Is Marketing Fiddling whilst Business Burns?

Business is essentially about the management and marketing of innovation and risk. Business life in the 1980s has seen a fundamental shift in the balance of manufacturing industry away from Europe and America to Pacific Basin communities. Those technologies, products and services which provided profits for European and American businesses in the 1960s and 1970s are now mature or declining. The challenge is to innovate either new technologies or redesign or reposition mature products. This requires a sophisticated appreciation of entrepreneurial marketing, a willingness to take significant business risks and a steady supply of graduates trained in the new technologies. Marketing management has identified five major international markets which are discussed. Only the most efficient market‐oriented firms will take the business and make profit from it. It is part of the marketer's responsibility to challenge a company's conventional ideas and spot gaps in the markets for new products or services based on developing technology.