The New Marketing Trends in Emerging Economies
In order to have a competitive edge in global marketing, students of the Department of Business Management, Covenant University, were recently introduced to the new trends in the marketing profession at the Town and Gown Seminar held at the Centre for Entrepreneurial Development Studies (EDS) of the University.
The Guest Speaker, President and Chairman of Council, National Institute of Marketing of Nigeria (NIMN), Mr. Ganiyu Adesegun Koledoye, represented by the Registrar of the Institute, Mr. Sydney Ogodo, in his presentation titled, “Global Marketing Challenges: Implications for Emerging Economies”, noted that the primary objective of marketing is to create and sustain distinctive customer value to enhance corporate value.
Mr Ogodo pointed out that the world is getting homogeneous in nature due to the large influence of technology. Thus, the need for innovation and creativity is inevitable.
In his words, “Before the new shift to global marketing, producers of products were under government protection, but now, marketers in the global world can buy goods online and reach the door step of the buyer. To survive in such global environment, one needs to be innovative or go into extinction”.
Furthermore, he stated that digital marketing is one of the new trends in global marketing that involves active use of the social media networks like Facebook, Twitter, Instagram, among others, that engenders two-way communication with customers.
According to him, “Digital Marketing is one of the global marketing developments in the 21st Century that brings about an instant two-way communication to consumers, where the producers are able to get feedback from consumers, and at any point in time can also modify the product as the case maybe. It is also faster and easier than the traditional media”.
The guest speaker noted that solution to the recent cash strapped economy requires entrepreneurs with good marketing skills. He urged the students to acquire the necessary marketing skills that would enhance their skill to produce results, in order to have the necessary edge in the global marketing trend.
“The real factor of production is not land, labour or capital but knowledge. This is what you have and can deliver, which makes it necessary to acquire these marketing skills that will bring about innovation and creativity.
Speaking at the occasion, the representative of the Dean, College of Business and Social Sciences, Dr. Oluwole Iyiola, who is also the Sub-Dean, of the college thanked management of the University for providing the platform for the Town and Gown interaction. He appreciated the guest speaker for making time to come; while commending the efforts of the Head and members of the Department of Business Management in organising the event. He enjoined the students to take advantage of the interaction by asking questions where necessary.
In his remarks, the Head, Department of Business Management, Dr. Rowland Worlu said, “The importance of this Town and Gown Seminar is to bridge the gap between the classroom and the field and also to interact with seasoned practitioners in the field, giving more exposure to the students with ability to interact in the marketing world.”