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The Greatest Challenges Facing Marketers as they Enter International Markets - Essay Example

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The Greatest Challenges Facing Marketers as they Enter International Markets

2.3 Socio-cultural paradigms The rapid globalization has created a pluralistic society with diverse needs and requirement. Ennis (2009) believes that socio-cultural imperatives have become the decisive factor in the consumption of goods and services. Indeed, the market strategy must respond to the new culturally diverse system rather than focus only on the product. It is for this reason that firms need to promote their goods and services within a culturally sensitive environment. Nokia advertisements are prime examples which include diversity in their advertisements that are instant hit across the globe. McDonald’s includes the taste of the local population in its burgers and customizes it to cater to the changing demands of its consumers. 2.4 New environment compulsions and sustainable development In the contemporary times, environment conservation and sustainable business practice have emerged as key components of competitive advantage (Slack & Lewis, 2002). The companies entering new markets must become proactive participants in the conservation and preservation of environment and promote sustainable business practices. Hybrid cars by General Motors and Suzuki are increasingly becoming popular because of their environment friendly features. Bodyshop uses raw materials obtained through sustainable business practices etc. and highlights the need for sustainable development. 2.5 Technology Technology has greatly facilitated business growth with its application in various arenas of business and provided it with flexibility and speed to meet the fast changing preferences of the customers. While it has helped new product development and expedited the...
Fast advancing technology and globalization have become critical elements for marketers as they are intrinsically linked to growth as well as empowerment for consumers across the geographical boundary. The needs of consumers are increasing being influenced by various external factors which not only influence their purchase decisions but also force the marketers to innovate and adopt flexible approach to meet their changing preferences. It is believed that marketing is increasingly being conceptualized as an organizational philosophy or “an approach to doing business”. As a result, consumer not only expects more from the product and companies but the company also needs to conform to their changing requirements vis-à-vis macro-environment factors and strengthen their position through effective communication techniques. These are major challenges that help the firms to strengthen their market position when they expand globally. ...Show more

Summary

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. …
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The Greatest Challenges Facing Marketers as they Enter International Markets essay example
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