Large corporations, multinationals must act responsibly -CJ

Sarath Silva

Marketing has taken on a global dimension despite starting off regionally, making it essential that large corporations and international organizations act responsibly and perhaps even re-evaluate the way they are operating, said Chief Justice Sarath Silva.

Addressing the 8th Annual Conference of the Chartered Institute of Marketing (CIM), Silva said a variety of factors have resulted in globalization, including the post World War II Bretton Woods system which resulted in the creation of the International Monetary Fund, the subsequent formation of the General Agreement on Tariffs and Trade

(GATT) in 1947, multilateral trade agreements, the advent of the Internet, protection of intellectual property rights and the growth of banking. Silva added that globalization has also resulted in the rise of multinational corporations (MNCs), paving the way for extraordinary economic power and the global consumption of uniform products.

However, Silva warned that globalization has also brought about an increase in oil prices, serious food shortages, global warming, erratic climate change and has created a discrepancy between the affluent and the impoverished. He stressed the importance of ensuring the good effects of globalization while implementing and following laws that safeguard consumers.

Michael Morrison from the Department of Marketing at Monash University in Australia said marketing must provide consumers with an emotional connection and appeal to the five senses through design techniques and in store music. There has been a paradigm shift in consumers buying goods and services to consumers buying experiences, in other words, 'retail theater.' He said music, aroma, design and lighting enhance brand experience and should be exciting, engaging and stimulating.