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WORLD TRADE ORGANIZATION (WTO)

Introduction

The emergence of World Trade Organization (WTO) in 1995, as a result of Uruguay Round of negotiations of GATT, marks a watershed in the history of international trade. GATT, the predecessor of WTO, was established by 23 countries in 1948, which liberalized the trade and created an environment that enabled the evolution of WTO is much wider as compared to GATT. It encompasses areas like textile, agriculture, services and intellectual property etc. that were excluded in the GATT.

The main guiding principles of WTO are: non-discrimination among the members in stipulation of favours regarding market access and tariff reductions provision of national treatment to foreign investors, imported goods and services stability and predictability of international trade patterns to promote confidence of investors and businesses by bounding the tariffs and market access for services; and promotion of economic development by encouraging reforms in the less developed and transition economies.

To ensure that trade is as fair as possible and as free as practical WTO has a large number of agreements that are the result of negotiations among member states. The current sets of agreements are the outcome of 1986-94 Uruguay Round negotiations. Through these agreements WTO members operate a non-discriminatory trading system that spells out their rights and obligations. Important agreements are of goods, agriculture, textile and clothing, subsidies and countervailing measures, antidumping, safeguard measures, TRIMs, customs valuation, dispute settlement, technical barriers to trade, sanitary and phytosanitary measures, GATS and TRIPs.

These agreements resulted in considerable reduction in tariffs in member countries and increased market access for developing and developed countries.

Read more: MGT601 - SME Management - Lecture Handout 39

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ROLE OF MARKETING IN SME – II

Marketing Decision Variables

1. Marketing Controllable Variable
   • Target Market Segment
     • Location
     • Target customers
     • Timing
   • Products offered
     • Type of product
     • Range of product
     • Design features
     • Quality
   • Price
     • Price level
     • Price variables (discount)
     • Maintenance
   • Advertisement & Promotion
     • Advertising level
     • Advertising media
     • Sales promotion
   • Distrbution.
     • Channels
     • Number of sales outlets
     • Warehousing facility
   • Servicng

   Read more: MGT601 - SME Management - Lecture Handout 33