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THE FUTURE OF GLOBAL MARKETING Six Major Changes

Six Major Changes in Global Marketing 1.World growth. 2.The world economy dominates. 3.End of the so-called trade-cycle decision rule. 4.Free markets rule the world. 5.Accelerating growth of global markets. 6.The rise of the Internet and information technology.

 World growth : Many of the poor countries of the world are getting richer faster than the rich countries of the world, which are also getting richer. Most of the world is in a stage of economic growth. Asia growing at annual rates of 7 percent or higher. China and India, which have begun to develop a middle class. The population within the developed economies of the world is continuing to grow will be a major market for goods and services across a broad spectrum of consumer products.

 The world economy dominates: The macroeconomics of the nation-state no longer control economic outcomes in countries Large superpower countries such as the United States can no longer dictate to poorer countries how they should behave. The “Asian Flu” that began in 1997 and continued into 1998 which infected Southeast Asia. need for economic and political reform at the national, regional, and global levels.

 End of the so-called trade-cycle decision rule: A product matures, its production location would shift to lower income countries, has been clarified. Changes in global competition are bringing companies into more direct competition with economic rivals in other parts of the world. Companies in the same industries in different countries and regions compete ferociously with each other in manufactured goods, agricultural products, natural resources, and services.

 Free markets rule the world: The 75-year contest between capitalism and communism is over. Markets are in control of the allocation of resources all over the world with the exception of the two autocratic national anachronisms, Cuba and North Korea.

 Accelerating growth of global markets: The engine behind this accelerating growth is the high rate of growth in both the high- and low-income countries. The high- income county growth leadership has shifted from Japan to the United States. Low- and lower-middle-income country growth leadership has been concen-trated in Southeast Asia and’ southern Asia with China as a unique. The driving forces of this growth are technology, deregulation, global integration, and the triumph of marketing.

 The rise of the Internet and information technology: The rapidly growing diffusion of Internet access combined with the rapidly ex-panding bandwidth and capacity of the global Internet itself will playa major role in supporting the growth of global markets and global marketing. Amazon.com can reach customers in Taiwan and Tokyo just as easily as it can reach customers in Boston.

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