From a narrow perspective, it is possible to suggest that the global environment is comprised of different forms of businesses. Even though most of them are solely based on the profit agenda, the services and products that they offer are disparate to a considerable extent. However, on a wider scale, the business environment is comprised of distinct industries. According to the Bloomberg Industry Market Leaders website, the current market setting is constituted of 49 industries. Each of these industries assumes an imperative role in the provision of services and products to clients on an international scale. In this respect, the advertising and marketing industry is a perfect illustration of an exemplary global industry.
The advertising and marketing industry is one of the most global sectors in the business environment. The respective segment primarily exists as a services sector. Simply, marketing as well as advertising comprise some of the services that the industry enlists for the aim of establishing relationships with customers, boosting brand awareness, and endorsing brand loyalty. The advertising and marketing industry is categorized into a variety of sectors. These involve outdoor advertising and promotion, social media marketing, in-game advertisement, and digital video advertising market. The advancement of the respective sector is based on its ability to adapt to the present environment.
Overall, the ability of the respective industry to adapt to new trends in technology establishes it as a formidable sector within the global environment. In addition, the market leaders that are part of its respective setting illustrate their aggressiveness towards each other based on the way each strives to dominate the segment strategically. Accordingly, the firms that lead the industry comprise WPP PLC with a share of 12.1%, Omnicom Group Inc. with a share of 10.2%, and Publicis Groupe SA with a share of 6.5% (Bloomberg Industry Market Leaders, n. d.). Based on the information regarding each firm’s market share, there is considerable competitive rivalry in the advertising and marketing industry.
The advertising and marketing industry is comprised of certain global characteristics. Foremost, the industry is segmented into companies that explicitly offer marketing services. These mainly involve corporate ad-agency groups and local-focused entities. The Publicis Groupe SA is an illustration of a local focused entity within the global advertising market. On the other hand, organizations such as WPP PLC and Omnicom Group comprise examples of large overseas ad-agency entities. Consequently, the advertising and marketing sector is defined by a considerable focus on communication services. This further illustrates the industry’s aversion from capital-intensive investments since other approaches may be present that offer superior profitability.
Based on the description of chaos by Tetenbaum and Laurence, it is possible to assert that the advertising and marketing sector is chaotic. Accordingly, organizations are transitioning towards complexity due to the implications of the information era, particularly on expunging traditional workplace boundaries (Tetenbaum & Laurence, 2011). The advertising and marketing sector is consistently integrating novel forms of technology in order to provide better promotion-based services to its clients. Furthermore, technology has drastically altered the business of building, developing, and influencing brands, buzz, and sales respectively via marketing and advertising. As such, managers for the industry’s leaders must be capable of managing such dynamic transitions as well as order and disorder.
In conclusion, the global business environment is comprised of 49 international industries. The advertising and industry sector is particularly notable due to its extensive scope. Every other industry relies on the services that the respective sector offers in order to provide their commodities and services. Lastly, the industry is chaotic due to its inclination towards the information era and its implications of complexity especially on conventional organizational processes.
Bloomberg Industry Market Leaders. (n. d.). Advertising & marketing. Retrieved from http://www.bloomberg.com/visual-data/industries/detail/advertising+marketing
Tetenbaum, T., & Laurence, H. (2012). Leading in the chaos of the 21st century. Journal of Leadership Studies, 4(4), 41-49.
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