Page 6 - PR Communication Age APRIL 2016
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policies for different countries and the marketing mix for segregated from outward show, judging from the point of
different countries can be adapted to the local market con- view of strengthening the market competitiveness, which,
ditions. This will require business champions within the com- in turn, calls for intensive scanning of the emerging trends
pany to be equipped with the latest skill sets and techniques backed by analytical ability/anticipation.
to effectively compete in the global or regional landscape.
Realistically speaking, at this juncture, complexities galore
In fact, globalisation led to more companies pursuing the - business space, technologies, processes, business models
same customers while at the same time, customers have have turned out to be more complex - while new charac-
become more sophisticated, and information technology has teristics are being added frequently (subtracted infre-
enabled them to find and analyse competing products so as quently). The dimensions of business space keep increasing,
to make the ultimate intelligent choices. No doubt, custom- adding complexity, while at the same time furnishing at-
ers discovered that they had options and accordingly custom- tractive new opportunities for those who can successfully
ers now aggressively seek alternatives, compare offers, and navigate in the new environment. This complexity, in turn,
hold out for the best option. Further, many products have also inhibits greater size and greater value creation.
became virtual commodities and rapid changes in technol-
ogy have dramatically shortened product life cycles. Side by side, in the emerging era of communication and
hyper-competition, people are overwhelmed by choices -
As the result points out - a lot of similar offerings that make choice of information, ideas, products and services. Infor-
it very difficult for one to differentiate oneself from one's mation is becoming readily available around the globe at
competitors, which, in turn, further empower one's custom- an unprecedented pace. Customers, competitors, and in-
ers. That is to say: a complete change over of supplier-domi- novators have instant access to each other.
nated economies into ones ruled by customers.
It is a high time when we should agree that in the global
Thus, the question of complacency has already crossed the context we are now living in a chaotic transition period: get-
Rubicon - retaining the market share in the international ting transformed steadily to a new age defined by global
arena, coupled with efforts directed towards a higher niche competition, rampant change, faster flow of information
in the ever-changing market environment pose as the area and communication, increasing business complexity, and
where skill added to strategy formulation plays a dominant pervasive globalisation. Undoubtedly, the pace of change
role. has become so rapid that it took different types of firms to
be dominant and it marked an entirely new era of business.
That is why the economic/marketing policy formulation and
the implementation process runs hand-in-hand. The inter- It is actively being noticed that not only is the world trade
national business scenario thus requires a deeper look, as economy growing at more than five times the rate of the
world gross domestic product but the stern reality is that
the ongoing business scenario has been turning out to be
more complex than ever before. Competition is now based
more on capabilities than assets.
New competitive dynamics have led to greater instability
in the profitability of companies. One technology is being
speedily replaced by the other and new products, services,
and competitors are emerging with blinding speed. Com-
petitive pressure has been intensifying.
Jet speed changes in competition, technology, and
“Publicity is absolutely critical. A good PR story is infinitely more effective than a front page ad.”
6 PR COMMUNICAT ION AGE April 2016
