Marketing And Growth Strategies For Emerging Economies: A Case-Study Of Trinidad And Tobago

Abstract

The intent of this study is to examine the marketing concepts and issues affecting economic development in Trinidad and Tobago as an emerging market. A careful review of literature, combined with the researchers personal experience, produced this article demonstrating how marketing can assist economic development in the Trinidad and Tobago economy. The author draws mainly on personal experience and a theoretical framework to show the nature of business practice in Trinidad and Tobago and how changing economic factors have caused the economy to place some emphasis on marketing. This article highlights the benefits to be derived from changing from a production concept to marketing concept and a market-driven economy. Attention is given to three main sectors in the economy; namely, the government, multinational companies and indigenous marketers. The study outlines a marketing-oriented program undertaken by the government to promote economic development and incentives which are being offered to help stimulate marketing in the private sector. It indicates the extent of government involvement with multinationals and shows the advantages of this type of investment. The study concludes that marketing will have to play a much greater role in business activities, especially as an orientation for growth, innovation and future development.