The Role of Marketing for Firms in Emerging Economies - Coursework Example

Evaluate the role of marketing for firms in emerging economies Marketing aims to look at the s even before the product has been brought to the market. It aims at changing the mindset of the customer in a positive direction as concerns to the product that will hit the market in an aggressive way. This could be equally true for products that he usually buys every now and then but just needs a hammering through advertising and marketing message. (Kotler & Keller, 2006) Marketing looks to exploit the gap between the ‘action’ stage of the AIDA model. AIDA stands for awareness, interest, desire and action phases under which a buyer goes through before he actually performs ‘action’ and buys the product or uses the service for satisfying his need, want or desire. The role of marketing is manifolds, however what is most important is that this is done the correct way and within the contexts of emerging economies, the role is even more significant. The changing times have seen that the business world has evolved and so have the different methodologies and the ways and means through which it is carried day in day out. One needs to realize the fact that business is a consistently changing world and in this world only the people who are ready to change are successful. Thus to put it in the related context, change is the only constant in the world and in the business scheme of things, changing to suit the will and desire of the customers and/or the stakeholders as well as doing one last bit to bring in more revenues and profits for the company just plays the right trick for the business to succeed both in the short term as well as in the long run. Businesses which stagnate over a period of time and do not change because of one pressure or the other usually die out quickly. (Lambin, 2005) The ones that have existed thus far have relied a great deal on the phenomenon attached with change and consistent upgrading of the needs as put forward by the business and its norms. Similar is the case with marketing when one discusses the aspects of the same making it big within the emerging economies. The role of marketing becomes exponentially visible in such settings as it opens up avenues of employment, choices for consumers, options as per the products and/or services and a lot of media activity is seen within the relevant circles. There is a need to firstly define what emerging economies in essence mean. (Ravallion & Bidani, 1994) The nations which are fast proceeding on the global economic map and which have to make the move in order to remain at par with the cut throat competition are indeed the ones which can be bracketed under the emerging economies’ regimes. Now there is an aspect which suggests that these economies have to remain head to head as concerns to the developed economies, which are stable as well as mature at the same time. This could be true under a situation where intense competition globally seems to be the order of the day. However where the competition is moving at a snail’s pace, this could backfire and hence the emerging economies could work at exploiting the little gaps that it finds over a period of time. However what is significant here is an understanding related with the economic success in the first few months of the business being set up and thus making its own name in the related fields. This is the ultimate yardstick for it to succeed or fail since it leaves a lasting impression on not only the relevant economy but also the measure with which it is balanced alongside the economically stable countries. The role of marketing in such realms is pertinent since it brings to the fore the hidden objectives of the economic settings. Marketing can boost the economic prowess exponentially as well as look to double the benefits over a specified period of time. However what is required is a unity of purpose within the ranks so that the marketing activities, strategies, tactics and processes do not get strayed and the goals are achieved all said and done. Economic success within emerging nations is possible when there are dedicated efforts made in the field of marketing. This is done so as to trigger the sales of the organization and also to make people (the target audience and the potential one) aware of the products/services offered by the different organizations. Marketing can bring about positive word of mouth and appreciation from the people who hold importance for the said organization. What this does is to make sure that the product goes down well with the target market and that it needs to maintain the very same image and rapport with these people. However this is one Herculean task and needs to be achieved on the part of the company so that its marketing activities outnumber the sales figures of its competitors and not only that but also claim positive vibes within the relevant industry and business circles. In the short run as well as in the long term within the ranks of the emerging economies, this could hold the key for the business’s ultimate success, be it in the form of triggering sales or bringing in more and more secondary audiences towards the primary cadre of the target market. Marketing thus becomes the cornerstone for any business to remain as such within the emerging nations’ economies and without the marketing and communications activities, one can surely find that there will be problems at the top, in the middle (level of management) and almost at all the different quarters where the business gets in touch with the customers as well as the potential ones. Marketing activities need to be geared in a manner which will make the customers feel at ease with what they want to purchase from the organization and what they will and will not get at the end of the day after they undertake that vital purchase. (Blake, 1951) The market dynamics within the