Essay on Marketing in a Global Economy

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Marketing in a Global Economy

Vision. There's a word that hearkens back to the early '80s, at least in current management thinking. Yet despite its presence in the leadership vocabulary for more than two decades, many companies are today struggling to draft the right vision for a hyperactive, global business environment. This paper is intended to offer an overview of some of the aspects of conducting business globally and aims to identify ways in which businesses can tap the gains of this process, while remaining realistic about its potential and its risks. Specific topics will include: 1) technology challenges; 2) gaining a foothold in new markets; and 3) conducting business with different cultures. Finally, real world business
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Although outsourcing to accomplish the aforementioned challenges is a viable option through web-based consultant firms such as GlobalSight or Uniscape, a company may choose to handle the task internally. Embark, an international education opportunity facilitator, builds partnerships with international portals to bring higher education content and tools to local audiences in order to promote learning in the United States. By developing an Internet network, Embark brings the classroom to global students while benefiting the larger interests of institutions and even entire countries. Its approach is twofold: First, it establishes international partnerships; second, it forms relationships with ministries of education around the world that promote study in their countries (Internet World, 2001) . The Internet has also sired offspring technologies such as Intranets, Extranets, e-business and e-commerce.

New Markets

According to Yip (1995), the first and most important step in finding international markets is to select the geographic markets in which to compete. In deciding geographic preference one should consider market attractiveness, potential competition and ways in which to adapt to local conditions. The choice of product should be a primary consideration when it comes time to conducting business in foreign countries. One pitfall that must be avoided is selling a

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