7 pages/≈1925 words
Business & Marketing
Trends in Global Marketing (Essay Sample)
It should consist of 7 pages, double spaced, font size 12, using Times New Roman. In addition, you need to include a cover sheet and a reference page. The assignment needs to include an introduction as well as conclusions and recommendations. It also needs to include 7-9 quality references to be incorporated into the body of your work. the paper itself consists of It can be of any topic related to international marketing, regardless of whether we talked about it or not. For example, a Company, a product, a subject such a intercultural negotiations. Also, it can be about a CEO of a company. source..
Name: Name of Professor: Course Title: Date: Trends in Global Marketing The global marketing landscape keeps shifting and evolving. As companies seek new markets in regions that will offer growth opportunities, they must campaign in ways that resonate with the market (Scott 56). The trends arise from a need to satisfy customer needs and reduce on companies running cost. The areas spearheading changes range from the environment, technology, laws among other. The paper seeks to expound on the following trends in the global market; emerging laws, online commerce, emerging markets, demographic shift, clean technology, artificial intelligence, increased protectionism, and local talent. E-commerce has brought disruption in how customers are purchasing goods. Most customers use the platform for its personalized, fast and wide variety of products. Companies are rolling out the shoppable post on their websites and social media ads to access a broader consumer market. Social media platforms are the most extensive platform companies advertise on and have links that link to the purchase platform. E-commerce companies such as Amazon, Echo, Google Home, and others are incorporating voice search option for online purchase (Morris 201). E-commerce is famous for its low cost, quickness in locating products, comparison shopping and availability of physical equivalents to deals, bargain, coupons, and group buying. Most e-commerce offers a 24-hour shopping platform and provide free or low-cost shipping hence saving on time to visit a physical store. With such advantages to E-commerce companies are joining on the trend to customize their sales. Artificial intelligence (AI) is another feature companies are employing to aid in how they interact with customers. Such developments include; visual perception, speech recognition, language translation and even making biased and unbiased decisions. The tools used in these field are able to track a customers’ favorite purchase and make recommendations to the buyer on return. It is commonly used as a predictive lead scoring in marketing strategies and techniques. The Research Online, Purchase offline (ROPO) is an example of an artificial intelligence tool being incorporated by companies in advertisement decisions. The tool is used by retailers to accurately measure how digital ads are boosting in-store sales. ROPO collects a information from social media, mobile payments and analytics tools such as Google Console and uses the information to figure out which advert contributed in-store purchase. In communications marketing, AI software’s are able to contact a large number of leads and maximize on a company’s revenue. The predictive nature of AI gives a personalized reply to and targeted ads that makes a customer feel appreciated. Laws are essential in shaping global marketing. Lack of a sound international judicial and admiration framework of law has always hindered trade (Balsmeier 300). However, with Emerging laws that are set to change. Emerging international laws seek to revolutionize how laws have always shaped marketing by forging a culture of transparency, data-driven, interdisciplinary, and harmonized with nations and region ethics. Emerging laws are today supported by legal, technological and business expertise. The technological aspect of the law arises as a result of the increasing inventions in manufacturing and tech businesses that need patenting. The need for business to merge with others in new regions also calls for a harmonized law that protects the companies in case complications arise. Emerging laws not only breaks down the balkanized legal industry but also seeks to improve on how justice is delivered. Green marketing is the marketing of products and services that are environmentally friendly. Consumers are increasingly becoming aware and sensitive as to how products’ manufacture and distribution affects the environment (Dutta 8). Companies are also looking in the same direction with most committing to sustainable development and social responsibility. Some of the efforts put forward in green marketing include; promoting their products as recyclable, not containing ozone-depleting substances, designed as throwaway and manufactured sustainably. While keeping up with this trend, companies should avoid unnecessarily claiming being green (often called Greenwashing). A study by CBC Marketplace,2012, found that Dawn Antibacterial dish soap contained, Triclosan, a toxic chemical harmful to aquatic life; even though the product claimed to save wildlife (Dutta 473). Increased protectionism is also shaping global marketing. Protectionism has been