Global market And Its Issues
By: Sana Haroon
International market is the exchange of goods and services between different national markets involving different consumer and vendor. American marketing association defines international marketing as the multinational process of preparation and executes the conception, prices, promotion and distribution of ideal goods and services to create exchanges that satisfies the individual and organizational objectives.
In today’s world globalizing the product or service is not a big deal. As many industry expert translation services agency are developed and produce the services like Thai training material translation services to learn any type of product. The documents translation services company allows the advertisers to translate the advertising language into any other language accurately as Thai training material translation services is used to translate any training manual of the product to make it easier for the foreigners to understand it completely.
Concept of international marketing:
- Domestic marketing is concerned within the marketer’s home country.
- Foreign marketing refers to domestic marketing within the foreign country.
- Comparative marketing is when two or more marketing systems are studied and the subject of the study is called as comparative marketing. In such study both similarity and dissimilarities are identified.
- International marketing is concerned with the micro aspects of the market and takes a company as a unit of analyses.
- International trade is concerned with goods and services between the countries.
- Global marketing considers a world as a whole as a theater of operation.
Marketing is the process of focusing the resources are objectives on environment opportunities and needs. Global marketing is a widespread discipline, although markets and costumer are varied and hence the practice of marketing should be fine tuned and attuned to the local circumstances of a given country.
The marketing man must understand that each person is dissimilar and same as other country and both experience and techniques obtain and successful in one country or countries. Requirement of managers is really important for international marketing to behave both globally and locally simultaneously by responding to similarity and dissimilarity.
International market constitutes the following areas of business:
International trade can be good beginning to rancher into the international marketing. By rising international markets for nationally created goods and services a company can reduce the risk of operating internationally, gain adequate experience and then go on to setup manufacturing and marketing facilities abroad.
The fundamental reason for international trade is to sell something, that is not needed in the country and buy something that is required in the country. Trade creates jobs, attracts investment, new technology materials and offers people a wider choice for products and services.
People spend, save or pay taxes which the money they earn in their jobs. The government utilizes taxes to offer services which generate more jobs. If people save the capital market lend money to others, who use it on purchaser goods or unlock or enlarge a business, therefore creating new jobs.
Unlike the battering that use to go between trading partners, now businesses obtain cash from advertising or selling their products or services to foreign countries. When foreign businesses by your products, it creates jobs for you people. Exports are very important for businesses, they create one out three jobs for people of your country. 40% of what people produce is exported and 1 billion exports mean 6 thousand jobs for the people of your country. When trade is balanced businesses remain profitable and may grow.
Many foreign companies invest in the offers factory or distribution ware house to make their trade simpler and decrease cost. These assets also produce more jobs it also attracts international investors. If a business could create a machine that works better faster or with fewer prices generates a more competitive product for national and international markets. The biotechnology industry in Canada is second only to the US. The global market has made it easy to buy and sell international goods.
Disadvantages of international marketing:
While as this has benefits, it also presents the issues, such trades for countries can cause to be prosperous for a short time but leads to economic exploitation, loss of cultural identity and even physical harm. Great hardship can be caused, when people make poor decisions about land use or surplus production for export and do not take the national issues and welfare into consideration.
Culture identity issue:
Culture is the main export in the world, it shows and endorses standards and lifestyles worldwide. The culture consumer in other countries is sometimes overwhelmed by American ideas. A product also carries cultural ideas and messages. There are values of the culture that make a product. The companies like certified translation services company help you to remove these cultural or linguistic gap in order to globalize your business in the proper way.
Social welfare issues:
Maintaining safety standards, minimum wages, workers reimbursement and health profit are all social welfare issues that cost business money.
Precious supplies like diamond, gold, oil or farmland are very important for countries to have control that wars have been started and as a result people are killed.
The term globalization has quite considerable emotive force, some view it as a beneficial process, Key to future world economic development and also inevitable and irreversible. Others look upon it as enmity, and panic thinking that it increases inequality within and between nations. It intimidates service and standards of living and reduces social progress.
Global market is expensive, extensive and complex. It can be seen both as business plan and a process as a source for good or as the new imperialism. It can be embodied in companies or perceived as a phenomenon, for example, business globalization, the internet etc. One view of global market is as the giant supply chain organizational system or an additional value method.
Global market arena is a complex issue, political and cultural boundaries across global marketing raise many questions problems and rendering preside difficulties. Typical issues middle on the consistency, variation case, locus of control, central or developed and when exactly, multinational cooperation focuses becomes a global one.
The advent of new technology has started many marketing chances in the development of innovative products and services. With the advent of personal computer and a modem the organization can reach a community of millions and a fraction of the cost. By 2012 e marketing projects that went oven 1.7 billion people worldwide and 24.5% will excess the internet at least once per month. Nearly 50% the world internet population live in the area pacific region.