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Marketing in China

In: Business and Management

Submitted By lemontea
Words 877
Pages 4
“Marketing in the 21st century will be of paramount importance to the continuing development and growth of China. In order to continue the prosperous growth into the future survival and growth of companies in China, there is a need to adopt and embrace a marketing philosophy”.

China’s participation in the World Trade Organization (WTO) since 2001 has boosted its economic growth and accelerated its legal reformation. Multinationals, thus, have gained confident to invest in China, resulting in rapid increase in foreign investment and made China as one of the largest foreign investment destinations in the world. The country’s WTO accession makes it an irreversible trend to integrate its economy into the global economic framework. With the unprecedented business opportunities and competition brought by foreign investment, marketing in the 21st century will be of significant importance to the continuing development and growth of China.

In order to continue the prosperous growth into the future survival and growth of companies in China, there is a need to embrace a marketing philosophy. To survive in the 21st century, companies in China should, at a minimal effort, adopt the marketing concept and be customer-centered, that is to meet customers’ needs profitably. To go further, companies should move beyond and practice the customer concept by serving individual customers with customized offers, services and messages. Technological advancement allows and empowers mass customization. This aims to achieve profitable growth through capturing a larger share of each customer’s expenditures by building high customer loyalty and focusing on customer lifetime value. However, to stand out from the enormous competition in an era of environmental deterioration and resources shortages, companies should incorporate social and ethical considerations into their marketing practices,...

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