emerging economies suggest that the competitive advantage can only be achieved when the customer is given what he wants. The customer expects value for money and thus the best possible product at the most effective rate, thus it would be correct to understand his point of view and then go about changing the product offerings, prices and the value thus provided. Marketing concept has taken its basis from the selling concept which is simply producing a product and then selling it for a nominal return and the same holds true for emerging nations as well. However marketing looks at defying the odds and aims at conquering the mind, heart and soul of the customers. The terms like share of heart and share of mind come into the equation and not to forget the share of trial which looks at the customer trying a product for the first time in order to seek purchase back and forth. Share of heart means that when a customer is asked about naming a certain brand out of the selected list of brands in the related category, the first one or two brand names that he comes up with are pretty close to his heart. Similar meaning lies with respect to the mind when we speak of the share of mind. Share of trial is the moment when he actually uses that product and thus it comes under his play and eventual judgment whether or not the product lived up to his expectations. Marketing within such economic settings aims to show the customers what they need and then telling them what is best for them. It is not only there to solve their problem. Rather its usage is much more varied. It pinpoints the exact places where the product might be justifiably used, executed or tried for. Within the context of the emerging economies, marketing is thus a battle which is going on in the minds of the consumers and the sellers rather than something else. It needs to be understood in the proper scheme of things. (Kay, 1995) The problems in the line of customer focus and delivering of value for the same is one of a difficult one, if seen in the proper contexts. The customers need to be apprised of the potential problems that might arise in a business and thus hamper the whole process of providing value and that too in the quickest manner possible on the part of the organization. There should be a one to one interaction between the customer and the marketing team present at the helm of an organization as far as the emerging economy is concerned. The gap must be removed which exists between the organization courtesy its different marketing and management strategies and the customer itself. There must be interaction at all levels possible to have the vital purchase and more than the same, the repeat purchases courtesy the customer who are a very pivotal part of the emerging economies. Marketing is necessary to bring about certain efforts which are geared up to make it sound, look and eventually feel different from the rest of the lot and in the long run, have a selling proposition in it and in its products that help it in winning the customers time and time again. In order to earn profits on the part of a company, it is deemed very necessary for a company or a business firm to do something different than the rest of the lot so that it is considered as an entity that provides value and meaning for its customers different from the rest of the remaining lot. This value can be in the form of provision of a totally different and novel service that the company might give at a particular period of time or bring in certain activities that mesh along well with the company’s varied products which are actually being sold under the umbrella of the company’s name. Hence the changing market structure might call for changing strategies and lines of action that would all target the people for whom the product is actually designed as well as the competitors with whom the clutter is being broken in the environs of the marketplace. (Beal, 2000) Thus competition brings in more and more quality at the end of the company with regards to its products as well as more sales in the form of its varied and changed stance on focusing towards the customers rather than the product itself. Apart from that, emphasis on need must be the order of the day rather than bringing out more and more varied stock key units just for the sake of it. The different products should satisfy each and every user rather than satisfy the people sitting in the innovation labs and those who invent just to take the company one step further. This trap should thus be avoided under all circumstances. Thus profits could come out in the middle when a company is the sole and dominant player in the whole market structure. This is the perfect scenario of a monopoly. This demands competition to come in but it has to be seen whether or not the coming competition is attacked head on by the dominant player or it has left on its own so as to improve the whole category and in other cases, just for the sake of competition. Thus within the emerging economies, monopolistic competition demands a sense of responsibility on the part of the dominant and the sole player as it has to take steps which are essential for the up and coming firms and businesses and it must be kept in mind that the new companies are there to serve the customer better and in a new manner and the customers have every right to demand the very same. They cannot be denied their due right just because a dominant player is bent upon ruining other’s sales and increasing its own in both the short term as well as the long run. A check and balance approach thus holds the key here and it is the responsibility of the government within the emerging nations to control these measures, no matter how harsh the situations are and how stern the steps have to be taken as it will eventually facilitate their economies endlessly. A pure competition can see companies pouring in left, right and center and the customer