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The Greatest Challenges Facing Marketers as they Enter International Markets
Pages 5 (1255 words)
1. Introduction In the age of technology and rapid globalization, marketing has become hugely complex and requires highly creative input to gain leverage and establish niche market position. In the fast transforming environment of international business paradigms, the firms are continuously faced with huge challenges to compete and maintain competitive advantage.
Hence, the various challenges faced by marketers can be evaluated as below. 2 Macro-environment Macro environment factors are very important elements of market strategies, especially when the firm is entering international market and expanding its interest across the globe. The main macro-environmental elements like economic; demographic trend; changing socio-cultural paradigm; developing new environmental compulsions; advancing technology; and political environment of the region strongly influence the performance of the market (Kotler & Armstrong, 2010). 2.1 Economic Consumer buying decisions are intrinsically linked to the economic conditions that influence the buying power of the consumers. Thus, organizations entering such market would need to be cost sensitive and introduce quality goods at affordable prices. 2.2 Demographic Kotler et al. (2007) affirm strongly that demographic compulsions have emerged as powerful elements in the changing global scenario, which impact market position and need to be incorporated within the company’s market strategy. The fast changing demographic imperatives like population size, age distribution, gender ratio, income group etc. ...
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