What Are the Three Major Markets That Exist in All Foreign Markets?
Many companies have become disillusioned with sales in the international marketplace as old markets become saturated and new ones must be found. How can they customize products for the demands of new markets? Which items will consumers want? With wily international competitors breathing down their necks, many organizations think that the game just isn’t worth the effort.
The company must combine all the 4ps into a comprehensive marketing program so as to deliver and communicate with the consumer timely. When all the processes have been gone through, it is time to manage the customer relationship effectively. The firm can understand their customers better through marketing research then inculcate them a superior customer value and delivered them customer satisfaction profitably. Under this management, company can produces highly satisfied consumers who stay loyal and willing to buy more, which means that, the company will gain return in a long-run and this will help them to expand their business as well. As a conclusion, marketing has been changed from ‘inward looking’ discipline era, which always focus on the organisation produced to the ‘outward looking’ discipline era, which bring a greater understanding of market and consumer into the organisation. Although market orientation has become a very common knowledge in the oganisation nowadays, there are still some parts of oganisation- especially the small and medium enterprises remain in the period of production or sale orientation because of the lack of understanding of marketing. But cannot deny that, marketing is still going to be changed and as Kotler and Armstrong state that, marketing process will become the most important action before a product enter into the market whatever the companies is small or big.
Though all markets are vastly different from one another, there are also many similarities corporations are familiar with. The three major markets available in all countries include: consumer markets, industrial markets, and government markets(Gaspar, Arreola-Risa, Bierman, Hise, Kolari, and Smith, pg. 288, 2014). These markets, when combined, makeup the entire economy of a country. A corporation seeking entry into a foreign country has to make a decision on which markets they should target orif there is a need to market to multiple markets within the country. Corporations, such as Boeing, will make a decision to market to both military (military aviation communities) as well as the industrial market (airlines) to maximize the sales and revenue generated from a specific country. If a company has a product that is transferrable between market segments, it is wise to market and sell to multiple segments as the corporation grows in the new country. Industrial markets include money spent by corporations to finance their operations and sales activities. These expenditures are a necessity to ensure the company can continue their operations. Businesses spend money on “equipment and machinery, supplies, lubricants, consulting services, cleaning services, advertising, marketing research, raw materials, semi-finished products, and so on (Gaspar et al, pg. 288, 2014). Expenditures are typically between to businesses, or business-to-business sales where one business buys the product of another business. Many times it is cheaper to buy a product needed than it is to produce the product internally.
As can be seen, every company depends on an efficient marketing program to fulfill customers' needs. Marketing is a process of finding out what the customer wants and meeting those requirements. Within the company, the marketing group has to consider customer values and customer satisfaction before considering offering a product. Marketing is part of our everyday world, and can be perceived everywhere and every time. At any time, everyone has been exposed to different kinds of marketing or advertising depending upon personal necessities such as T.V commercials, radio, internet, etc.
Gaspar, J. (2014).Introduction to Global Business: Understanding the International Environment & Global Business Functions, 1st Edition.[Bookshelf Online]. Retrieved from https://online.vital source.com/#/books/9781285961132/
Focus Economics (2017). U.S. Economic Outlook.Retrieved from http://www.focus-economics.com/countries/united-states