The job that never ends: beating the local business community's drum is a lot harder than it used to be
IMAGINE YOU'RE A JUGGLER, and the number of balls you have to keep in play is doubled with every toss. That's what has been happening to many U.S. economic development agencies, says Kurt Chilcott, chairman of the International Economic Development Council.
Historically, economic development focused on bringing jobs into a region. But in the past 20 years, their roles have expanded to include working with existing businesses, helping create new firms and improving the assets that attract companies to a region, explains Chilcott. As if that weren't enough, the September 11 attacks and the recent recession have officials scrambling to buoy their economies. Increasingly, many say they're looking in their own backyards for business--but do their actions bear out that claim?
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Place marketing means designing a place to satisfy the needs of its target markets. It succeeds when citizens and businesses are pleased with their community, and the expectations of visitors and investors are met.
The potential target markets of place marketing are defined as place customers, which are producers of goods and services, corporate headquarters and regional offices, outside investment and export markets, tourism and hospitality, and new residents.
- Philip Kotler S.C. Johnson & Son Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University
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Place marketing means designing a place to satisfy the needs of its target markets. It succeeds when citizens and businesses are pleased with their community, and the expectations of visitors and investors are met.
The potential target markets of place marketing are defined as place customers, which are producers of goods and services, corporate headquarters and regional offices, outside investment and export markets, tourism and hospitality, and new residents.
- Philip Kotler S.C. Johnson & Son Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University
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