Module 1- INTRODUCTION OF MARKETING

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IMPORTANCE OF MARKETING –BY PETER DRUCKER

1. Marketing generates revenue for business.

2. Marketing considerations are the most critical factors in business planning and decision making.
3. Efficient marketing is a pre-requisite for the successful operation of a business enterprise.
4. Marketing generates employment.
5. Marketing makes available new variety of useful and quality goods to consumers.
6. Marketing converts latent demand of the consumers into effective demand and thus enables to raise the
standard of living.
7. Marketing is helpful in stabilizing prices and optimum utilization of resources.
8. Marketing raises the level of economic activity. There is a positive relation between marketing activity
and economic activity of a country—economic booms and depressions are always marked by higher and
lower tempo of marketing activities. Thus, a high level of marketing activity is a pre-requisite for a higher
level of economic activity.

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SCOPE OF MARKETING

1. Product design
• Product design is the four most important element in marketing the communication needs & problems of
the consumer have to be considered before marketing a new product design.

2. Implementation of product
• Once the decision is finalized about the design of the product more focus should be there on
communication with the production department regarding the implementation of product features.

3. Pricing of Product
• Pricing is the most important aspect of the product because it only decides the major buying decision of
the consumer. So, if the product is very new to the market correct & affordable pricing should be done.

4. Selection Of Layout
• The layout is the place where actually the product /services will be availed so more focus should be done
on the exact location and layout.

5. Publicity of the product

• Publicity means communication about the product and services for creating awareness & demand for the
product through publicity& Advertisement.

6. Distribution channel
• Distribution channel means the number of intermediators like whole-sellers, Retailers, distributors, and
agents who all are involved in the marketing channel.

7. Selling of Product
• Selling involves the actual challenge of marketing. The selling of products and services involves different
strategies like distribution through stores, salesmen, Advertisements, Exhibitions, trade fairs, etc.

8. Collecting the feedback

• This begins after the product is marketed and sold collecting feedback regarding satisfaction or
dissatisfaction related features like price, to make availability, etc it is to make changes in the marketing mix

FUNCTIONS OF MARKETING
1. Identify needs of the consumer:
 • The first steps in marketing function is to identify the needs and wants of the consumer that are present in
the market. Companies or businesses must therefore gather information on the customer and perform
analysis on the collected information.
• By doing this they can present the product or service that matches closely with the customer needs and
wants.

2. Planning:
• The next step in marketing function is planning. It is considered very important for a business to have a
plan. The management should be very clear about the company objectives and what it wishes to achieve
from the created plan.
• The company should then chalk out a timeline that is essential for achieving the objectives.

3. Product Development:
• After the details are received from the consumer research, the product is developed for use by the
consumers. There are many factors that are essential for a product to be accepted by the customer, a few
factors among the many are product design, durability and cost.

4. Standardization and Grading:

• Standardization refers to the process of ensuring uniformity in the product which means that a product
developed by a business shall be standard for every consumer with the same quality and design and this is
one of the key aspects that needs to be maintained by the business.
• Grading is referred to as the process of classifying products that are similar in quality and characteristics.
Grading helps in making the customer know about the quality of the product offered. It helps in making
customers understand that the products conform to highest quality standards.

5. Packing and Labelling:

• The first impressions of a product are its packaging and the label attached to it. Therefore, packaging and
labelling should be looked after very well. It is a well-known fact that a great packaging and labelling goes a
long way in ensuring product success.

6. Branding:
• Branding is referred to as the process of identifying the name of the producer with the product. Certain
brands are there in the market which have a lot of goodwill and any product coming from the same brand
will be accepted more warmly by the consumers. Although, having a separate identity for the product can be
helpful

7. Customer Service:
• A company has to set-up various kinds of customer service based on their product. It can be pre-sales,
technical support, customer support, maintenance services, etc.

8. Pricing:
• It can be regarded as one of the most important parts of marketing function. It is the price of a product that
determines whether it will be successful or a failure. Some other factors are market demand, competition,
price of competitors.
• The company or business should understand clearly that bringing about frequent changes in the price of a
product can lead to confusion in the minds of consumers.

9. Promotion:
• Promotion is the process of making the customers aware of the product by presenting it to customers
across various channels of promotion and entice them to buy the product.
• The major channels of promotion are: advertising, media, personal selling and promotion (publicity). An
ideal promotion mix will be a combination of all or some methods.

