Question

In the era of globalization, how do you see marketing changing in the next decade. You may discuss some examples form the real world and explain how same could be the future and more.

Answer 1

Secondly, over the past decade the geography of global demand has changed radically. China, India and other emerging economies initially plugged into global value chains by manufacturing and exporting labor intensive manufactured goods to advanced economies. But now their billions of new consumers are a mighty force. To think of them as "low-cost factories to the world" is an outdated assumption. They are lucrative consumer markets in their own right and their businesses are a new source of competition. The share of global consumption in the developing world has risen by about 50 per cent over the past decade. China now imports just as many final goods as Germany and more than Japan, the UK,

While local demand is rising, emerging economies are reaching a new industrial maturity level, too. They build up domestic supply chains and import fewer of the intermediate inputs needed to keep their factories humming. In particular, China is modernizing multiple industries and developing its design, engineering and high-tech fabrication capabilities. In the years ahead, multinationals in advanced manufacturing industries may come under pressure as China moves into new, higher-value niches in the sector. In addition, developing economies are creating their own multinational giant companies that are now globalizing themselves via both exports and foreign acquisitions.

A wave of next-generation technologies is also reshaping value chains in the industry. Some will continue to reduce the costs, delays, and trade frictions, including digital platforms and logistics applications. To realize more of their potential, Ultrafast 5 G networks will provide a backbone for IoT, smarter grids, autonomous vehicles and virtual reality. Perhaps most profoundly in manufacturing, automation technologies change the way goods are made.

Today multinationals are studying a map of global demand that doesn't look like it did a decade ago and they have at their disposal new technologies that reduce the importance of labor costs. The calculus that goes into decisions about where to locate operations and where to invest in new capacity is changing, especially in the light of new technologies for automation. Because shipping goods around the world is hampering responsiveness and slowing market speed, some manufacturers are setting up or consolidating more regional supply chains to serve their major markets more effectively.