Economics pays a critical part in all industries. During the most recent economic crisis in the UK, nearly all industries, bar the creative industries started on plunging into an economic downturn. The creative industry seemed to flourish during this time, and still does. An industry like this, although may have a broad definition, is constantly going to be needed, just like medical and pharmaceutical industries. With social media networks now being the pinnacle of marketing strategies, we need to realise what makes up a successful firm inside the national and global economy.
Marketing, when defined is the action or business of the promotion and sale of a product or service. This may involve a lot of research and advertising.
Research is important to any given form of marketing. Rolls Royce for example, if they had done their research a little better, would have realised sooner that one of their product names would not have gone down well in German due to the name having a totally different meaning if translated. Cultural research may have helped a Chinese firm when they decided to write “God” on their products which were shoes. That in many cultures is considered blasphemous, but also disrespectful, hence the uproar when the products went on sale in certain Arabic states. Colour holds significance in different cultures also, so although branding baby clothes for little girls is Pink in most of the world, in Belgium, pink is worn by baby boys.
With this in mind, if marketing were to be an option for a given person’s creed path, not only must you do your research with what may or mayn’t offend a given audience and clientele, but also what a given economy is doing. If, for example, oil runs out, the likes of Lego and Hasbro would struggle to make their products that are specifically made of plastic. Their prices would increase due to a lack of supply and the ability to produce a product, so how many parents would still buy their children the products if prices were to increase. As an economics student at college, I can tell you that toys will forever be an inelastic product due to the fact that most parents are willing to spend a lot of money on their kids, especially at christmas. But the point still remains that factors such as new laws and regulations, natural disasters and other factors can have serious effects on any given industry.
Perhaps the creative industry, at a first glance, is just about drawing pretty pictures, but really there is a lot more to it and although practice based research is still yet to be defined, we should consider the bigger picture in all aspects of our little worlds.