The fierce existing competition in the market environment has forced business to engage in intensive marketing research. Firms are looking for ways to gain a competitive advantage or means of surviving in the ever-changing market environment. This trend will continue to grow as long as the marketing emerging trends continue to expand (Malhotra & Peterson, 2001). We seem to be in an era where every aspect is being affected by the current trends. For example, technology does change a lot these days, and with that change, many of the activities around do adapt to this change. In marketing, there are emerging trends that are forcing business to become more aware of the market environment through research. This paper is going to observe these international marketing emerging trends and challenges in the business network.
International marketing is the practice in management where we identify, anticipate, and satisfy customers requirements in the international markets (Cateora, 2008). Companies that wish to conquer the international markets are being faced with challenges, and one of the challenges is how to cope with the emerging marketing trends. International marketing trends range from forming a boundary less business, digitization, and global climate change; companies that have shifted to eco-friendly activities have a good public image in todays world. Global migration, globalization, reduced literacy levels, and increase in population are also international marketing emerging trends influencing companies all over the world.
Marketers should be active researchers in this era; this is to prevent lagging behind when it comes to changes that occur in consumption. Changes in consumption will most likely affect the marketing strategies; thus, marketers ought to observe keenly the trend implications on marketing. Trends in the marketplace do vary depending on periods. For example, today business has to comply with the climate change, or they will have a negative public image. There is also increased migration, talents as well as expertise are moving across international borders, and it is the work of the company to figure out how to tap them. Globalization and technology are the other aspects that keep on changing every day; unfortunately, this change affects us all, and we have to keep up with it otherwise we risk being rendered obsolete.
4ps enable companies to have a well-designed model of taking products in the market. 4ps aids in determining the product, price, promotion method, and place of the service/product in a way that it will meet the customers need and demand. To implement a good marketing strategy firms must take into consideration the behavioral change and preferences as well as the cultural changes. In some countries, for example, the US the society values are different from those of Japan, where in the US people may purchase based on personal preference because they are more individualistic. However, in Japan, people make buying decisions based on group preference like family. Rituals should be considered too, for example, some watch television during dinner; this should let the marketer know the right time to advertise for the product on television.
Some cultures may influence how people in those cultures interpret a new product or service (Schlegelmilch & Oberseder, 2010). A good marketer needs to look into how people of a different culture will make of the product based on the cultural thought processes. Climate change will most defiantly influence business especially those with seasonal products/ services such as hotels. During the rainy cold season, it will be outrageous for a five-star hotel to use its 500 square foot swimming pool as their selling point.
Companies in the international markets face a difficult decision on whether to standardize or adapt when it comes to elements of marketing mix. In product standardization, the aspects of the product/service such as quality or packaging have a uniform representation around the world regardless of the location (Boddewyn, Soehl & Picard, 1986). A company may choose to standardize or adapt based on attitudes towards cultures (geocentric, polycentric, and ethnocentric). Marketing trends have influences on whether a firm will standardize or adapt. For example, trends such as reduced illiteracy level and globalization may increase the need for standardization, for instance, smartphones. Business networks have been met by challenges because of the international emerging trends, for example in the case of suppliers; digitalization may force firms to change their current suppliers to a new one because the new suppliers add more value in the digital era.
Boddewyn, J. J., Soehl, R., & Picard, J. (1986). Standardization in international marketing: is Ted Levitt in fact right?. Business Horizons, 29(6), 69-75.
Cateora, P. R. (2008). International Marketing 13E (Sie). Tata McGraw-Hill Education.Malhotra, N. K., & Peterson, M. (2001). Marketing research in the new millennium: emerging issues and trends. Marketing Intelligence & Planning, 19(4), 216-232.
Schlegelmilch, B. B., & Oberseder, M. (2010). Half a century of marketing ethics: Shifting perspectives and emerging trends. Journal of Business Ethics, 93(1), 1-19.
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