Marketing in the Global Economy
In today’s world of constant change and technological advancements, it is imperative that marketers stay up to date and ready to tackle and challenges. Companies are battling neck to neck in order to make sure the products they offer are available and in the consumers mind. Not only do they have to be concerned about the local target audience. Now the reach is worldwide and the target audience can be a eclectic mix of races and cultures that demand the same product in many different ways. So the challenge faced by marketers is how to satisfy that audience. Looking a various examples, it is clear that while this is an attainable goal, it is not easy. Marketers can be successful but must also be weary that a simple mistake can have grave consequences.
Everyone seems to think the only sure things in life are death and taxes; however, one more thing should be added to that phrase: change. Change is a constant in everything, including business. The development of new ideas, concepts and technology, drive the need for trying to stay one step ahead. In business, it is often seen that once an idea is developed, marketed, introduced and sold, a new idea will come along to quickly make that first one a thing of the past. The challenges faced by businesses today can be difficult and at times seem almost impossible but that is what makes the race for perfection so interesting. One of the many challenges faced by businesses today is marketing in the global economy. What is global economy? The Macmillan dictionary defines global economy as the economies of the worlds nations, considered as a single economic system. In other words, we can say that it is the fusion of different economic systems on a worldwide basis. So how does that apply to business? In today’s world, local communication is a thing of the past. News travels as quickly as the click of a button. With the internet and e-mail,...
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