The Future of Global Marketing Strategy

Bodo B. Schlegelmilch
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Bodo B. Schlegelmilch: Vienna University of Economics and Business

Chapter 14 in Global Marketing Strategy, 2022, pp 383-416 from Springer

Abstract: Abstract Let me be clear—the heading of this chapter is a complete oversell. It is impossible to predict the future with any degree of certainty! The Covid-19 pandemic vividly illustrates how unpredictable our environment is. The widely used VUCA acronym further reminds us that the future is volatile, uncertain, complex, and ambiguous. But does this rising uncertainty hail the end of strategic planning? We argue that the opposite is true. In a future increasingly characterized by VUCA, strategic planning is more important than ever. However, it is not planning for one future; it is planning for multiple possible futures that is called for. Companies need to develop the agility to adapt quickly to different possible scenarios to prosper under different conditions. This requires companies to spot trends that may influence their business as early as possible. Not all of the trends will materialize, and new unforeseen events may occur. Nevertheless, the more decision-makers think about how trends may impact their business, the more likely will they be able to capitalize on the opportunities these trends may offer and minimize the threats they represent. This chapter aims to identify some of these trends and discusses the likely implications for global marketing strategy.

Keywords: VUCA; Trends; Retro trends; Paradoxical developments; Hyperglobalization; Slowbalization; Decoupling of supply chains; Depopulation; Aged economies; Supranational organizations; Megacities; Retro brands; Climate change; Environmental degradation; Big data; Punctuated equilibrium (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/978-3-030-90665-8_14

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