For every competitive business enterprise, there must be well-planned strategies of entering the market and coming up with the dynamics of the market (O'Cass & Julian, 2013).The customer’s needs and tastes are changing from time to time, and hence the businesses need to work backward and develop products and services that meet the requirements and market needs. Essentially marketing takes everything in the business firms invest a lot of funds in advertising and marketing activities to attract a vast market scope as possible. Following the recent advancements in technology, business firms need to be at per with these changes to improve their products to gain a competitive advantage over their competitors in the market. Technology provides a platform for business organizations go online and reach out to the global market (O'Cass & Julian, 2013).
It is important therefore that both local and international organizations to act proactively and develop marketing strategies that will help them enter and compete effectively in the global market (Lee & Griffith, 2014). The approach can be guided by four Ps of marketing which includes price, product, place, and promotion. Using this strategy helps to reach out the customers at the right time, at the right place and with the right products. The 4Ps also assists the business in reaching out to the market efficiency and optimizes customer satisfaction. Adapting the concept of the 4Ps, a company can be able to develop the best brands in the market and discover new opportunities in the international market and reap increased sales revenue. Going to the global market, it requires different resources and a different strategy. Over the last few decades, there has been several changes and developments in the technology. Most people in the global population can be able to access the internet. Customers have gone online through the web thereby increasing the online market base. This necessitates every competitive business that would want to compete and sustain global market to market its products via the online platform (Lee & Griffith, 2014).
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The notion that most customers want convenience in such a way that they do not have to physically move from one store to another looking for products of their tastes raises the alarm to businesses to improve on their website visibility. They can market their products through their website, offer the promotional services via the same platform. The web needs to be regularly updated to display the updated information that a customer could be looking for regarding a product or service of his or her taste. Essentially online marketing provides an avenue where customers can view what the business has to offer for them, get information on the goods in stock and their prices, order for them and delivery is thereupon arranged and made in time. It is an avenue for marketing where firms update their services and products for the customers to navigate through and make buying decisions (Albaum & Tse, 2011).
Customers can also be requested to collect their products from the nearest outlets or sales agents acting on behalf of the company. Payments of the delivered products and services are also made online in such a way that the commercial invoices and electronic bills are processed electronically. Through this platform also makes it possible for business firms to communicate with their suppliers and make orders for the supply of materials. This is a strategy that small and mid-sized companies can adapt to increase their global market share and realize their goals in the long run (Albaum & Tse, 2011).
The global market offers a competitive arena for business firms due to the broad market scope, and hence organizations need to adopt such strategies as discussed herein. These strategies; online commerce and use of the 4Ps of marketing if used can significantly improve the performance overall business performance.
References
Albaum, G., & Tse, D. K. (2011). Adaptation of international marketing strategy components, competitive advantage, and firm performance: a study of Hong Kong exporters. Journal of international marketing , 9 (4), 59-81.
Lee, C., & Griffith, D. A. (2014). The marketing strategy-performance relationship in an export-driven developing economy: A Korean illustration. International Marketing Review , 21 (3), 321-334.
O'Cass, A., & Julian, C. (2013). Examining firm and environmental influences on export marketing mix strategy and export performance of Australian exporters. European journal of marketing , 37 (3/4), 366-384.
