. It also examines how the three main factors in selecting any strategy are moral significance, power and influence the organization wielded, and urgency of the situation.
“Customers can be identified as both industrial (corporate) and individual. Industrial buy products directly so that they may incorporate them as raw material for their own products (for example an steel manufacturing plant might purchase iron ore and coke as raw materials), finished products that can be added on (tires are purchased by car manufacturers to add on to the new vehicles), finished product to be sold in the market (a large pharmaceutical company might purchase drugs manufactures by smaller companies and sell it under their brand name) or finished products that might be used as consumables (paper and office supplies.) Government agencies also constitute a sizable percentage of this industrial buying.”