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With the advent of globalization, various companies attempt to engineer products, which have worldwide utility with the sole objective of marketing them globally. The concept of global marketing relies on the idea that the world has neither specified centre nor an end (Philip & Kevin, 2009, p.3).
The world of no demarcations in terms of business operations embraces not only the industrialized and the industrializing countries collectively participating together in the global businesses but also takes into corporation the emerging economies including India and China. Consumer preferences vary.
They shape strictly depends on exogenous forces. Marketing health insurance products globally would embrace maximizing standardization, homogenization, similarity, concentration, dependence, synchronization, and integration of marketing activities across markets (Svenssen, 2002, p.581).
Such an endeavor would call for management styles that inculcate and foster innovation amongst all the stakeholders for a health insurance company. As the paper unveils, strategic management is essential for both present and future health insurance company presence in the international market arena.
It is worth noting for managers to make sure that their organizations compete globally. Globally competitive companies stand a good chance of ensuring that they are able to secure a substantial share in the global market following its attempts to outshine its competitors. They can achieve such an effort through adoption of cute global marketing strategies.
The concept of market internationalism entails the dynamic premise that consumers preferences can be, and are constantly reshaped by common exogenous forces resulting in the convergence of many consumers (Perry, 1999, p.48). In an endeavor to meet the health insurance needs of such unique consumers with fragile and varying needs, the company products developers demands to have been immensely innovative and creative.
Incorporation of creativity in the development of the company products is one of the ways, which facilitates the realization of the strategic management endeavors. In this context, creative and innovative approaches are essential entities of strategic management.
Innovative approaches in products development would be consistent with the emerging new tastes and preferences, which more often than not are likely to be different due to differing cultural, ethical and moral inclinations. This is perhaps so due to international consumers diverseness.
Strategic management entails utilization of organizational resources to realize the organizational goals and objectives on behalf of the owners of the organization. The vision of the owners of a company more often than not is predominantly to see the company achieve upward trend in terms of growth both locally and globally.
However, the realization of such a vision demands a health insurance manager to possess subtle information about existing states of the economy, as well as the global trends and strategies. The global trends reveal that different economies develop at different rates.
It is evident that various global marketing strategies of the health insurance products are likely to experience varying magnitudes of shocks in different parts of the globe. Consequently, it is desirable that an organizations marketing strategies be in cute conformance with the goals, objectives and visions of the health insurance company.
This is perhaps one of the main concerns of strategic management: to ensure overall propulsion of all employees and stakeholders of an organization towards working collectively in an attempt to achieve common goals and objectives no matter the place on the globe the company has establishments.
Recession is significant as it poses some impairment to the strategic management approaches. Recessions present businesses with a dilemma: whether to cut costs to conserve resources or to invest in new products and processes to exploit competitor weakness (Lin, Lou & Gibbs, 2008, p.547).
Attempting to reach global customers would mean the creation of new health insurance products to meet the unique and varying needs. This task entails a commitment of hefty company resources in task development of products, which the manger is not quite sure on how the global market will receive them. In this regard, recession would widely affect negatively the strategic management endeavors.
The manager would wonder whether to authorize spending of the health insurance company in development of new products likely to have global demand or not. Yet, the company must achieve its goals, visions and objectives: the main concern of strategic management.
In some situations, while attempting to institute health insurance policies in the global arena, some of the products may be highly susceptible to products liability lawsuits. This may happen when the target markets consumers feel that the products may cause some harm that the designer needed to have put in the most reasonable contemplation before releasing them to consumers.
However, by taking certain ethical and moral responsibilities to create awareness of most probable repercussion of the products may help exempting the health insurance company from the taking up the liability of unprecedented harms arising from utilizing the products.
In the endeavor to ensure extensive marketing of the companys products, human resource is immensely required. However, a company may experience problems in the implementation of its strategic management plans especially where factors that influence and contribute to labor shortage are evident in a nation.
A crucial factor that contributes largely towards encountering varying level of labor shortage is the existence of unqualified people to fill the job positions created in health insurance company established global branches. Strategic management bases itself on the grounds of the need to focus all stakeholders including company employees towards some preset goals.
Training the human resource on objectives and visions of the company can help towards curtailing the circumstances that may render the company unable to acquire enough labor in the overseas countries.
Any policy that would see the company grow can make the manager grow both in professional and financial terms. Any malpractice that would result to dwindling of the organization has opposite repercussions. Consequently, sacrificing ones job for the sake of what is right for the company is subtle.
Additionally any malpractice such as abuse of office or misappropriation of the companys funds has the repercussion of forcing the company into financial hardships (Covin & Slevin, 1989, p.76). This is highly inconsistent with companys objectives, thus, posing a formidable threat to strategic management approaches deemed right for ensuring global presence of the health insurance company.
Globalizing entangles exposing a companys staff to unfamiliar cultures. These cultures have a prominent role in the determination of the consumed products. Additionally, the economic status of the different nations has a role to play in the determination of the likely health insurance products probably consumed by the nation in question.
Consequently, while designing the various business strategies is vital to put such variables in consideration. As a way of example, China and America have differing consumer and business markets. Adopting the strategic management style of leadership when formulating operational plans considers such differences to ensure that the products developed fits well in to the economy.
Furthermore, some policies that are vital for fostering the company to acquire multiple demands within the global market are worth considering while laying out the strategic plans for expansion.
Global marketing is characteristically complex especially by noting that it involves marketing in an environment dominated by various cultural mixes. In an attempt to achieve the strategic plans, consequently, it is desirable that all employees have ample knowledge on cultural sensitivity.
Economic slowness combined with economic hardships infers that people have remarkably little to save if any. Affording to service health insurance scheme, therefore, ends up as introducing a problem into already financially pressed workers. Some likely result is defaulting to service these health insurance schemes.
In fact, economic slowdown is a phenomenon that afflicts various markets and economies throughout the world. A health insurance company attempting to globalize evidently cannot avoid the challenge of facing substantiated drawbacks associated with slow economic growth such as reduced levels of investments.
The forces that reshape consumer preferences globally not only reshape products preferences but also service preferences. Such services and or products include among them health insurance products and services. The paper argues that strategic management is a subtle management style that may help in the realization of the company goals and objectives in the global markets.
Laying out cute strategic plans is essential in coping with problems of economic slowness and economic recession among other challenges. As an attempt to ensure competitiveness of health insurance Company in the global marketing, it is desirable to come up with innovative products. The paper argues such an endeavor to be widely enhanced by strategic management.
Reference List
Covin, J., & Slevin, D. (1989). Strategic Management of Small Firms in Hostile and Benign Environments. Strategic Management Journal, 10(1), 75-87.
Lin, B., Lou, Z., & Gibbs, L. (2008).Operational Restructuring: Reviving an Ailing Business., Management Decision, 46(4), 539-552.
Perry, C. (1999), International versus domestic marketing: four conceptual perspectives. European Journal of Marketing, 24(6), 4154.
Philip, K., & Kevin, K. (2009). Marketing Management (13th Ed). New York: Pearson/Prentice Hall.
Svenssen, G. (2002), Beyond global marketing and the globalization of marketing activities. Management Decision, 40(6), 57483.
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