Marketing Practice in Mongolia.
MARKETING PRACTICE IN MONGOLIA.
Presented by
Christopher Osuoha, (BS Accounting, MBA Gen. Business).
Marketing Practice in Mongolia.
The term “Marketing” is derived from the word “market” which by implication refers to a group of buyers and sellers that interact to exchange goods and services. The modern concept of marketing evolved during and after the industrial revolution in the 19th and 20th centuries which was characterized by proliferation of goods and services, increased worker specialization, technological advances in transportation, refrigeration and other factors that enhanced the transfer of goods over long distances created the need for more advanced market mechanisms and selling techniques. This research seeks to review marketing practice in Mongolia from the historical and current marketing practice perspective in one hand and analysis of market opportunities available to domestic and transnational companies’ perspective in the other hand.
1.0 Historical and current marketing practice in Mongolia Marketing practice entails the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and the society at large. Proper marketing practices emphasize the quality, service, and competitive features of products and services to educate customers to make informed decisions. Coutsoukis pointed out that in Mongolia, the marketing practice revolves around two conceptional frameworks: pre-1921 Mongolia and post-1921 revolution (Coutsoukis, 2004). The pre-1921 Mongolia marketing practice was characterized by primitive domestic trade and services. Limited number of commodities was exchanged; primary products like agricultural produce were exchanged by barter. Majority of the traders were foreigners- mainly Chinese and Russians, except for Mongolians who conducted trade and provided services at various monasteries in the
Presented by
Christopher Osuoha, (BS Accounting, MBA Gen. Business).
Marketing Practice in Mongolia.
The term “Marketing” is derived from the word “market” which by implication refers to a group of buyers and sellers that interact to exchange goods and services. The modern concept of marketing evolved during and after the industrial revolution in the 19th and 20th centuries which was characterized by proliferation of goods and services, increased worker specialization, technological advances in transportation, refrigeration and other factors that enhanced the transfer of goods over long distances created the need for more advanced market mechanisms and selling techniques. This research seeks to review marketing practice in Mongolia from the historical and current marketing practice perspective in one hand and analysis of market opportunities available to domestic and transnational companies’ perspective in the other hand.
1.0 Historical and current marketing practice in Mongolia Marketing practice entails the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and the society at large. Proper marketing practices emphasize the quality, service, and competitive features of products and services to educate customers to make informed decisions. Coutsoukis pointed out that in Mongolia, the marketing practice revolves around two conceptional frameworks: pre-1921 Mongolia and post-1921 revolution (Coutsoukis, 2004). The pre-1921 Mongolia marketing practice was characterized by primitive domestic trade and services. Limited number of commodities was exchanged; primary products like agricultural produce were exchanged by barter. Majority of the traders were foreigners- mainly Chinese and Russians, except for Mongolians who conducted trade and provided services at various monasteries in the
References: Central Intelligence Agency (CIA). (2012, January 8). World Factbook: Mongolia. Retrieved from CIA Web site: www.cia.gov/library/publication Coutsoukis, P. (2004, November 10). Mongolia Domestic Trade and Other Services. Retrieved from Photius.com: http://www.photius.com/countries/mongolia/economy/index.html McCarthy, J. E., & Perreault, W. D. (1990). Basic Marketing. Scarborough: Irwin. United Nations Industrial Development Organization (UNIDO). (2011). Strategic Direction on Industrial Policy in Mongolia. Vienna: Unido.