The Importance of Global Market Research
The global market encompasses the entire range of products and services traded between countries, whether via international shipping, foreign investment or simply by people residing in different areas. It enables the exchange of commodities and the transfer of ideas and technological know-how between nations, which are essential to financial growth for businesses and governments alike. The global market also establishes a set of rules that govern the financial growth of two or more countries through the export and import of goods.
Regardless of their origin, most companies are bound to the global marketplace by the forces of modernization that are pushing the world toward a commonality of product and services. Whether the product is autos, steel, chemicals, petroleum, cement or agriculture commodities and equipment; industrial and commercial construction; banking and insurance services; computers, semiconductors and electronic instruments; pharmaceuticals, medical care or telecommunications; the sweeping gale of globalization has touched them all.
Global marketing has a few basic components:
In order to operate in the global market, a company must be willing to make certain sacrifices to be competitive internationally. This means that it must lower costs, push quality and reliability up to meet the demands of consumers in all nations; it must take advantage of the economics of scale by searching for sales opportunities that are similar worldwide in order to compete with local competitors; it must keep a close eye on the global trends in consumer demand and consumer taste.
While there are some differences between global markets, such as cultural barriers and differing purchasing behavior, there is still a great deal of overlap in consumer needs and wants. Moreover, many of the same research techniques used in domestic markets can be used for global market research.
Nonetheless, conducting global market research is much more challenging than its domestic counterpart. In addition to varying purchasing patterns and different cultures, businesses must also consider differences in language, time zones, religious holidays and the overall economy of each country.
Companies that ignore the importance of global market research risk losing out on a major opportunity to build a larger customer base. This type of market research provides valuable information that is necessary to launch a new product, improve existing offerings and better understand the unique needs of customers worldwide. It allows businesses to establish advertising campaigns that are made solely for a specific international market or tweak existing campaigns so that they better suit the cultural norms and sensitivities of the international market. Having this information at hand can also help companies properly set prices when selling their goods and services in the global marketplace. Lastly, it can help them better forge brand loyalty with their international customers.
The global market encompasses the entire range of products and services traded between countries, whether via international shipping, foreign investment or simply by people residing in different areas. It enables the exchange of commodities and the transfer of ideas and technological know-how between nations, which are essential to financial growth for businesses and governments alike. The global market also establishes a set of rules that govern the financial growth of two or more countries through the export and import of goods. Regardless of their origin, most companies are bound to the global marketplace by the forces of modernization that are pushing the world toward a commonality of product and services. Whether the product is autos, steel, chemicals, petroleum, cement or agriculture commodities and equipment; industrial and commercial construction; banking and insurance services; computers, semiconductors and electronic instruments; pharmaceuticals, medical care or telecommunications; the sweeping gale of globalization has touched them all. Global marketing has a few basic components: In order to operate in the global market, a company must be willing to make certain sacrifices to be competitive internationally. This means that it must lower costs, push quality and reliability up to meet the demands of consumers in all nations; it must take advantage of the economics of scale by searching for sales opportunities that are similar worldwide in order to compete with local competitors; it must keep a close eye on the global trends in consumer demand and consumer taste. While there are some differences between global markets, such as cultural barriers and differing purchasing behavior, there is still a great deal of overlap in consumer needs and wants. Moreover, many of the same research techniques used in domestic markets can be used for global market research. Nonetheless, conducting global market research is much more challenging than its domestic counterpart. In addition to varying purchasing patterns and different cultures, businesses must also consider differences in language, time zones, religious holidays and the overall economy of each country. Companies that ignore the importance of global market research risk losing out on a major opportunity to build a larger customer base. This type of market research provides valuable information that is necessary to launch a new product, improve existing offerings and better understand the unique needs of customers worldwide. It allows businesses to establish advertising campaigns that are made solely for a specific international market or tweak existing campaigns so that they better suit the cultural norms and sensitivities of the international market. Having this information at hand can also help companies properly set prices when selling their goods and services in the global marketplace. Lastly, it can help them better forge brand loyalty with their international customers.