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Topics Discussed in Class - My Participation in Class - Assignment Example

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As consumer earnings converge across nations, the manifestation of value differences will turn into a much stronger factor than expected. This happening makes it increasingly significant to comprehend values of nationwide cultures along with their impact on consumer behaviours and action. Retailing plans for one nation cannot be extended to other nations without adaptation. During my own research, I focused more on the convergence and divergence in consumer behaviour. Basically, a firm has to come up with sells techniques that meet with the limitations of their consumers in a particular market. For instance, when setting the price of a commodity, it is vital for a firm to ensure that the commodity is priced according to the consumer it targets. This means that factors such as consumer income or needs will dictate how much an asset could be priced by an organisation. Presenter 1: Main Arguments Marketers should endeavour to abide by each and every country’s regulations and laws. They should also make efforts to keep up with the regulations and laws, which change frequently and, finally, clarify ambiguous regulations, which concern their activities (Stock & Lambert, 2008, 35). Presenter 1 basically focused on the socio-economic, political, legal and regulatory environments that concern a business. According to presenter 1, the socio-economic, political, legal and regulatory factors that concern a business basically comprise of the political environment, a nation’s sovereignty, democracy, totalitarianism among others. The political environment, as expected, is made up of governmental institutions along with the manning political parties (Mooij, 2004, 98). The presenter advises that a firm has to buy into a nation’s political beliefs in order to be able to venture into that country. The presenter also goes further to argue that a country regime is the one that decides whether a firm will invest in their nation or not, and; therefore, the importance of a firm to be accepted by the regime. Presenter 2: Main Arguments Before a firm start to sell its products, they should come up with a well planned technique of delivering their services or goods to their target market, as well as a proper way of distributing them there (Lymbersky, 2008, 23). Since presenter 2 was dealing with international market entry strategy, he referred to this as establishing, as well as managing/maintaining contracts with foreign nations. Basically, the presenter thinks that a majority of companies successfully conduct their activities in a niche market devoid of ever expanding into fresh markets. However, businesses attain success or increased sales, business stability and brand awareness through entering a new market. Therefore, a key technique should be devised for helping firms incorporate themselves into new markets. Forming a market entry strategy concerns a methodical analysis of possible customers, as well as potential competitors (Stock & Lambert, 2008, 36). A number of the relevant factors, according to the presenter, which are significant in deciding the possibility of entry into a specific market comprise of localised knowledge, trade barriers, competition and price localisation along with export subsidies. The presenter advises that if a firm is aware of these factors, then they stand a chance of venturing into a new market effectively. My Contribution to Topic 1 Even though, the physical environment is not regarded as one ...Show more
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Topics Discussed in Class Name: Institution: Topics Discussed in Class My Own Research One element of globalisation is the convergence of income, technology and media. New-fangled technology would lead to homogenisation of consumer needs since consumers were expected to fancy standard products of low price, but high quality…
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