Expert's Panel

A collection of timely and important topics posed to our panel of experts.

How do you anticipate marketing fundamentals to evolve or change in the next five to ten years?

 (ep1059)
1. I don't think they'll change significantly, however, one thing that would be a positive change is more emphasis on what I call primary market research. As the recognized value of marketing increases, the direct product marketing to customer research might increase significantly rather than relying on secondary research—all the published data and information that is so readily available. People that are successful are the ones that talk with the customer very closely.
2. I think it is going to change another way. You are going to be selling to an entirely different group of people so your marketing fundamentals better change. The next upturn is going to belong to the Taiwanese. Then we are going to have a downturn and the next upturn is going to belong to mainland China. The way you take your message to them, which is part of marketing, and the strategy for getting your products in there is going to be very different. If you had to pick a model, the closest model you have had to look at thus far is maybe a little bit like the Korean model. The fundamentals of your strategy and marketing communications are going to change significantly because of the cultural change of your customers.
3. Let me address one area that is more sales than marketing. There has been an evolving need to treat your customers on a global basis which means a key account management team. The large customers will not deal with you unless you approach them in this manner.
4. This question actually has two sides to it. One is the fundamentals of product marketing, the other is the fundamentals of the market. We first put this course together in early 1990. It has continually evolved, but the basic concepts haven't changed. The basic tenants are still the same, even through the data and the ways you go about it might be different. There are, on the other hand, some really important changes in the market place. There is a forecast that says oil production will peak between 2025 and 2035. There will be a time where there will not be any more increasez year by year. That will be a fundamental change that will not be good news. The other changes are in the concentration of power in process integration and slower growth rates. These are absolutely going to happen in most of your career lifetimes and they will affect you.