Marketing challenges in the global economy essay

Democracy, with all its problems, also has its paradoxes. Regular elections lead to short government life-time. This seems to result in more emphasis on short term goals and safer issues that appeal to populist issues. It also diverts precious time toward re-election campaigns Anti-democratic forces may use the democratic process to get voted in or get policies enacted in their favor.

Marketing challenges in the global economy essay

The markets are huge in terms of population, in countries such as China and India.

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The purchasing power of consumers and businesses in many countries is also significant enough for American firms to want to compete in these markets. However, international marketing is not without pitfalls, and U. Identifying a True Market Need A key to success in business is offering products and services for which customers have a compelling need.

The customer has a problem that needs to be solved, and the product or service provides the solution in such an effective way that its benefits are not difficult to communicate. Identifying the true needs of large numbers of people in a foreign country is not easy. Not having lived in their culture experiencing their day-to-day lives, American marketing executives can err by assuming that what people in other countries want or need exactly matches the wants and needs of American consumers.

Dilution of Brand-Name Power Due to the Internet, movies and other forms of entertainment, American culture and the corporate symbols of that culture--brand names--are well known across the globe. The American companies can be perceived as attempting to take over the position long held by local companies, causing resentment.

Cultural Nuance Consumers are influenced to purchase products by marketing messages delivered through the media, including print media such as magazines. Humor is often used in commercial messages to get the consumer to pay attention.

But what is considered extremely funny in one culture can be perceived as confusing or insulting in another. To produce effective advertising requires more than accurate translation of the message from one language to another. It requires a deep understanding of the culture, customs, morals and even religious views that predominate in that country.

What motivates consumers to buy products varies from country to country. Communication Style Business executives from different countries can encounter several barriers to effective communication besides obvious language differences.

The traditional pace of business negotiations can be different.

Marketing challenges in the global economy essay

Americans sometimes want to hurry negotiations along, whereas in some other countries emphasis is placed on building relationships before a business deal is seriously considered. Executives from other countries may place a higher value on things such as facial expression instead of just the words that are being said.

Distance and Time Even with technologies such as video conferencing, executives in other countries may prefer to establish relationships on a personal level. For a smaller American company, this can mean a significant investment in travel costs and having key executives out of the office for extended periods.

Time zone differences can make it difficult to coordinate projects where collaboration is required. Executives on the West Coast of the U. Finding Reliable Partners American firms often establish relationships with distributors located in the countries whose markets they are seeking to enter.

They hire sales reps based in those countries. They may engage local marketing and public relations firms to assist them. Because the American firm might have no prior experience in that country, finding people who are trustworthy and competent can be a challenge.Dear Twitpic Community - thank you for all the wonderful photos you have taken over the years.

Marketing challenges in the global economy essay

We have now placed Twitpic in an archived state. Essay on Challenges Faced by Emerging Economies Emerging Challenges What's In Store for the New Global Powers China, India and Brazil are taking the global economy by storm, becoming more.

Along with political factor, economic factor is also key in determining the marketing strategy for the company. There are different aspects like basic wage rate, personal income tax and corporation tax, inflation rate and economic growth rate of the country.

IKEA’s Global Marketing Strategy 1. What were the sources of IKEA’s successful entry in furniture retail business in Sweden? The sources of IKEA’s successful entry into the furniture retail business were IKEA’s low prices and resilience.

Marketing. Challenges in developing new Products in a Global Economy.

Essay on Challenges Faced by Emerging Economies - SPIEGEL ONLINE

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International Marketing in a Global Economy Research Paper