Introduction
Marketing
research is a business strategy that is focused on providing information about
the consumption patterns of a product (Hill, 2013). As a business tool,
marketing research enhances decision making through the provision of relevant
information regarding the marketplace. It answers questions of who will buy the
product and the expected quantity to be purchased. Primary marketing research
involves interviews, questionnaires, focus groups and direct feedback as the
primary tools for conducting the research. Primary marketing research has to be
adopted and implemented as a business tool in the global market management to
enhance the competitive edge of an organization.
Globalization
and the drivers of globalization
The
factors influencing globalization are widely categorized into five. Depending
on the impact of the factor, technological factors come first. It is through
the application of technology that globalization emerged. For example, in
Europe, innovations in the transport sector influenced globalization. Among the
notable changes are commercial airliners and containerization concept in 1980s
and 1980s respectively (Hill, 2013). The rapid growth of the internet cannot be
overlooked as it opened the third world and Asia for investment opportunities
from the west. Political drivers also influence largely on the concept of
globalization. The liberalization of trading rules and markets that are
deregulated lower tariffs increasing investments opportunities around the
globe. Some developments include the world trade organization conception and
privatization. Market drivers take third position as they influence the
operating zone. The saturation of local markets is addressed by reaching out
and opening to new markets increasing globalization (Lane & Milesi-Ferretti, 2008). Cost drivers are also
prevalent in globalization due to the variation of cost from one country to the
other making it paramount for businesses to leverage this fact. Lastly,
competitive drivers impact global markets due to the interdependence among
countries
The
changing nature of the global economy
There
is a dramatic expectation in increased globalization in the next several
decades. There are various factors that trigger this development among them the
easy access and dissemination of information and technology. As previously
discussed, the internet plays a vital role in enhancing global management and
growth. With the expected high growth rate of the internet, so is a
consequential increase in globalization
The
political and economic differences between China and the USA
Feared
to be drastically becoming the next super power, the economic situation in
China is worth noting. With the highest population in the world, the country
has a constant market that makes it easier to start any product line (Tadajewski & Hewer, 2012). On the
contrary, the USA has a mature social, political and economic environment that
is stable. On one hand, China’s economy is on the rise. It is cited as one of
the most global economy acquiring significant assets in the USA and around the
world.
Opportunities
for managers
There
are challenges in the global economy that hinder the performance of world
markets (Hill, 2013). Product success in the market relies on an efficient,
well-integrated promotion plan. However, the theme of the policy is similar
despite the type of development adopted by the business. The main agenda
driving an integrated market communication plan is to inform all the
stakeholders of the company of the objectives of the company and the various
ways in which these goals will be achieved. Managers must leverage this
technique to guarantee the global success of an enterprise. It is recommended
that prior to investing in a global economy, market analysis should be carried
out to ensure the success of the enterprise in the new environment.
References
Hill, Charles (2013).
International Business: Competing in the Global Marketplace (9th ed.). New York: McGraw HillISBN-13:
978-0078029240
Lane,
P., & Milesi-Ferretti, G. (2008). The Drivers of Financial Globalization. American Economic Review, 98(2),
327-332. doi:10.1257/aer.98.2.327
Tadajewski,
M., & Hewer, P. (2012). Global contributions to marketing management. Journal Of Marketing Management, 28(9-10),
1015-1020. doi:10.1080/0267257x.2012.708149
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