10. Distribution:
• Distribution refers to the movement of consumer goods to the point of consumption. A company must
ensure that the correct channel of distribution is selected for the product.
 • The mode of distribution is dependent on the factors such as shelf life, market concentration and capital
requirements. Proper management of inventory is also essential.

11. Transportation:
• Transportation is defined as the physical movement of goods from one place to another. In other words, it
is the movement of goods from the place of production to the place of consumption.
• Also, the correct mode of transportation can be selected based on the geographical boundaries of the
market.

12. Warehousing:
• Warehousing of products creates time utility. It is often seen that there is a gap between the time a product
is produced and the time when it is consumed. Companies like to maintain the smooth flow of goods even
when the products are of seasonal nature. Warehousing and storing provides the opportunity to provide
goods during off season also.

MARKETING CONCEPT
1. Production Concept
2. Product Concept
3. Selling concept
4. Marketing concept
5. Societal marketing concept

1. The Production Concept

This concept is the oldest of the concepts in business. It holds that consumers will prefer products that
are widely available and inexpensive. Managers focusing on this concept concentrate on achieving high
production efficiency, low costs, and mass distribution. They assume that consumers are primarily
interested in product availability and low prices. This orientation makes sense in developing countries,
where consumers are more interested in obtaining the product than in its features.
• The production concept suggests that people prefer products and services that are easily available and
affordable, which is essentially the idea of mass production.
• Focusing your marketing efforts on this concept means you’re looking to achieve a highly efficient
production process, keep costs low, and aim to scale production.
• Think Walmart, McDonald’s (or any of the big, fast-food franchises), Forever 21, Starbucks, and
countless other big brands you’ll find across malls, towns, and cities. They all use this approach.

2. The Product Concept.

This orientation holds that consumers will favour those products that offer the most quality,
performance, or innovative features. Managers focusing on this concept concentrate on making superior
products and improving them over time. They assume that buyers admire well-made products and can
appraise quality and performance. However, these managers are sometimes caught up in a love affair
with their product and do not realize what the market needs. Management might commit the “better-
mousetrap” fallacy, believing that a better mousetrap will lead people to beat a path to its door.
• The product concept puts forth the view that buyers focus on a product’s quality, features, and
benefits. Product-focused buyers look for innovation and uniqueness, but not necessarily the lowest
price.
• The biggest and best-known example of this type of marketing is Apple.
• Apple products work straight out of the box. They are easy to set up, use and update. Everything about
them is beautiful, from their minimalist design to their sleek packaging and intuitive controls.
• Apple charges a premium for all this, but their hardcore fans are happy to pay. They understand what
they’re getting when they purchase an Apple product. They also focus on accessibility, making their
products stand out in the market.

3. The Selling Concept.

This is another common business orientation. It holds that consumers and businesses if left alone, will
ordinarily not buy enough of the selling company’s products. The organization must, therefore,
undertake an aggressive selling and promotion effort. This concept assumes that consumers typically
 show buying inertia or resistance and must be coaxed into buying. It also assumes that the company has
a whole battery of effective selling and promotional tools to stimulate more buying. Most firms practice
the selling concept when they have overcapacity. Their aim is to sell what they make rather than make
what the market wants.
• The selling concept is based on the understanding that your customer won’t buy enough of your
product or service unless you push them into it.
• The assumption is that your customer will be resistant and, therefore, must be made to buy. Marketing
efforts based on the selling concept involve aggressively advertising everywhere constantly.
• Companies employing this concept often have various techniques to persuade the reluctant buyer to
part with their cash. This type of marketing is often used by companies that have overproduced and
therefore need to sell off inventory to make room for more products.
• Examples of employing the selling concept include:
• Brands that aggressively promote Black Friday (and Cyber Monday), such as Amazon, although many
big brands also use very similar tactics.
• Brands that aggressively employ email marketing — think those that send emails daily that advertise
reductions, discounts, sales, and special offers. They’re the brands that are constantly in your inbox
flashing their latest offer.

4. The Marketing Concept.

This is a business philosophy that challenges the above three business orientations. Its central tenets
crystallized in the 1950s. It holds that the key to achieving its organizational goals (goals of the selling
company) consists of the company being more effective than competitors in creating, delivering, and
communicating customer value to its selected target customers. The marketing concept rests on four
pillars: target market, customer needs, integrated marketing and profitability.

