Globalization, Innovation, and Marketing Philosophy

Abstract

Globalization has brought innovation to center stage of marketing activities. This can be related to opportunities as well as scope for consumer proficiency. Initial years of this decade have found that over dependence on innovation has made it consistent, compulsive and converging. With this impetuous innovation, certain aspect of critical thought process brings technology to the spot-light. Marketing philosophy that recognizes technology as the rationale of foundation of globalization and innovation must retrospect and further critically assess that how far technology has dissociated both the terms. Globalization by nature has been divergent, yet struggling to ensure marketing success because innovation is converging with the help of technology. Global Marketing is in a precarious juncture where every alternate day new technology is wiping out the old and with this new market is superimposing the old one. This transition is threatening concepts like segmentation, targeting and branding. This chapter is a critical assessment of role of technology in redefining the relationship between globalization, innovation and marketing. Secondary data of 51 Indian business sectors, consisting some of the leading market players have been analyzed to explore the relationship and propose a conceptual model.