Global Competitiveness and Collaboration.
Global Competitiveness and Collaboration.
Market research is an essential aspect as it helps one to be able to strengthen their business positions, including the preference and taste of what the market offers to the people are significant. Therefore market research can be defined as a more comprehensive outlook of individuals, markets, and organizations as a whole, (Sart & Kibritci Artar, 2021, p). To remain competitive in the market, the U.S business managers must remain keen on what the global market offers and be ready for the threats from it. We will discuss the impact of global marketing research as we take a keen look at how it compares to that of the U.S. Under market research, we have global market research, which is said to be, finding out what the people (consumers) want and undertaking the process of producing the products to them. It tracks the process of global marketing and asses it systematically the steps involved in conducting market research.
The most important critical points of global market research were first identifying the brand, finding out the originator of the brand, and finding the industry. The state of the sector and identification of the problem were imminent in the business influence. More often, U.S companies face a lot of danger from the global market, and therefore the companies must put in the effort to eliminate the threat on an occasion where it arises. They will have to understand what their consumers want, hence being able to deal with business and geographical barriers that might be affecting them. This enables them to be domestically competitive in the market. Another important aspect of this crucial point was understanding the clients and conveying certain information to them by asking them questions conveying the new product in the market, which the U.S has been on a front rubber on it.
US companies play an epic role in the global market and domestic one. Large multinational companies originate from there, i.e. the Microsoft and Apple, which generate a lot of revenue to the country. Therefore, having as many sources of information to confine with the reliability of data you have helps the company in their sales. The companies should adopt new methods of data collection rather the secondary ones (Knight, 2014, p) because, secondary data is occasionally outdated, and current companies cannot verify certain ideas that were previously considered relevant, which makes global marketing at an upper hand since they use information that is updated with the current consumer reaction, which is usually the case when companies need to make a reliable business action plan or complex business decision. The time and cost required to conduct such activities are justifiable
One needs to know that marketing research is not considered a one-time thing, but rather an on-going item. Foreign competition used to be rare during the past where the U.S used to dominate the market, but that has changed over the years where both the domestic market and global market impact stiff competition to the marketing structure of the U.S. Continuous research helps a lot in identifying the market trends, market or business problems, a new opportunity in the markets, and generally deciding on what are the best decisions to be made that align well with the new demand by the people in the market and thus provide the completion in the market, (“Market research in the United States,” 2018). This acts majorly as a boost to the businesses all over, and it is no exception in the U.S since by doing research they get to know how to introduce new products to the people and the market.
A competitive environment refers to a system in which a business competes and functions, (“Global trade in the United States – Introduction to business,” 2018). It is stated that the U.S does not entirely depend on global marketing like it is for the other countries, but rather, Global marketing has helped improve the U.S marketing system and trade. Domestically, they have understood the behavior of the consumer before producing any product. For example, if there is a product that many sellers sell in the market, then they expect that the competitive environment in which the product is sold is very high, but as the products become few in the market, then the competition is reduced. This mainly benefits the consumers as they tend to get a better good and service at a lower price, all this has to be considered by the U.S marketing researchers before allowing their products to move since the global marketing research already have ideas on how to cope with the problem.
The US faces stiff competition from other foreign countries on trade and has to make sure it stays ahead of everyone in the market to get enough from their products. The second key is customer expectation, (Leonidou et al., 2017, p). This is usually what the customer anticipates to get in the market rather than in the market. The U.S marketing needs to make sure that the product they produce meets the consumer test and that what is produced globally does not hinder with there in any way. The last one is the project budget. It is the way one wants to spend on certain products than the other. Therefore consumers decide on which product to spend more and which one to spend less on.
Consumers display certain behaviors during buying, analyzing, and selling goods and services, hoping that they will meet their daily choice. Their actions are brought by certain factors such as personal well-being, their surroundings, and how they decide on their decisions, which is thought to help the producers and sellers, which global marketing takes a keen look before introducing any product in the market, (Kumar, 2015, p). For marketing research of the U.S to be able to beat globally one, they have to understand consumer choices and what steers them for their product by creating a specific image in their minds. Culture also plays a differing role in marketing in that, the market has to be able to sell what the consumers within the society like, which gives the U.S an upper hand on their product, since they understand they are well.
In conclusion, global marketing research is an essential aspect in analyzing the trends in a market system and understanding consumers’ and producers’ behavior in a market system. In any market, either globally or locally, there has to be various things and protocols to be followed and adhered to. For the U.S marketing companies to prosper they have to make sure that they stay ahead of their competitors, globally, and be able to produce quality products in the market compared to what is imported, since, on other hand, global marketing always will impress the consumer.
Global trade in the United States – Introduction to business. (2018, September 18). BC Open Textbooks – Open Textbooks Adapted and Created by BC Faculty. https://opentextbc.ca/businessopenstax/chapter/global-trade-in-the-united-states/
Knight, J. (2014). International education hubs: Collaboration for competitiveness and sustainability. New Directions for Higher Education, 2014(168), 83-96. https://doi.org/10.1002/he.20115
Leonidou, L. C., Katsikeas, C. S., Samiee, S., & