Marketing

Marketing

Introduction

The businesses are growing globally, the effect of being global means that they are expanding the boundaries of their operations, inland as we as, internationally. The companies on order to iu8nlock the potential of the markets tends to implement a number of marketing strategies to make the customer aware of the product and its specifications along with the schemes it offers in a manner that nit unlocks they require potential.

This is the era of change and development in the business and companies had to face some of the major challenges in order to compete in the international market. The product faces an intense competition in the global economy. The globalization in the economy has transformed the overall picture and companies tend to change their marketing strategy as according to the marketing trends and in order to compete with internationally developed players a strong sense is needed. (Estrada, et, al, 1997)

It is not necessary that the global product launches have low rates of success. Depending upon the product category and the market in which it should be launched shows that 30% to 40% of the products got failed due to lack of research and inadequate strategies to repulse the effect of competition. Therefore they had to face a number of challenges to prove their presence in market shelves.

The challenges which a new product can encounter in comparison with the already developed market players are as follows:

Infrastructure, name and force to dominate the market

Industry relationships (B2B Marketing)

Technological advancements.

Cost benefits (larger the production)

Communication

Market research and Analysis

Feedback

A company faces a hand full of challenges when it is for the first time entering in the global market. Entrance in the global market (Isen, 2001) is not an easy task to comply with; these challenges are different from what the company can faces locally. For example some of the recent failures include:

Crystal Pepsi

Colgate Kitchen Entrees

Premier Smokeless Cigarette

These are the examples of such brands which have certain facilities available with them but failed due to their marketing techniques, poor timings of launch and fail to address the consumer's requirements.

Public Opinion &Law and legal issues

Improper utilization of communication and marketing media campaigns

In-depth research analysis

Research suggests that consumer prefer new product 4 times more than the older ones, whereas of the consumer find the product (Estrada, et, al, 1997) not addressing his/her requirements would stop buying. In 1992 - 1993, Pepsi Cola has launched its Crystal Pepsi in order to rule the beverage market but it fails to satisfy the consumers' expectations because of the reason that it lacks the market research which includes consumer's expectations. On the other hand, Colgate Kitchen Entrees also faces the same issues; the company is on the opinion that its name and market value entails the customer to purchase their food brand but due to lack of research the company fails to satisfy the needs of market.

Assistance of Technology

From competitive advantage to core competency, technology has played the most integral role in developing and maintain the brand ...