As the markets open up, and become more integrated, the pace of change accelerates, technology shrinks distances between markets and reduces the scale advantages of large firms, new sources of competition emerge, and competitive pressures mount at all levels of the organization and many more changes happen. The firm must be strong enough to withstand these changes and compete with the other companies in a global market. Therefore expansion into the global market is a dream come true of every organization but their existence in the global market is still a question. It is not necessary that all firms will survive in the global market. Unlike the local market global market is a wide network where all companies are king khans.
I can focus on making the best product at the best possible price and let the rest sort itself out. Another advantage of this marketing strategy is that I can develop a reputation for providing quality products in the market place. If I focus on promoting the product, I can create loyalty among our customer because of the quality of
As a result, successful marketing strategy really needs social media to increase brand recognition of the products and services. Social media is recently a required marketing tool to make the company thrive and keep up with the changing world. In marketing plan, social media plays crucial role because of the better communication, customer’s convenience
The concept of relate to the market and product it need to as a strategic analysis of marketing makes reference to the future situation of production and markets, which have guided the company a future path way. (Prahalad, K., C., Ramaswamy, & Venkat, 2004) As a successful firm, it need to contributed more significant way to clarify the orientations of marketing manager to identified the product marketing strategies are open to interpretations. (Piercy & Nigel, 2000).In the traditional market, the global marketers must need to be determine what are the standardized or what need to be adoption in marketing mix which are required to have a better services to commit the customer needs and wants. To performing market segmentation, those marketer need to generate those insights needs to devise the most effective approach, It can begin at choosing a target grouping of customer which having common of variable include geographic segmentation,
This strategy, however, has it flaws as another competitor might enter with an even lower price. This can be detrimental to the business if its marketing strategy is based on cost leadership. • Differentiation,where the business seeks to excel in a specific aspect such as superior service or technology that directly benefits the customer. • Focus, where the businesses concentrates on a particular market segment or niche and specializes in catering to their needs. Another emerging marketing strategy today is the “go to market” strategy.
Managers must be conscious about the markets, supplies, investors, locations, partners, and competitors across the globe. Successful businesses will take advantage of opportunities available to them. However Management needs to understand the similarities and differences across national boundaries, in order to utilize the opportunities and to deal with it. Global strategy is the competitive technique designed to help companies operate and compete effectively across national boundaries. Therefore it requires careful strategy formulation at various levels as per culture, tradition and norms of different countries to compete
Brands use them to translate their strategy from a statement to effort in the market. If implemented properly, it can bring desired results and big profits, which is what brands are aiming for. Unfortunately, if organisation and/or control is overlooked in the process and something goes wrong, it has a knock on effect on the mix as they are all linked
WHETHER TO GLOBALIZE, and how to globalize, have become two of the most burning strategy issues for managers around the world. Many forces are driving companies around the world to globalize by expanding their participation in foreign markets. Almost every product market in the major world economies—computers, fast food, nuts and bolts—has foreign competitors. Trade barriers are also falling; the recent United States/Canada trade agreement and the impending 1992 harmonization in the European Community are the two most dramatic examples. Japan is gradually opening up its long barricaded markets.
The product that we produce is most likely what my business is passionate about. We can focus on making the most excellent product at the best possible price and let the rest sort itself out. Another advantage of this marketing strategy is that we can develop a reputation for supporting quality products in the market place. If we focus on promoting the product, we can create loyalty among our customer because of the quality of the product like tea and coffee
The rising costs of advertising also caused a decline in the use of mass media promotion which became also less effective instead of sales promotion. Distributors, who are more concentrated and powerful, ask producers for more promotions in order to build store traffic. Gaining market share is always more challenging due to a strong competition and implementing a sales promotion strategy gives a greater visibility to the brand and differentiates it from concurrent. The decline of sales volume pushes marketing managers to be more concerned about short term results