The knowledge-based marketing concept - A basis for global business

Abstract

Globalisation of competition is leading to firms becoming customer-oriented and knowledge-oriented. Firms are discovering that the customers exist both outside and inside the firm. Knowledge is said to be our new form of capital and the only source of competitive advantage for global businesses. Knowledge management and market management processes are interdependent and essential for global business. This paper explores the meaning of customer- and knowledge-orientation in the context of marketing and more specifically global business. We introduce the knowledge-based marketing concept as a conceptual framework, which provides a coherent basis for firms to: (i) exploit knowledge, by co-ordinating action more effectively; and (ii) to gain competitive superiority by becoming more customer-oriented. We also refine the traditional marketing concept to acquire a better fit with a global business context and introduce the IT-enabling marketing concept. Hence knowledge management and customer-orientation becomes more than just popular business jargon.