Balancing construction and marketing in world economic development: the four global scenarios: Fid-Bau Portal

Balancing construction and marketing in world economic development: the four global scenarios

Pheng, Low Sui

Planning for economic development is one of the major preoccupations of governments as well as international agencies such as the United Nations and the World Bank. Construction and marketing are individually known to have an influence on the achievement of economic goals. Unfortunately, the combined effect of construction and marketing has never been explored explicitly before. Although the pursuit of economic development has been their common objective, both disciplines have always been examined in isolation. This paper does not, however, pretend that construction and marketing are the only two factors which influence economic growth. The purpose is to help bridge the gap between construction and marketing in world economic development. For this purpose, other factors which may have an equally important influence on economic growth would, of necessity, need to be isolated. The relationship construction and marketing have with world economic development is supported through a literature review. In adopting construction and marketing as the two primary thrusts for securing economic growth, four global perspectives have been identified: scenario A, a balanced view; scenario B, weighted towards construction; scenario C, weighted towards marketing; scenario D, a deficiency model. The balanced view in scenario A mirrors the characteristic feature typical of most developed countries where mature marketing practices and construction infrastructures can be found. Scenario B, where construction attracts more attention than marketing, models the emphasis given by the governments in most developing countries. Scenario C models an economy which lacks the construction facilities necessary for the effective conduct of marketing activities. Countries which have poor construction and marketing facilities can be categorized under the deficiency model in scenario D. Adequate construction works and marketing expertise are generally found to be lacking in these countries which consequently stultifies both the local economy as well as foreign trade. Most of the poorest countries in the world appear to be affected to a large degree by scenario D. The statistical analysis supports the relationship between construction and marketing as well as the four scenarios postulated. In the light of these four global scenarios, constructors and marketers should realize that a synthesis of their two disciplines is required if future economic goals and objectives are to be achieved uneventfully.