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Nowadays, marketing is developing rapidly; multiple actors have entered the international arena. Due to technological development, market actors should find more ways to stay on the float and generate innovative ideas. Indeed, there are still some challenges that affect marketing globally. These issues might affect large and small companies, influencing the whole marketing scope. It is essential to denote the challenges, identify marketing opportunities, and think about how it is possible to overcome the problems.
Many possibilities exist for entry into the global market; however, it might cause some difficulties. For instance, mistreatment of cultural and ethical differences can lead market actors to wrong turns (Kotler, 2003). Furthermore, as the global market seems to be overfilled with new entrepreneurs, marketers have great competition. Red and Blue Ocean strategies exist to determine competitiveness in marketing industries; for instance, the Blue Ocean approach strives to find the right opportunity and eliminate the competition (Tuttle, 2021). Oppositely, the Red Ocean strategy aims to reach the competition and use its demand, maximizing market share and profit. Indeed, both methods assume that there are current issues, and it can be challenging to enter the market and control the situation.
One more challenge for global marketing is that production might be irrelevant for customers of specific locations: there are ethnocentric, polycentric, and regiocentric divisions. These concepts assume that the output is appropriate for customers from certain countries or regions. However, it is possible to overcome the abovementioned challenges by finding the right place for production and choosing suitable partners for cooperation. Moreover, it is vital to catch possibilities and adapt the product to current customers’ needs and desires.
Global markets offer excellent development opportunities, but some challenges can affect the market. It is necessary to trace current customers’ trends and generate ideas according to newly-appearing needs. Furthermore, ethical considerations are crucial in marketing, so it is essential to consider ethics to avoid the failure of global market players. Therefore, it is feasible to overcome the abovementioned challenges and chase the opportunities for further development.
References
Kotler, P. (2003). Marketing Management. Prentice Hall.
Tuttle, C. (2021). Red vs. Blue Ocean strategies. Launch Marketing. Web.
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