Global Marketing Assignment Reviewing The Role Of Innovation In Business
Question
Task: You are asked to write and submit a stiort. scholady essay, using an academic essay format, on the following topic:
Outline the reasons why changing global markets require organisations to focus on meeting customers perceived value expectations. Include a discussion about what an organisation needs to do in order to meet these customer expectations.
The purpose of this assignment is to help you gain a deeper understanding of the nature and implications of an important contemporary challenge that organisations face in the 21 Century You are expected to draw on a minimum of six (6) academic journal articles and texts to underpin your arguments presented in this essay.
Answer
Introduction
The given global marketing assignment is based on the understanding of the ways in which the customers are needed to be focused on by the global markets in order to ensure that the organisation is effectively satisfying the needs for the customers. The changes, which are brought in the global market, is marked by the focus that is given to the customer by the organisations present in such market. It has been noted that the paper will be allowing the development for reason, which indicates that the changing global markets will be more effective, by the inclusion of the interests of the customers in the development of the organizational strategies. It is important to note that the global marketing assignment will be focusing on the ways in which the organizations can refocus their organizational values and objectives towards the customers so that the changes in the global market is utilized positively which will further increase the sales of the company and bring in positive impact on the customer loyalty and retention process.
Changing global markets
The global market is changing rapidly due to the involvement of new technologies and business ventures, which are changing the overall process of carrying out the operations of the businesses that are operating globally. The global market is changing due to the emergence of the new markets that are allowing the organisations to bring in positive impact on the overall development strategies of globalisation. The increase in the number of developing countries based on the economical advancements occurring in the countries has led to the successful development of the emerging markets bringing effective changes to the global market trends and processing. It is important to note that the major changes that are occurring in the global markets are the development of technology and the implementation of the technologies in the business environment (Tidd & Bessant, 2018).
Another most important factor that is bringing changes in the global market is the change in the landscape of the wealth structure in the different countries. It had been analysed that the growth and increase in the number of successful businesses and the number of wealthy individuals has led to the change in the interests of the consumers as they tend to be persuaded by the lifestyle that is being carried out in the millionaires. This has led to the changes in their demands towards the organisations for the products and the services which in turn in changing the [process of operating business functions and the products to be delivered leading to change in the overall processing of the organisational expansion in the new markets (Bauer et al, 2016). Reasons for global markets to focus on the customer requirements
Reasons for changing global markets to focus on the customer requirements
The changing global markets need organizations to focus on meeting the customers’ expectation because, a company makes its products to sell them to the customers and earn a profit from it. As consumers purchase the products; as a result, the company gets its success. The business organizations establish its branches internationally to approach to the maximum people and to spread their product into them. The more customers buy the products the more the companies gain profit. To increase the sales globally, the business market focus on the customer’s requirement. If the market cannot fulfill the demands of the customers then the whole market will fall (Chen, Wang, Huang, & Shen, 2016).
Customers prefer to buy innovative and more efficient products from the market. Therefore, it is necessary for the global market to produce innovative and quality products for the customers in order to meet their requirements. If the process of production does not follow the rules of change and innovation then it will be avoided by the customers in future due to its monotonous production of the same products. The innovative and advanced products are more appealing to the customers that are why the global market is focusing on the requirement of the customers to make a different position in the competitive business market (Noe, Hollenbeck, Gerhart, & Wright, 2017).
The business organization owners globalize their business to earn extra profit from different countries' customers, this step of globalizing their business helps them to achieve their target earning within a certain period. On this global marketing assignment it is identified that customers buy those products that meet with their requirements. Customers will never spend money on useless products (Turnbull, & Wheeler, 2016). Therefore, making the products according to the customers’ demands is always a better and profitable choice for the global market companies.
Customers are the main source of income of any globalized company. Therefore, it is important to retain the previous customers and approaching to the new customers. People like the companies that make products based on their demands, if any company manufacture certain products that do not appeal to the customers then the customers will focus on the products of the other companies that meet with their requirements and as a result, the company encounters loss instead of making profit from the products. This is why the global market needs to focus on the requirements of the customers (Kiseleva, et al 2016).
Meeting with the customer expectations
To meet with the expectations of the customers, the global market need to know the nature of their customers for example- what actually they want, how much they can spend on a selected product etc. If the global market comes to know about the nature of the customers then it will be easy for them to manufacture the products according to the needs of the customers. Therefore, it is an efficient way to meet the customer’s expectations.
