Challenges of a New Era for Strategic Marketing

Challenges of a New Era for Strategic Marketing

At the midpoint of the first decade of the 21^st century it is century it is apparent that executives face unprecedented challenges in strategic marketing to cope with turbulent markets, competitive revolution, and escalating customer demands for value superiority.

Escalating Globalization

The internationalization of business is well recognized in terms of the importance of export /import trade and the growth of international corporations, particularly in the Triad, comprising North America, Europe, and Japan. However, for strategic marketing in the 21^st century, such a view of the international marketing issue may be shortsighted.

Technology Diversity and Uncertainty

The impact of technology on business may also be underestimated.

The skills and vision required to decide which radical innovation opportunities can be successfully commercialized will be extremely demanding, and the risks of failure will be high.

EXHIBIT 1.6 Radical Product Opportunities from New Technologies

A Self-Cleaning Fabric from Nanotechnology. Research in Hong Kong offers the potential for fabrics that are self-cleaning.

Private Space Travel. In 2004, private space travel became a potentially commercial product.

The Digital Home. Consumers have growing opportunities to set up home electronics room-by-room to share high-speed Internet access and to exchange music, video, and other content.

Self-Cleaning Windows. Pilkington in the United Kingdom has spent a decade developing its Activ product –glass with a microscopic coating that reacts with sunlight to dissolve dirt and grime, leaving a residue that is washed away by the rain.

Ethical Behavior and Social Responsiveness

The demands on individuals with high levels of personal integrity will likely increase in the future.