Technological Advancements, Research Paper Example

Technological advancements and rapidly changing political and economic conditions are making it easier than ever for companies to market any product or service internationally. With most of the world’s population and two-thirds of total purchasing power outside the United States, global markets represent wonderfulopportunity for development (Warren, 2009, p. 2). Accessing global markets can support innovation, while increasingworldwide competition can spur businesses to market better, inexpensive products.

Global marketing is not a one-way street, whereby only U.S. companies sell their products and services throughout the world. Traditionally, most companies – such as McDonald’s and KFC – have entered the global marketplace incrementally as they gained knowledge about various markets and opportunities. These “born global companies”– typically small technology-based firms earning as much as 70 percent of their sales outside the domestic home market– export their products almost immediately after being established in market niches in which they compete with larger, more established firms (Pride, & Ferrell, 2011, p. 249).

A small group of products may be marketed globally without significant changes, but most companies will find that global success depends on a willingness to adapt to local market requirements. For example, Lamb et al (2011, p. 167) citedCoca-Cola, Colgate-Palmolive, and McDonald’s as successful global marketers. The success of these three companies is really based on variation, not on offering the same product everywhere. McDonald’s, for example, changes its “salad dressings and provides self-serve espresso for French tastes” (p. 168). It sells “bulgogi burgers in South Korea” and “falafel burgers in Egypt” (p. 169).

The traditional four Ps of marketing need to be approached differently according to the new focus on customer relationships. Nowadays, global marketing effectiveness is seen from the customers’ point of view, sellers four Ps correspond to the customers four Cs:customers’solutions (product), customers’solutions (price), convenience (place), and communication (promotion).

References

Lamb, Charles W., & Hair, Joseph F., & McDaniel, Carl. (2011). Essentials of Marketing. Cengage Learning. 165-170.

Pride, William M., &Ferrell., O. C. (2011). Marketing. Cengage Learning. 240-250.

Warren J., Keegan. (2009). Global Marketing. Pearson Education India. 2-10