The people across the globe are divided by the global market demographically, for the convenience of the global business market. A specific group of people focuses on the specific products, so, it will be useless to approach them with the wrong service or products. To meet the customers’ expectations, it is necessary to approach to the right group of people or else the whole attempt to meet the customers’ expectations will go into vain. To know the expectations of the customers, it is important to know the demography of the people, then survey the minds and the needs of the consumers and eventually as a result, the global market can successfully meet the demands and expectations of the consumers (Montabon, Pagell, & Wu, 2016).
To meet the expectations of the customers, innovative ways always remain helpful to the global market. Without knowing the requirements of the customers, making the products means, doing a business of loss. Announcing contests, providing offers to the customers, offering free services of products etc. are some of the ways to understand the requirements of the customers. Apart from all this, the external communication of the global market through the social media also remains helpful for meeting the expectations of the customers (Agnihotri, et al 2017). Nowadays most of the people across the globe are engaged to social media on this global marketing assignment; therefore, it is a great tool to know the demands of the people.
The global business market has a support team to achieve the goals more effectively. The support team of the global market interacts with the customers in person; as a result, they can properly understand the needs of the customers. Understanding customers’ tone, body language and their minds are the chief motif of the support team. If the global market set a certain standard of their support team then it will be easier for them to meet the demands of the consumers (Rosenbaum, Otalora, & Ramírez, 2017).
The global business market has a support team to achieve the goals more effectively. The support team of the global market interacts with the customers in person; as a result, they can properly understand the needs of the customers. Understanding customers’ tone, body language and their minds are the chief motif of the support team. If the global market set a certain standard of their support team then it will be easier for them to meet the demands of the consumers (Rosenbaum, Otalora, & Ramírez, 2017).
Conclusion
Thus, it can be concluded that the change is the global market is occurring due to the increase rate of opportunities and the changes that are currently occurring in the interested customers. This has led to the understanding that the companies undergoing global expansion are changing to bring in more profits in organizations by effective technological development, which further allows them to bring more competition to the rival companies. On the other hand, it has been understood that the understanding the requirement for the customers and ensuring effective customer relations and loyalty must be the focus of the organizations to make the changes in the global expansion valuable and effective on this global marketing assignment. Global marketingassignments are being prepared by our online marketing assignment help experts from top universities which let us to provide you a reliable assignment help online service.
References
Agnihotri, R., Gabler, C. B., Itani, O. S., Jaramillo, F., & Krush, M. T. (2017). Salesperson ambidexterity and customer satisfaction: Examining the role of customer demandingness, adaptive selling, and role conflict. Journal of Personal Selling & Sales Management, 37(1), 27-41.
Bauer, N., Mouratiadou, I., Luderer, G., Baumstark, L., Brecha, R. J., Edenhofer, O., & Kriegler, E. (2016). Global fossil energy markets and climate change mitigation–an analysis with REMIND. Climatic Change, 136(1), 69-82.
Chen, K. H., Wang, C. H., Huang, S. Z., & Shen, G. C. (2016). Service innovation and new product performance: The influence of market-linking capabilities and market turbulence. International Journal of Production Economics, 172, 54-64.
Kiseleva, E. M., Nekrasova, M. L., Mayorova, M. A., Rudenko, M. N., & Kankhva, V. S. (2016). The theory and practice of customer loyalty management and customer focus in the enterprise activity. International Review of Management and Marketing, 6(6S), 95-103.
Montabon, F., Pagell, M., & Wu, Z. (2016). Making sustainability sustainable. Journal of Supply Chain Management, 52(2), 11-27.
Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Human resource management: Gaining a competitive advantage. New York, NY: McGraw-Hill Education.
Reason, B., Løvlie, L., & Flu, M. B. (2015). Service design for business: a practical guide to optimizing the customer experience. John Wiley & Sons.
Rosenbaum, M. S., Otalora, M. L., & Ramírez, G. C. (2017). How to create a realistic customer journey map. Business Horizons, 60(1), 143-150.
Tidd, J., & Bessant, J. R. (2018). Managing innovation: integrating technological, market and organizational change. John Wiley & Sons.
Turnbull, S., & Wheeler, C. (2016). Exploring advertiser's expectations of advertising agency services. Journal of Marketing Communications, 22(6), 587-601
