Total Quality Marketing: The Key to Regaining Market Shares

By Allan C. Reddy | Go to book overview

CHAPTER 8
Looking into the Future

As foreign competition continues to grow unabated threatening U.S. businesses, microsolutions developed and carried out at the firm level are no longer adequate to solve complex modern day business problems. Macromarketing must be combined with micromarketing to alleviate these problems. For instance, trade policy changes at macrolevel can take a long time to produce the desired results. Therefore, strategies at the individual firm level that emphasize building "market share" through improvements in Total Quality Marketing are very important. American managers today must adopt TQMkt to change the images of their products in the minds of consumers. Previously held notions must be replaced with a better Market Perceived Quality. These new strategies should be immediately carried out.

In containing foreign competition, American firms should work closely with government and labor to take appropriate actions. Unfortunately, cooperation among these three diverse groups rarely happens. For instance, in the controversy over the North American Free Trade Agreement, labor unions stood firmly against the government and big businesses, which both favored the agreement.

American firms must not lose the vigor to compete. The attitude "to compete" must permeate the firm always. Similarly, a commitment toward Total Quality Marketing must pervade the firm from top management to supervisory levels. Firms must develop and carry out effective marketing strategies to stop competitors from further challenging and attacking their market shares.

The import trade analysis in Chapter 2 shows that American firms have lost the leadership to imports in many product categories -- from cars to cameras. In recent years, the Big Three U.S. automakers have slowed the erosion of their market shares through significant product quality improvements during the last ten years. To regain market share,

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