How is marketing management both an art and a science?

What global
marketing challenges and opportunities do businesses face today?

Marketing is both an art and a science appealing to creative people and those
with a more analytical orientation. Marketers are the crucial link between
the organization, its customers/end-users and its suppliers, concerned with
building relationships that are valuable for all parties. Consequently,
marketing is rooted in a strong understanding of the customer, whether an
individual consumer or another organization. Identifying consumer needs,
developing new products/services, developing communications strategies,
ensuring products and services are available where and when consumers want
them, determining prices, and adjusting all of these to international markets
and different cultures.

Some challenges include problems in exporting can be accepted as the norm

with all inherent dangers involved. Also potential exporters need to know
what is going on in the global "environment". Just as in domestic marketing
"Government" "competition", "social" and other factors need to be accounted
for, such is the case in international marketing. Planning needs to be done to
create a good marketing strategy. Other opportunities and challenges
include the difference in environmental factors such as society, culture,
needs, etc. Also the difference in exchange currency can be beneficial and
bad at the same time depending on the market fluctuations.

Reference:

University of Lethbridge. What is Marketing. Retrieved June 8, 2010 from

http://www.uleth.ca/calgary/content/bachelor-management-marketing
Why are global marketing information systems necessary? How are both
internal records and marketing intelligence systems of value?

A marketing information system (MIS) is intended to bring together

disparate items of data into a coherent body of information. An MIS is, as
will shortly be seen, more than raw data or information suitable for the
purposes of decision making. An MIS also provides methods for interpreting
the information the MIS provides. Marketing information systems are
intended to support management decision making. Management has five
distinct functions and each requires support from an MIS. These are:
planning, organizing, coordinating, decisions and controlling.

A marketing information system has four components: the internal reporting

system, the marketing research systems, the marketing intelligence system
and marketing models. Internal reports include orders received, inventory
records and sales invoices. Marketing research takes the form of purposeful
studies either ad hoc or continuous. By contrast, marketing intelligence is
less specific in its purposes, is chiefly carried out in an informal manner and
by managers themselves rather than by professional marketing researchers.

Internal records are all enterprises which have been in operation for any
period of time nave a wealth of information. The internal records that are of
immediate value to marketing decisions are: orders received, stockholdings
and sales invoices.

A marketing intelligence system is a set of procedures and data sources

used by marketing managers to sift information from the environment that
they can use in their decision making

Information systems have to be designed to meet the way in which managers

tend to work. Research suggests that a manager continually addresses a
large variety of tasks and is able to spend relatively brief periods on each of
these.
Managers play at least three separate roles: interpersonal, informational and
decisional. MIS, in electronic form or otherwise, can support these roles in
varying degrees. MIS has less to contribute in the case of a manager's
informational role than for the other two.

Reference:

Kotler, P., (1988) Marketing Management: Analysis Planning and Control,

Prentice-Hall p. 102.

Agnilar, F.. (1967) Scanning The Business Environment, Macmillan, New York,
p.47.

What are some global marketing trends or megatrends you have personally
recognized in the macroenvironment? Which of these trends or megatrends
should global marketers target and why?

I have personally experienced a few marketing trends and megatrends. I

recently worked in a sourcing company and we were affected by any market
change. The most common trends that affected us as a company were social
media, connectivity, globalization, and the urgency to fix the world’s
problems. I was in charge of the sportswear and imagewear lines, we were
always on the media and eyes of everyone because we manufactured the MLB
clothing, also the Harley Davidson, Vans, Nautica, and much more. These
brands are always in the public eye because not only they are popular but are
very well known. When it comes to globalization our company was all over the
world, we had offices in Asia, South America, Central America, Caribbean
and the US. We started doing business with almost any country selling
garments and ideas, importing supplies and material and exporting finished
goods. The company even had a greener lines which helped the environment
situation. These garments were done with organic cotton, not artificial
colorings, etc. This line of clothing was selling pretty good too.

I think these trends and megatrends need to be targeted all and the reason
is because one helps the other and supports the other actions, etc.
Globalization is important, helps the money move, helps the rest of the world
know you as a company and helps supply the need. This helps you gain more
market and much more. Aiming to help the environment is a trend to target,
we all need to help in some way to help our planet, it could be by developing
greener lines of clothing, hybrid cars or in general creating conscience.

In general trends are everywhere if we think about it. Right now the biggest
trends are the internet and social medias such as Facebook, Twitter, etc.
Even television personalities and actors, singers, have joined.

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