Distinctions between the Sales Concept and the Marketing Concept:

• The Sales Concept focuses on the needs of the seller. The Marketing Concept focuses on the needs of
the buyer.
• The Sales Concept is preoccupied with the seller’s need to convert his/her product into cash. The
Marketing Concept is preoccupied with the idea of satisfying the needs of the customer by means of the
product as a solution to the customer’s problem (needs).
• The Marketing Concept represents the major change in today’s company orientation that provides the
foundation to achieve competitive advantage. This philosophy is the foundation of consultative selling.
• The Marketing Concept has evolved into a fifth and more refined company orientation: The Societal
Marketing Concept. This concept is more theoretical and will undoubtedly influence future forms of
marketing and selling approaches.

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5. The Societal Marketing Concept.

This concept holds that the organization’s task is to determine target market needs, wants, and interests
and deliver the desired satisfactions more effectively and efficiently than competitors (this is the original
Marketing Concept). Additionally, it holds that this all must be done in a way that preserves or enhances
the consumer’s and society’s well-being.
• This orientation arose as some questioned whether the Marketing Concept is appropriate in an age of
environmental deterioration, resource shortages, explosive population growth, world hunger and
poverty, and neglected social services.
• Are companies that do an excellent job of satisfying consumer wants acting in the best long-term
interests of consumers and society?
• The marketing concept possibly sidesteps the potential conflicts among consumer wants, consumer
interests, and long-run societal welfare. Just consider:
• The fast-food hamburger industry offers tasty but unhealthy food. The hamburgers have a high-fat
content, and the restaurants promote fries and pies, two products high in starch and fat. The products
are wrapped in convenient packaging, which leads to much waste. In satisfying consumer wants, these
restaurants may be hurting consumer health and causing environmental problems.
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WHICH MARKETING CONCEPT IS THE BEST?
• The marketing concept you choose depends on your business, your product or service, and your
relationship with your customers.
• There are also several other factors to consider. We must approach some concepts, such as the
production concept, cautiously.
• Mass production has several issues. It’s usually environmentally destructive and may involve exploiting
workers making the product. That is not to say this is the case for all mass-produced items, but it is a
reality in numerous instances.
• Using this concept as the basis of any marketing effort assumes that consumers are primarily interested
in easy access to your product and a low price.
• If you’re looking to build a long-term business, you should consider your customers’ needs.
• In this day and age of mass consumption, you need to make sure your business practices are ethical.
Also, your product is environmentally friendly, and you are addressing the genuine need of your
customer.
• By using the marketing concept and the societal marketing concept as the underpinning ideas for your
marketing strategy, you build a firm foundation on which to grow your business long-term.

IMPORTANCE OF MARKETING TO FIRM

1. Helps Business Planning and Decision-Making:
• In today’s economy, production is planned according to customer needs and wants and sales
forecast rather than production capacity of the firm. A firm will produce what and how much it can
sell and not what and how much it can produce. Thus, marketing decisions affect business decisions;
for instance, planning, production, purchase, finance or design revolve around marketing decisions.
2. Helps Product Development:
• Modern concept of marketing helps in discovery and development of new products. Marketing
concept is based on intensive research about wants, needs and consumer behaviour. Based on
market research, businessman tries for new products and creates demand for them through
promotion, publicity and advertisement.
3. Helps Seller in Buyer’s Market:
• A buyer’s market is one in which supply of goods/services exceeds demand. In such a situation,
scientific ways of marketing enable the firm to dispose its surplus goods.
4. Helps in Recession:
• Marketing helps a business firm in successfully facing recession in various ways viz.:
(i) Discovering new markets
(ii) Reducing cost of distribution
(iii) Diversifying and improving products
(iv) Suggesting alternative uses of product
5. Helps Increasing Profits:
• Marketing is helpful in increasing business profits by:
(i) Reducing selling cost
(ii) Increasing demand of product through advertisement and sales promotion activities.
6. Helps Collecting Information Regarding Consumer’s Behaviour:
• Through marketing, a firm collects information about competitors and their price policies,
production policies, and sales promotion policies and on that basis, takes suitable marketing
decisions and makes necessary adjustments in its own policies.
7. Marketing is Eyes and Ears of a Business:
• This means that it keeps business in close contact with its environment and informs about events
which can influence its operations.
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MARKETING IMPORTANCE
1. Marketing Helps in Transfer, Exchange and Movement of Goods
2. Marketing Is Helpful in Raising and Maintaining the Standard Of Living Of The Community
3. Marketing Creates Employment
4. Marketing as a Source of Income and Revenue
5. Marketing Acts as a Basis for Making Decisions
 6. Marketing Acts as a Source of New Ideas
7. Marketing Is Helpful in Development Of An Economy