getting benefited by the competitive nature of the whole category and the business as well. This asks for getting one company’s products to be properly channeled to the audience it wants to touch and get its message across. Apart from that, customers have the liberty to choose whatever they may wish to, for their own self as well as for the people on whom they have an influence, directly or otherwise for that matter. At times, it has been seen that the pure competition can spark rivalries between the competitors which is thought of as being very useful on the part of the customers as they experience drastic price cuts and a totally new market that emerges as a result of the very same. (Megone, 2002) From the angle of the price equation, firms have to decide whether or not they have to change their own with the competitor’s recent price cuts. This could happen every now and then and on the part of a company, it is a consistent and on going activity, one that demands serious checks of the whole market as well as its direct competitors. However, the competitors that come under the indirect mode can be given leeway here as they are not seen as potential threats in some specified period of time, for this company. Thus price decisions have to be seen with a vigilant eye for this company as it stakes of making or breaking a sale is dependent on it. In some seasons when a particular product’s sales are expected to be higher, price cuts are expected from the competitors to bring in more and more sales or when another business category or enterprise starts hitting it head on. Marketing within such firms thus has to be an interesting aspect since price plays a significant role in nearly all the undertakings of the organization and within the relevance of emerging economies, plays a pivotal role at understanding how the two could mesh together and form an alliance to benefit one another. The role of marketing in emerging economies increases when the economies are in an excited state – ready to make every possible endeavor to get its own self noticed. However this could have alarming repercussions if not followed up in a proper manner. The firms within the emerging economies could look to exploit the weaknesses which are present within the present day systems. These firms could limit their losses if they found middle men and channel members who are ready to invest and devote their services at a lesser rate than the industry players. This will eventually increase the company’s standing within the relevant industry as well as increase its reputation in the global markets. (Aase, 2004) This could be equally true for regional or local level firms which are aimed at exploiting the strengths that they bring to the table. The role of these firms becomes even more important if the economic ranks of their countries help and facilitate their moves and do not pose hurdles in the wake of their marketing, sales and other relevant activities which they carry out on a consistent basis. What is more important is that a belief sets in the particular domains that the country will help the firm no matter how hard or tough the circumstances turn out to be. This gives immense satisfaction to the firm and asks of it to grow even further and thus continue the journey towards maturity which eventually is the goal of any firm. (House, 2004) Also the manner in which economic support is laid on to the shoulders of these firms is somewhat of a dubious decision since these organizations are not really sure as to what they could expect at the hands of the government and its related state machinery every now and then. The changing government regimes could mean trouble and worries for the firms as these might wind up and put the shutter down on their work when political scenario is not the best to work within. This means that with the emergence of political parties who exert their pressure through the formation of specific groups, firms are really left to the mercy of these pressure groups at the end of the day. (Watson, 1991) What is quintessential in such a scenario on the part of the government is to win the trust and confidence of the firms so that these companies could invest heavily, market enormously and look to bring about an economic change within the country. This would surely put the said country on the map of economically stable nations as well as provide it a chance to explore its own strengths and opportunities and not care about the weaknesses and threats that could come from any direction. (Powell, 2004) In the concluding remarks, it is significant to take note of the fact that emerging economies would indeed get a boost if the multinational or national level firms take part in the marketing activities in a rigorous manner. This will improve the country’s chances to succeed in the economic ranks when one asserts the equation in the long haul. What is more important is that customers within the country get to choose from a variety of options which indeed is a positive move since this gives them more buying options and thus increases their spending patterns and habits. All these steps help in the economic growth levels of the country and make its standing at par with the best in the business. All said and done, marketing can really boost the economic regimes within the nations that are just about to hit the jackpot as far as fiscal development is concerned and hence it is deemed as a positive step. Bibliography Lambin, Jean-Jacques. (2005). Market-driven Management: Strategic and Operational Marketing. Palgrave Macmillan Kotler, Philip & Keller, Kevin L. (2006). Marketing Management. Ed. 12, Prentice Hall Ravallion, Martin & Bidani, Benu. (1994). How Robust is a Poverty Profile? The World Bank Economic Review. Oxford Journals House, R. J. (2004). Culture, Leadership and Organizations: The GLOBE Study of 62 Societies. 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