INTEREST CATEGORY: GLOBAL MARKETING
POSTING TYPE: Calls: Journals
Author: Michelle Kritselis
Journal of International Marketing
Evaluating MNEs’ Transformative Marketing Approaches in an Era of Disruption
Over the past decade, major transformations have occurred, leading global industries to a fifth industrial revolution (Kumar 2021). This revolution has also led to digital transformation for marketers, called “Marketing 5.0,” resulting in firms rethinking their investment strategies in innovative products and services as well as finding news ways of capturing markets and attracting customers (Verhoef et al. 2021). The transformative nature of market forces requires further research by marketing scholars on firms’ consideration and/or adoption of transformative marketing approaches, defined as “the confluence of a firm’s marketing activities, concepts, metrics, strategies and programs that are in response to marketplace changes and future trends to leapfrog customers with superior value offerings over competition in exchange for profits for the firm and benefits to all stakeholders” (Kumar 2018, p. 2)
In other words, transformation takes into consideration changes in the immediate business environment. While external or publicly available information like financial reports and news releases can provide useful insights into a company, deeper meaning of transformative changes is gleaned from more profound and impactful issues such as changes in society, emergence of new-age technologies, and availability of structured and unstructured data. Indeed, Kumar (2018) suggests that ongoing changes among consumers and markets, coupled with changes in the marketing departments/role/function (in organizations), would confluently lead to business transformations.
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