“Harmonizing Progress: Navigating Technology, Globalization, and Social Responsibility”

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INTRODUCTION

The market is very different from even 10 years ago, with new business practices, opportunities and emerging challenges. In this article, we focus on three trans-formative forces: Technology, Globalization, and Social Responsibility.

Technology

The pace of technological change and the number of technologies available can be staggering. Recently, mobile phones in India surpassed 500 million, Face book surpassed 1 billion monthly users, and more than half of urban Africans were able to access the internet every month.

With the rapid rise of e-commerce, mobile Internet and the web in emerging markets, Boston Consulting Group believes brands and retailers need to grow their “digital balance sheets.” There is a massive flow of information and information about almost everything now available to consumers and businesses. In fact, technology research experts Gartner predict that by 2017, CMOs will spend more time on information technology (IT) than chief information officers (CIOs). Aetna’s CMO and CIO have worked closely together for years, delivering new products and services including iTriage, a popular health app for the iPhone. iTriage enables users to research diseases, locate nearby physicians, and learn about prescriptions. Procter & Gamble (P&G) is committed to staying ahead of technology advancements.

Procter & Gamble (P&G):Example

P&G uses the latest web-based tools in all 80 sales countries: high-speed ubiquitous communications, data visualization, and analytics in 40 locations worldwide. A large business area country, region, can display market share, profit and cost in real time based on brand and product. Tide Laundry has a dedicated “news desk” that monitors social media conversations and intervenes when appropriate. When Tide was used to clean up a bad fuel spill at a NASCAR race, the company hit social media ads with real news footage within 72 hours. P&G is looking at a wide range of technology applications. A pilot study revealed that local retailers increased revenue by 1.5 percent simply by displaying design on floor displays to grocery shoppers on iPads.

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Globalization

The world has become a smaller place. Travel, ships and other communication technologies have made it easier for us to see the rest of the world, travel and buy and sell from anywhere. By 2025, annual consumption in emerging markets will reach $30 trillion and contribute more than 70 percent of global GDP growth a staggering 56 percent will come from emerging markets by 2050, up from 18 percent in 2010.

The demographic trends include emerging markets such as India, Pakistan and Egypt with populations below the age of 25. In terms of middle class growth defined as those earning more than $3,000 per year, the Philippines, China and Peru are the three fastest growing countries.

Globalization has given countries a greater cultural diversity. A minority of Americans have significant economic clout, and their purchasing power is growing faster than the general population. According to the University of Georgia’s Terry College of Business (Minority Purchasing Report) the total purchasing power of ethnic minorities (African Americans, Asians, and Native Americans) will increase from $1.6 trillion in 2010 to $2.1 trillion in 2015.According to the University of Georgia Terry College of Business (Minority Purchasing Report) it is estimated that the purchasing power of Hispanics will increase from $1 billion in 2010 to $1.5 trillion by 2015, about 11 percent of the nation as a whole 88 percent of companies plan to provide information, a survey found increasing or maintaining a multicultural informant economy.

Globalization changes innovation and production as firms take ideas and lessons from one country and apply them in another. After years of not having much success with its high-end ultrasound scanners in the Chinese market, GE successfully developed ultra-affordable portable models that met the unique needs of the country’s market later for sale the product successfully throughout the developed world for use in ambulances and operating theaters where we began to manufacture where existing models were too large.

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Social Responsibility

Poverty, pollution, water scarcity, climate change, war and wealth accumulation demand our attention. The private sector assumes a responsibility to improve living conditions, and companies around the world have increased corporate social responsibility.

Since the impact of marketing also extends to society as a whole, marketers need to consider the ethical, environmental, legal, and social context of their operations. Therefore, the mission of the organization is to identify the needs, wants and interests of the target market and satisfy them more effectively and efficiently than competitors to preserve or enhance the long-term welfare of consumers and society.

Companies fulfil social responsibility in a variety of ways, often through initiatives designed to benefit society, the environment and stakeholders. Here are some common methods:

1-Environmental Sustainability:

Many companies are reducing their carbon footprint, implementing recycling programs, using renewable energy, or reducing waste to better contribute to the environment.

2-Corporate Philanthropy:

This includes giving money, goods, or time to charities, community development, disaster relief, education programs, health care programs.

3-Ethical Labour Practices:

Providing fair wages, safe working conditions and fair treatment of employees, and dealing with suppliers who adhere to ethical standards.

4-Diversity and Inclusion:

Promote diversity in hiring practices, create inclusive workplaces, and support underrepresented groups within the company.

5-Transparency and Accountability:

Be open-minded about your business practices, financial and governance, and accountable for your actions and their impact on society.

6-Stakeholder participation:

 Stakeholders listen and participate—customers, employees, communities, and stakeholders in decision-making.

7-Education and awareness:

 Companies often run campaigns or programs to raise social awareness, promote education, or provide training to benefit the broader community.

8-Commercial Responsibility:

To ensure that their products or services are safe, reliable and ethical. This could be things like ensuring fair business practices or creating sustainable products.

9-Volunteer Services:

To encourage employees to commit their time and skills to charity, to support their involvement in community service.                                                             

10-Policy advocacy:

Some companies advocate for social and environmental policies that align with their values, and seek changes that promote sustainability and social justice.

These actions demonstrate a commitment not only to profit but to have a positive impact on the world around them.

CONCLUSION

Corporate Social Responsibility (CSR) stands as evidence of the growing role of business in society. This is not only profitable but about fostering a sustainable, ethical and inclusive environment. As companies embrace CSR, they contribute to positive change, whether through environmental stewardship, community development, ethical practices, or social advocacy. CSR is not just an option; it is a responsibility—a commitment to efficiency and a better world. Ultimately, when businesses prioritize CSR, they sow the seeds of goodwill, trust and lasting impact, creating a brighter future for generations to come.

Sources: Philip Kotler, Hermawan Kartajaya, and Iwan Setiawan, Marketing 3.0: From Products to Customers to the Human Spirit (Hoboken, NJ: Wiley, 2010); Michael Krauss, “Evolution of an Academic: Kotler on Marketing 3.0,” Marketing News, January 30, 2011; Vivek Kaul, “Beyond Advertising: Philip Kotler Remains One of the Most Influential Marketing Thinkers,” The Economic Times, February 29, 2012. For more stimulating related ideas, see also Jim Stengel, Grow: How Ideals Power Growth and Profit at the World’s Greatest Companies (New York: Crown, 2011).

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