International or global businesses are established on the basis of a global marketing strategy that takes product development suitable for global markets into consideration (Joshi, 2009). World trade and global marketing are affected because of environmental, cultural, ethical and social trends.
Environmental trends are the most crucial in understanding global marketing and world trade. The marketers have to be well equipped with technological, economical and social developments of a society in order to establish globally (Kerin, Hartley and Rudelius, 2009). By understanding the environmental factors of a society, to design a marketing strategy on global basis is much more easier. According to Kerin, Hartley and Rudelius (2009), demographic characteristics of a country’s population, technological developments and innovations, monetary conditions and economical growth and competitive environment of a country all influence world trade and global marketing. Demographic traits of a society include the gender differences that exist between individuals, cultural values, ethnic diversities and buying capacity of customers (Kerin, Hartley and Rudelius, 2009). For expansion of a business on a global level, environmental trends should be identified explicitly.
Culture plays a major role in structuring a society due to which any global firm or organization cannot work in a global set up without understanding culture and its values in a society. According to Marieke K de Mooij and Marieke de Mooij (2009), it is culture due to which, people can know about a community, its individual and its social organizations. Therefore, to know about various kinds of cultures of different societies is essential for global marketing and world trade. Religion, language, literature, education, arts and architectures all inform about culture of a society (de Mooij and de Mooij, 2009). Culture is highly influential for global marketing. The marketing strategy should be ...
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