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NATURE OF MARKETING
1. Human activity:
Originally, the term marketing is a human activity under which human needs are satisfied by human efforts.
It’s a human action for human satisfaction.
2.Consumer-oriented:
A business exists to satisfy human needs; hence business must find out what the desire of customer (or consumer)
and thereby produce goods & services as per the needs of the customer. Thus, only those goods should be produced
that satisfy consumer needs and at a reasonable profit to the manufacturer (or producer).
3.Art as well as science:
In the technological arena, marketing is the art and science of choosing target markets and satisfying customers
through creating, delivering, and communicating superior customer value. It is a technique of making the goods
available at right time, right place, into right hands, right quality, in the right form and at right price.

4. Exchange Process:
All marketing activities revolve around commercial exchange process. The exchange process implies transactions
between buyer and seller. It also involves exchange of technology, exchange of information and exchange of ideas.
5. Starts and ends with customers:
Marketing is consumer oriented and it is crucial to know what the actual demand of consumer is. This is possible
only when required information related to the goods and services is collected from the customer. Thus, it is the
starting of marketing and the marketing end as soon as those goods and services reach into the safe hands of the
customer.
6. Creation of Utilities:
Marketing creates four components of utilities viz. time, place, possession and form.
• The form utility refers to the product or service a company offers to their customers.
• The place utility refers to the availability of a product or service in a location i.e., Easier for customers.
• By time utility, a company can ensure that products and services are available when customers need
them.
• The possession utility gives customers ownership of a product or service and enables them to derive
benefits in their own business.
7. Goal oriented:
Marketing seeks to achieve benefits for both buyers and sellers by satisfying human needs. The ultimate
goal of marketing is to generate profits through the satisfaction of the customer.
8. Guiding element of business:
Modern Marketing is the heart of industrial activity that tells what, when, how to produce. It is capable
of guiding and controlling business.
9. System of Interacting Business Activities:
Marketing is the system through which a business enterprise, institution or organization interacts with
the customers with the objective to earn profit, satisfy customers and manage relationship. It is the
performance of business activities that direct the flow of goods and services from producer to consumer
or user.
10.Marketing is a dynamic process:
series of interrelated functions: Marketing is a complex, continuous and interrelated process. It involves
continuous planning, implementation and control.

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NATURE OF MARKETING
1) Marketing is an Integrated Process:
Trade is not a single activity. It is rather a coordination of many interrelated activities. The interaction
between different activities gives a unique character to marketing. Marketing is a managerial process in so far
as it involves planning and control functions. Marketing is also a social process as it is concerned with the
satisfaction of human needs and this is one of the most important characteristics of marketing.
2) Marketing is Customer Oriented:
Marketing exists to identify and satisfy the wishes of present and potential consumers. The main focus of all
marketing activities is the customer
3) Marketing is a System:
Another important feature of marketing is its function as a system. Marketing is a system comprising several
sub-systems. Under marketing, inputs are drawn from society and transformed into outputs that are supplied
to society.
4) Marketing is Creative:
Marketing creates time, possession and place utilities. Time utility is created by keeping goods for use in
future. Place utility is created by carrying goods to places where they are required the most. Marketing
creates possession utility by transferring services and products from producer to customer. The exchange
process between buyer and seller is an important element of marketing.
5) Marketing is Goal Oriented:
Of the many important characteristics of marketing, one essential aspect is it is goal-oriented. Marketing
seeks to achieve benefits, for buyers and sellers. It results in a mutually beneficial relationship by fulfilling the
wants of customers and by generating revenues for customers.
6) Marketing is Pervasive:
Marketing is needed in business as well as in social and other organizations. In other organisations,
marketing is necessary for spreading socially useful ideas and programmes, adult education, family planning,
communal harmony, environmental protection, national integration, etc. Such marketing is called social
marketing.
7) Marketing in Science as well as Art:
Marketing has evolved from economics but it has a closer relationship with social and behavioural sciences.
Marketing is closely associated with streams of science and humanities and subject lines such as Economics,
Law, Psychology, Anthropology, Sociology, Information Technology, etc. Marketing heavily depends upon the
demographic features of the target market, philosophy, political environment, mathematics, statistics, etc.
8) Exchange is the Essence of Marketing:
Marketing revolves around the commercial exchange. This also involves the exchange of technology,
exchange of information and exchange of ideas.
9) Marketing is a Continuous Process:
Marketing is not an isolated, static process but is a complex, continuous and interrelated process. It involves
continuous planning, implementation and control. It is a significant functional area of management.
10) Selection of Target Markets:
No marketer can satisfy everyone in the market. A marketer has to select target markets rather than a
quixotic attempt to win every market and be all things to all people. Therefore, marketers start with market
segmentation, choosing a target group(s), identifying target group needs and requirements and meeting
these needs in a better way than the competitors through a suitable marketing mix.

