Posted: June 6, 2019
Submitted by: https://www.24hourtranslation.com
Global Marketing Strategy & Research Objectives
One of the main reasons companies forgo international expansion is lack of information about customer preferences. In today’s multicultural world, businesses understand the risk involved in taking a broad view towards diverse markets. They know that breakthroughs and product advancements have value only when local markets will pay for them. To determine the potential for success in a foreign market, businesses must develop and evaluate a detailed global marketing strategy.
Global marketing strategy must overcome many challenges. Diverse political, economic, socio-cultural, technological, linguistic, legal and environmental factors interact to affect a company’s successful entry and sustained growth in a foreign market. Analyzing the 196 countries in the world today creates a daunting, if not impossible, task. Identifying the tedious and intricate details of each country and its interactions also multiplies the likelihood of flawed research conclusions.
Original Post: Global Marketing Strategy & Research Objectives