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Contemporary issues are very important and has to give due considerations.
The marketing field always seems to be undergoing change, especially now that accessibility to the Web is available to just about anyone with an Internet connection and a browser. Finding customers on a much larger scale is now possible, thanks to the Internet’s broad reach. But those same possibilities lead to issues on how to find prospects interested in what your company sells.
Quality Focus, Combining traditional outlook and digital marketing, Prioritizing location based marketing, Tracking Reputation are some of the areas connected to digital marketing as of now.
I believe yes as we are all operate globally even if we are localized still we have ti interact with the global economy and what ever issues arise could be a potential gains if you are kept up to date with trends,global and local issues,wars,technological innovations and inventions
The world is becoming a local village with the advancement of social networks and other media platforms and we are all a part of it.
Yes. It is the best way to keep up with the global economy.
Yes I do agree with you because it helps to make strategic decision for the organization.
Yes in today's world it would be literally suicidal if the management does not keep track of the ongoing global issues.
To justify my above statement I would like to give an examples:
In India the supreme court has passed an order to close all the coal mines issued since1993 with the exception of two PSU public sector units and one private player.
In this case lets have a look at the stakeholders who are effected:
1. Steel Sector:
Most of the coal mines are used to generate power essential to run major steel manufacturing units. Hence we can conclude that at least in the coming times we will see a decrease in the quantity of steel manufactured and a steep increase in price. Keep in mind that most of the steel manufacturers follow a JIT just in time stocking method in order to avoid depreciation of existing stocks.
2. Infrastructure Industry:
In view of the new government which is pro business many of the pending and new infrastructure projects have received approvals for go ahead. Steel being the one of the core components of most of the infrastructure projects would lead to a substantial increase in raw material prices and eventually a increase in the cost price of the end product.
3. Common Man:
India is in dire state of housing needs taking into consideration the price rise in the real estate infrastructure industry would cause cancellations of bookings and a steep increase in demand for loans fom the banking industry.
4. Banking Industry:
The banking industry in the past has also extended massive loans to the mine owners who by now are struggling with their payments and going ahead with process such as CDR corporate debt restructuring. Now the common man is demanding for loans to purchase real estate. Now one of the best and probably the only option the bank has to steeply increase the interest rate on borrowings.
5. Business Owners:
How would an end user afford to make a payment on a rise in interest rate, the old fashioned way he demands for a pay raise or changes his current organisation for a better hike. What does this mean for the business owners well they need to hike the employee payments and deal with a higher attrition rate which hits the business profit margin.
Given above is the basic example of decision making on stakeholders involved hope it helps.