MARKETING ENVIRONMENT
Marketing Environment concerns the influences or variables of the external and internal environment of a
firm that controls the marketing management’s capability to construct and preserve the flourishing
relationships with the consumer.
• An assortment of environmental forces affects a company’s marketing arrangement. A few of them are
governable while others are unmanageable. It is the task of the marketing manager to modify the company’s
policies together with the shifting environment

DEFINITION OF MARKETING ENVIRONMENT

A company’s marketing environment consists of the internal factors & forces, which affect the company’s
ability to develop & maintain successful transactions & relationships with the company’s target customers.” -
Philip Kotler

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MACRO ENVIRONMENT IN MARKETING

1. Demographic Factors
• It is characterized as the factual investigation of the human populace & its dissemination. This is a
standout amongst the most impacting variables because it manages the individuals who structure the
 business. An organization ought to study the populace, its conveyance, age structure, and so forth before
choosing its strategy of marketing. Each faction of the populace acts differently, relying on a range of
factors, for example, age, status, and so on. If these variables are measured, a company can manufacture
only those products which suit the necessity of the buyers. In this respect, it is said that ‘to comprehend
the business sector you must comprehend its demography’.

2. Economic Factors
• Economic components are general monetary value, investment rates, exchange rates, inflation rate,
fiscal strategies, balance of payments and so forth. An organization can effectively offer its products just
when individuals have enough cash to spend. The financial environment influences a customer’s buying
behaviour either by expanding his disposable income or by decreasing it. E.g.: During inflation, the
money value decreases. Thus, it is troublesome for them to buy more products. The income of the
customer should likewise be considered. E.g.: In a business sector where both wife & husband work,
their acquiring power will be more. Consequently, organizations may offer their products effortlessly.

3. Physical Environment
• These components incorporate the climate, atmosphere, environmental change, accessibility of water,
accessibility of raw materials and so on. A company has to implement its policies contained by the
restrictions set by nature. A man can enhance nature, however, can’t find an option for it. Nature offers
resources, however, in a restricted way. The product manager has to use it proficiently. Companies must
discover the best mix of products for productive usage of the accessible assets. Else, they may confront
intense deficiency of resources.

4. Political Factors
• In external environment, political factors are Government actions, rules and regulation. Change in
political situation can be a very sensitive issue to a company. Political factors that affect business are
uncontrollable like political stability, current and impending legislation. The only solution is to conduct
environmental analysis. It will help to know the threats and opportunities and take precautionary
measures as desired.

5. Social Factors
• Organizations can be affected by demographics change and change in customs
6. Technological Factors
• Technological factors are those variables rely on current, available and change in technology. These
factors may be technological products and process.
• The changing trends in the advancement of technology are very rapid. These technological changes can
affect business negatively or positively, if not responded properly. These changes can positively improve
business productivity, cut costs and minimize production and distribution cost.

