20 February 2011

Do you know who the best marketer of all time is?

This question is one of marketing pop culture books' favorite!
The answers vary through time to time:
Santa Claus
even Steve Jobs (Apple)
are some nominees for this prestigious title.

From a conversation I had this Friday with my University of Piraeus's colleagues,
I think my friends we may have the Winner of the Title!

So, according to my Professors Malliaris and Kouremenos:

Paul the Apostle, also called Saint Paul is the best marketer of all time!

Here is his marketing mix - the world known 4P’s:

  • Product - Christianity 
  • Price - free (giving great value for money: heaven earned)
  • Place - global distribution through his missionary journeys
  • Promotion: Bible and Pauline Epistles
I think I will give him the Title, do you agree?

14 February 2011

My dear Porter, I suppose we have to rethink our strategies when in Crisis! No more "Think globally, Act locally" but viceversa!

'Think globally, Act Locally' is one of the phrases that dominate all International Business Strategy books worldwide. It refers to a global strategy of organizations, wanting to explore different markets (countries) and selling their products/services to the locals of that country.

But when it comes to periods of economic recession is this phrase correct or misleads us?

According to the Harvard Business Review
"The variance of GDP growth rates across countries is at its lowest point in 30 years; never in recent history have economies been so closely in step with each other. This increases the odds of a synchronized global recession, which means that companies will have nowhere to turn to shift supply.
How can your company make it through the difficult times ahead?"

Maybe the answer lies in the same problematic phrase of our youth (and our books):
The "Think globally, Act locally" maybe must change vice versa to  "Think locally, Act globally"

When a market or a country (like Greece right now) faces a economic recession, and companies may experience a drop in regional demand, they may have to map out alternative markets that could absorb their additional supply. 

"Think locally, Act Globally" actually means using local resources for designing and manufacturing products for the global environment! 
This is, I guess, the only way for a company based in a country under economic crisis to gain a unique selling proposition and competitive advantage: through uniqueness of offerings.
Some examples of local resources that can be successful in international markets (through successful innovation in marketing of course), are:
  • Greek fruits and vegetables that are of fine quality
  • Products made from unique ingridients (like Mastic)
  • Greek Gastronomy and wines
  • Marbles and minery products
The above list can be unlimited when we realise that Greece has so many unique offerings!!!
When designing and manufacturing those unique products we must turn to the global environment. Of course we have to tagret them carefully but we have to do it!No company can survive when depends to a domestic market that faces very low demand. In such times, companies must expand their vision to serve international markets. Exporting is a means to increase a company’s overall market size.

Under this assumption, the major focus of the export strategy would be to enhance the product diversification through uniqueness and sell them to targeted international markets, increasing both the volume of exports and profits.
So, my dear Porter, I suppose we have to rethink our strategies when it comes to crisis!
Maybe "Think locally, Act globally" is one answer (if not the only one)!

10 February 2011

The 5W's of Marketing (who, what, when, where, and why) are not enough! The 'With' factor!

 The 5W's of Marketing (who, what, when, where, and why) are not enough!
We have to add 'With' because co-creation is the key to success!
What the 'With" factor stands for?
Co-creation, collaboration, coworking and generally all co- that pressumes people working together for a co-mmon goal!
The network aspect is implicit through the statement that all social and economic actors are resource integrators, implying that value creation takes place through interaction in complex networks.
New S-D logic (introduced some years before by Vargo and Lusch) is intended to capture evolutionary thinking about value creation and exchange and is subject to ongoing, open development.

Want more? Please read:
Vargo, S. L. and Lusch, R. F. (2008a), “Service-dominant logic: continuing the evolution”, Journal of the Academy of Marketing Science, Vol. 36 No 1, pp.1-10;
and Vargo, S. L. and Lusch, R. F. (2008b), “Why ‘service’?” Journal of the Academy of Marketing Science, Vol. 36 No 1, pp.25-38.