Global Market Research
The global market refers to all the countries in the world that are part of the global economy. These markets are interconnected, sharing resources and trading goods and services freely across international borders. The global marketplace has benefits, including greater access to a larger pool of customers, but it also comes with a host of logistical challenges and compliance risks.
A company’s global marketing strategy must address these factors to ensure success in the global marketplace. To successfully operate in the global market, companies need to understand the different cultures and business practices of their customers. The best way to do this is through comprehensive and thorough global market research.
Local managers may become disenchanted with global marketing initiatives if they feel their company is sacrificing local autonomy in favor of the “big picture.” This type of discontent can reinforce not-invented-here attitudes and lead to game playing, whereby local managers trade speed at which they will accept and implement the standard programs in exchange for additional budget assistance. In addition, local managers competing for resources and autonomy may devote too much attention to second-guessing headquarters’ hot buttons.
A global marketplace also imposes many operational changes to a company’s products and systems. For example, a product designed for one market may be produced and sold in other locations with varying features, sizes and colors. This enables the company to maximize sales opportunities while reducing inventory costs.
In the modern world of globalization, a company that wants to compete in a specific market must have its entire operations aligned with this market’s expectations. As a result, the products and services that companies offer must be standardized to a degree that they can easily be manufactured and sold anywhere in the world. This trend erodes the value of brand name recognition, which is essential for most companies to generate profits.
Companies that are global in their reach, such as Coca-Cola and Nestle, exemplify the new standardization of products and practices. This standardization, however, does not mean that these companies lack local flavor or culture. Both Coca-Cola and Nestle have adapted their marketing strategies to the needs of various global markets, but their core product has remained essentially the same.
The globalization of the marketplace is accelerating at a rapid rate because of advances in technology and the growing number of people who have access to the Internet. Consequently, the global marketplace is undergoing a significant shift toward an industrialized world that will eventually be able to share the same economic and social values. Ancient differences in national tastes and modes of commerce will be replaced by a commonality of preference, driving the globalization of production, distribution, marketing, and management.
The global market refers to all the countries in the world that are part of the global economy. These markets are interconnected, sharing resources and trading goods and services freely across international borders. The global marketplace has benefits, including greater access to a larger pool of customers, but it also comes with a host of logistical challenges and compliance risks. A company’s global marketing strategy must address these factors to ensure success in the global marketplace. To successfully operate in the global market, companies need to understand the different cultures and business practices of their customers. The best way to do this is through comprehensive and thorough global market research. Local managers may become disenchanted with global marketing initiatives if they feel their company is sacrificing local autonomy in favor of the “big picture.” This type of discontent can reinforce not-invented-here attitudes and lead to game playing, whereby local managers trade speed at which they will accept and implement the standard programs in exchange for additional budget assistance. In addition, local managers competing for resources and autonomy may devote too much attention to second-guessing headquarters’ hot buttons. A global marketplace also imposes many operational changes to a company’s products and systems. For example, a product designed for one market may be produced and sold in other locations with varying features, sizes and colors. This enables the company to maximize sales opportunities while reducing inventory costs. In the modern world of globalization, a company that wants to compete in a specific market must have its entire operations aligned with this market’s expectations. As a result, the products and services that companies offer must be standardized to a degree that they can easily be manufactured and sold anywhere in the world. This trend erodes the value of brand name recognition, which is essential for most companies to generate profits. Companies that are global in their reach, such as Coca-Cola and Nestle, exemplify the new standardization of products and practices. This standardization, however, does not mean that these companies lack local flavor or culture. Both Coca-Cola and Nestle have adapted their marketing strategies to the needs of various global markets, but their core product has remained essentially the same. The globalization of the marketplace is accelerating at a rapid rate because of advances in technology and the growing number of people who have access to the Internet. Consequently, the global marketplace is undergoing a significant shift toward an industrialized world that will eventually be able to share the same economic and social values. Ancient differences in national tastes and modes of commerce will be replaced by a commonality of preference, driving the globalization of production, distribution, marketing, and management.