What Are the Three Major Markets That Exist in All Foreign Markets?
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.
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.
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