exhibited in UK’s Brexit vote and US President Donald Trump pledge to put America first. Also called Isolationism, manufacturers are finding it hard to cope with a change in global supply chain and end-consumer price. Digital Protectionism is on the rise across Asia and Europe. The protectionism could be in the form of, web censorship, forced technology transfer, and cybersecurity laws. Enderwick journal on ‘Understanding The Rise Of Global Protectionism’, argues that China has often led the way in a bid to curb the democratization politics among its citizens. He cites instances where Facebook and Twitter were in June 2009, days before the anniversary of the Tiananmen Square riots. Companies can circumvent such trends by looking ata the case between yahoo and the Peoples Republic of China. In 2006, Yahoo came under fire after it leaked emails that aided in the jailing of a China, government dissident (Venezia, and Venezia). Alibaba CEO, Jack Ma whose company Yahoo had a 40% stake, argued he would have done the same if laws (in the foreign country) dictated companies are to offer such information. Demographic steered trends make use of measurable the change in the characteristics of a population over time. Such components include; age and sex of customers, ethnicity of customers, sex ratio, among others (Scott 106). Example of socioeconomic traits important to the demographic trends are; family size statistics, education level, marital status, religion, income level, birth and death rate, and a host of others features. Business can use this information to do market and economic research for their products. For example, a company that sells tech products can use this information to dictate whether these products satisfy a youthful population and whether they are in a position to purchase at the recommended price. Demographic data from new American Family Dynamic points at-increased divorce, the decline in two-parent’s households, changing the role of mothers and fathers with mothers becoming breadwinners, fathers growing increasingly more responsible in childcare among others. Family products that were initially suited for the traditional American family need to adapt to the new family model to keep up with the trend. The race is also a crucial demographic factor. Products popularity vary with race and the marketing need to blend in or resonate with the target race. Research shows that global foreign direct investment (FDI) in emerging economies’ as a share of the global stake is on the increase. Meanwhile, wage growth in developed countries has been outpaced by real average wage growth in emerging economies. As the emerging economies improve so is their consumption for diverse products increase. Emerging economies are countries that have some characteristics of an established market but are not yet fully developed. Such economies offer immense potential and challenges in equal measure for new products trying to enter this marketplace. Therefore, global marketing ought to mutate to capture this new market. Products popular in the West may find it difficult to penetrate if they sell on the same western energy. A handful of companies that have witnessed as successful penetration into these markets include, Coca-Cola, Colgate Palmolive Gillette, and Nestle (Cateora 97). The winning strategy will involve a focus on local shops instead of the large supply supermarkets and hypermarket in cities. Since these markets are not fully developed and have large a large poor mass, companies ought to capitalize on affordability. Prices can be adjusted after desirability has been achieved and as the economies grow slowly. Most companies are turning to local talent in their marketing strategy. Until recently, global companies limited their business marketing to foreign expertise for the campaign of their products which they deemed mature. However, that is set to change as emerging markets consumers demand products and solution tailored to their values and priorities. To solve this, global companies everywhere are beginning to recognize the local workforce that can respond to local buyers (Cateora 97). With a flexible global structure, companies can deliver localized approaches such as; opening career path for local talent, leadership programs, and greater openness and respect for their ideas and innovations. To understand what drives local talent drive, employers of multinational companies cite increased competition from upcoming local companies and increased levels of education that warrants it to employ them. Local talent may not have the international experience that comes with expatriates but can be knowledgeable enough to drive local marketing campaigns. Recommendation As technology and information continue to improve, business needs to adapt to the global trends shaping international marketing. Global marketing must keep up with innovative strategies to keep up with the shift. The most underlying forces for the change as observed is the increased pressure to deliver high-quality products to users quickly and at a reasonable cost. Companies are recommended to carry out extensive market research to get a better understanding of their target markets (Whitwell 1129). Though conducting market research in foreign markets ca...
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