Professional Workplace DilemmasEssay title: Professional Workplace DilemmasEnvironmental FactorsGlobal and domestic marketing has expanded very rapidly during the last fifteen years in my organization. In the 90’s when my company was in a climate of low economic growth, the company saw international markets as a potential vehicle for profit growth. Global and domestic marketing is becoming of ever-greater importance to more and more company and organizations around the world.
However, global and domestic marketing is complex because overseas markets are usually different in significant ways from the home market because it is more difficult for managers to understand, and learn about markets in other countries. How did my organization plan to become more aware of external environmental factors that are present in global marketing? One way is to become more aware of external environmental factors that are present in global marketing. Such factors as political, cultural, and business ethics should be analyzed companies when formulating a global marketing strategy. An effective marketing strategy will help the business determine the basis for all marketing efforts and provide a blueprint for accomplishing goals and objectives.
Consequently, companies need to understand the impact of external environmental factors in developing marketing strategies or they risk misappropriating the opportunity to gain a better understanding of foreign markets. As in the case of marketing, a marketing company needs to be able to identify and assess all the unique variables affecting local business processes. In addition, a marketing strategy for an international market should be developed with the aim of improving communication speed and awareness among business, staff, etc. If these factors are not observed in practice, marketing strategies are difficult to implement in the global setting. What role does foreign marketing in shaping the global marketing landscape?
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On the whole, the best way to learn about the impact of foreign marketing and where it may originate is to review other international marketing reports published in a foreign company’s company filings in the past 5 years. Such reports may provide information about the different aspects of foreign marketing and may include, among other things, the effects of foreign marketing on local business processes and on marketing efforts by multinationals involved in the country and their affiliated organizations, as well as the impact of foreign marketing on global business, or national organization, trends, etc. For example, it may provide information on the foreign characteristics of a company’s public stock (e.g., its business and activities, its location, the type of products, etc.) and on the growth and activity of foreign companies in the country and their related organizations.
For example, there have been reports from industry bodies on the effects of foreign marketing on U.S. and international business. A report by the American Association of Realtors (ARA) noted the potential for a shift in the economic and political context to encourage domestic, foreign, local and third-party marketing activities in the U.S. market. It went on to state that a shift away from the international market has created friction, and the potential for conflicts among local and international businesses in the U.S. will increase. Furthermore, the number of firms that operate in or near foreign countries with foreign brands to sell overseas will decrease and will increase in a competitive space. Furthermore, it noted that U.S. consumers are expected to continue to prefer international brands abroad as it will promote their businesses, and international firms are moving away from the United States to the new market of those countries.
On the other hand, it should be observed that several other reports on foreign marketing indicate that significant problems with foreign marketing actually took place, as reported in these reports. They are as follows: “(1) the lack of a national or international marketing network and foreign-sponsored marketing; “(2) lack of a foreign-directed business strategy or an international marketing organization such as the International Relations Commission (IRF); “(3) the lack of a foreign service, such as an independent or outside government-based agency promoting social and economic reforms; and “(4) foreign activities not related to domestic U.S. governmental concerns (e.g., social security policies, health and education systems and regulations). These problems could continue in the future if companies are not able to adapt their national organization structures and their activities to the external realities of their local markets. “(G) Foreign- sponsored business activities (not foreign, but foreign) including social, economic, and security activities generally are considered an asset, and foreign-sponsored activities, and their impact on the national agenda, must be looked at in light of the current state of these business opportunities if any of the foreign- sponsored activities in the U.S. are to be avoided. Foreign-sponsored activities and their impact on the national agenda could
Consequently, marketing strategies are different from domestic marketing strategies because international markets are often cross-border. Marketing strategies such as the use of a marketing system that will appeal to local business is a form of indirect international marketing that is often not followed, but that has implications for the international marketplace. This practice is a more important issue for local governments because efforts to promote and promote local business is increasingly becoming a national issue. Also, it can create a problem to provide additional resources for local governments in seeking better relations with foreign competitors.
Global marketing strategies that are in keeping with the international market in terms of international marketing strategies have been shown to be effective internationally because they have limited effects on international business practices, such as the effectiveness of international marketing systems to influence local marketing in a local context.
The influence of external factors on local marketing can have a variety of useful and potentially counterproductive effects (6,7). These include:
Increased sales tax on business, and increased tax-exempt status of businesses
Increased taxes on high-income individuals
Higher international investment requirements (including an increase in international capital markets)
Decreased business investment by large businesses
Increased tax burdens on business and their employees
Increased international service provider fees in international markets
Increased interest rates on foreign financial institutions (especially in the U.S.)
Increased international service provider fees and fees in U.S. financial industries
Increased U.S. investment in energy technologies
Increased import tariffs on imports from China (particularly in the U.S.)
Increased import taxation on exports of U.S.-made goods. This may be helpful in helping U.S. companies to invest more in foreign markets, such as in China.
Companies that have successfully implemented foreign marketing strategies that increase local business have to consider the following factors when designing and operating their own marketing strategies:
They may use a global or domestic marketing strategy that is tailored to the international market and that has limited-use aspects. All of these factors are critical to managing international marketing efforts; if they vary between countries, then they do not contribute to local marketing.
Companies that have successfully implemented foreign marketing strategies should consider the following factors when designing and operating their own marketing strategies:
They may consider various foreign marketing practices that may be harmful to local business. These include a variety of foreign marketing practices that are not related to the actual marketing strategy and may produce low- or non-existent sales results with limited or no use
Consequently, companies need to understand the impact of external environmental factors in developing marketing strategies or they risk misappropriating the opportunity to gain a better understanding of foreign markets. As in the case of marketing, a marketing company needs to be able to identify and assess all the unique variables affecting local business processes. In addition, a marketing strategy for an international market should be developed with the aim of improving communication speed and awareness among business, staff, etc. If these factors are not observed in practice, marketing strategies are difficult to implement in the global setting. What role does foreign marketing in shaping the global marketing landscape?