Refer Slide 68, 69-72, 74

FUNCTIONS OF MARKETING MANAGEMENT

1. Selling
Selling is the crux of marketing. It involves convincing the prospective buyers to actually complete
the purchase of an article. It includes transfer of ownership of products to the buyer.
• Selling plays a very vital part in realizing the ultimate aim of earning profit. Selling is groomed by
means of personal selling, advertising, publicity and sales promotion. Effectiveness and efficiency in
selling determines the volume of the firm’s profits and profitability
2. Buying and Assembling
• It deals with what to buy, of what quality, how much from whom, when and at what price. People
in business purchase to increase sales or to decrease costs. Purchasing agents are much tempted by
quality, service and price. The products that the retailers buy for resale are selected as per the
requirements and preferences of their customers.
• Assembling means buying necessary component parts and to fit them together to make a product.
‘Assembly line’ marks a production line made up of purely assembly functions. The assembly
operation includes the arrival of individual component parts at the work place and issuing of these
parts for assembling.
3. Transportation
• Transportation is the physical means through which products are moved from the places where
they are produced to those places where they are needed for consumption. It creates locational
utility.
• Transportation is very important from the procurement of raw material to the delivery of finished
products to the customer’s places. Transportation depends mainly on railroads, trucks, waterways,
pipelines and airways.
4. Storage
• It includes holding of products in proper, i.e., usable or saleable, condition from the time they are
produced until they are required by customers in case of finished products or by the production
department in case of raw materials and stores.
• Storing protects the products from deterioration and helps in carrying over surplus for future
consumption or usage in production.
5. Standardization and Grading
• Standardization means setting up of certain standards or specifications for products based on the
intrinsic physical qualities of any item. This may include quantity like weight and size or quality like
colour, shape, appearance, material, taste, sweetness etc. A standard gives rise to uniformity of
products.
• Grading means classification of standardized items into certain well-defined classes or groups. It
includes the division of products into classes made of units possessing similar features of size and
quality.
• Grading is very essential for raw materials; agricultural products like fruits and cereals; mining
products like coal, iron and manganese and forest products like timber.
6. Financing
• Financing involves the application of the capital to meet the financial requirements of agencies
dealing with various activities of marketing. The services to ensure the credit and money needed and
the costs of getting merchandise into the hands of the final user are mostly referred to as the finance
function in marketing.
• Financing is required for the working capital and fixed capital, which may be secured from three
sources — owned capital, bank loans and advance & trade credit. In other words, different kinds of
finances are short-term, medium-term, and long-term finance
7. Risk Taking
• Risk means loss due to some unforeseen situations. Risk bearing in marketing means the financial
risk invested in the ownership of goods held for an anticipated demand, including the possible losses
because of fall in prices and the losses from spoilage, depreciation, obsolescence, fire and floods or
any other loss that may occur with the passage of time.
• They may also be due to decay, deterioration and accidents or due to fluctuation in the prices
induced by changes in supply and demand. The different risks are usually termed as place risk, time
risk, physical risk, etc.
8. Market Information
• The importance of this facilitating function of marketing has been recently marked. The only sound
foundation on which marketing decisions depend is timely and correct market information.
• The importance of this facilitating function of marketing has been recently marked. The only sound
foundation on which marketing decisions depend is timely and correct market information.

MARKETING MANAGEMENT TASKS

1. Developing marketing strategies and plans:

The first task is to identify its potential long-run opportunities given its market experience
and core competencies.

2. Capturing marketing insights:

To understand what is happening inside and outside the company, it needs a reliable
marketing information system as it will want to monitor its marketing environment closely.

3. Connecting with customers:

 Companies must consider how to create the best value for their chosen target markets and
develop strong, profitable, long-term relationships with customers

4. Building strong brands:

Companies must understand the strengths and weaknesses of their brand vis-a-vis company
brands in consumers’ eyes.

5. Shaping market offerings:

At the heart of the marketing program is the product-the firm’s tangible offering to the
market, which includes product quality, design, features, and packaging.

6. Delivering value:
Companies must also determine how to deliver the value embodied by these products and
services to the target market. It includes various activities that the company undertakes to
make the product available to target customers.

7. Communicating value:
Companies must also adequately communicate the value embodied by its products and
services to the target market. Marketing communications activities are how firms attempt to
inform, persuade, and remind consumers about the brands they sell. Companies must
develop an integrated marketing communication program that maximizes the individual and
collective contribution of all communication activities.

8. Creating long term growth:

Companies must also consider their products and brands and how their profits should be
grown. Based on its product positioning, they must initiate new-product development,
testing, and launching. The strategy also will have to take into account changing global
opportunities and challenge