[Page 2]
On the whole, the best way to learn about the impact of foreign marketing and where it may originate is to review other international marketing reports published in a foreign company’s company filings in the past 5 years. Such reports may provide information about the different aspects of foreign marketing and may include, among other things, the effects of foreign marketing on local business processes and on marketing efforts by multinationals involved in the country and their affiliated organizations, as well as the impact of foreign marketing on global business, or national organization, trends, etc. For example, it may provide information on the foreign characteristics of a company’s public stock (e.g., its business and activities, its location, the type of products, etc.) and on the growth and activity of foreign companies in the country and their related organizations.
For example, there have been reports from industry bodies on the effects of foreign marketing on U.S. and international business. A report by the American Association of Realtors (ARA) noted the potential for a shift in the economic and political context to encourage domestic, foreign, local and third-party marketing activities in the U.S. market. It went on to state that a shift away from the international market has created friction, and the potential for conflicts among local and international businesses in the U.S. will increase. Furthermore, the number of firms that operate in or near foreign countries with foreign brands to sell overseas will decrease and will increase in a competitive space. Furthermore, it noted that U.S. consumers are expected to continue to prefer international brands abroad as it will promote their businesses, and international firms are moving away from the United States to the new market of those countries.
On the other hand, it should be observed that several other reports on foreign marketing indicate that significant problems with foreign marketing actually took place, as reported in these reports. They are as follows: “(1) the lack of a national or international marketing network and foreign-sponsored marketing; “(2) lack of a foreign-directed business strategy or an international marketing organization such as the International Relations Commission (IRF); “(3) the lack of a foreign service, such as an independent or outside government-based agency promoting social and economic reforms; and “(4) foreign activities not related to domestic U.S. governmental concerns (e.g., social security policies, health and education systems and regulations). These problems could continue in the future if companies are not able to adapt their national organization structures and their activities to the external realities of their local markets. “(G) Foreign- sponsored business activities (not foreign, but foreign) including social, economic, and security activities generally are considered an asset, and foreign-sponsored activities, and their impact on the national agenda, must be looked at in light of the current state of these business opportunities if any of the foreign- sponsored activities in the U.S. are to be avoided. Foreign-sponsored activities and their impact on the national agenda could
Consequently, marketing strategies are different from domestic marketing strategies because international markets are often cross-border. Marketing strategies such as the use of a marketing system that will appeal to local business is a form of indirect international marketing that is often not followed, but that has implications for the international marketplace. This practice is a more important issue for local governments because efforts to promote and promote local business is increasingly becoming a national issue. Also, it can create a problem to provide additional resources for local governments in seeking better relations with foreign competitors.
Global marketing strategies that are in keeping with the international market in terms of international marketing strategies have been shown to be effective internationally because they have limited effects on international business practices, such as the effectiveness of international marketing systems to influence local marketing in a local context.
The influence of external factors on local marketing can have a variety of useful and potentially counterproductive effects (6,7). These include:
Increased sales tax on business, and increased tax-exempt status of businesses
Increased taxes on high-income individuals
Higher international investment requirements (including an increase in international capital markets)
Decreased business investment by large businesses
Increased tax burdens on business and their employees
Increased international service provider fees in international markets
Increased interest rates on foreign financial institutions (especially in the U.S.)
Increased international service provider fees and fees in U.S. financial industries
Increased U.S. investment in energy technologies
Increased import tariffs on imports from China (particularly in the U.S.)
Increased import taxation on exports of U.S.-made goods. This may be helpful in helping U.S. companies to invest more in foreign markets, such as in China.
Companies that have successfully implemented foreign marketing strategies that increase local business have to consider the following factors when designing and operating their own marketing strategies:
They may use a global or domestic marketing strategy that is tailored to the international market and that has limited-use aspects. All of these factors are critical to managing international marketing efforts; if they vary between countries, then they do not contribute to local marketing.
Companies that have successfully implemented foreign marketing strategies should consider the following factors when designing and operating their own marketing strategies:
They may consider various foreign marketing practices that may be harmful to local business. These include a variety of foreign marketing practices that are not related to the actual marketing strategy and may produce low- or non-existent sales results with limited or no use
One of the most controlling factors of international marketing is management. It is very important for managers to recognize the differences as well as similarities in buyer behavior. Many mistakes can occur if managers fail to realize that buyers differ from country to country. In Hawaii this is also recognized domestically since buyers from all over the world visits and buys local products in Hawaii. It is the international differences in buyer behavior, rather than similarities, which cause problems in successful international marketing.
An international marketing manager is responsible for facilitating the exchange of products between the organization and its customers or clients. The organization must fully understand the foreign environment before pursuing business matters. To be sure avoidable situations do not occur, marketing managers must be aware of cultural differences. In many ways doing business in Hawaii does give my organization an advantage both international and domestically. Since Hawaii is a hub for business and the community is much diversified in cultural differences, which gives organizations like mine an advantage when dealing with other cultures and businesses.
As to the product market that my organization has in Hawaii it is basically marketed more for the tourist market than the local market. It is important to understand that even if local customers can afford a certain product; they may not always want it. If by chance the product is becoming of interest locally. Then the product may be substantially modified to fit local preference and taste. These adaptations exist in the form of product and package. The alteration of a material product is sometimes required to match the product to local taste and conditions.
For my organization adaptation of the package is often needed to attract customers to the product. Many times adaptation is also used to maintain a product’s righteousness in a unique environment. The company is occasionally forced to modify both the product and the package to create an appropriate product for the new market. The company must also determine the area most appropriate for the product. Wherever the location market testing is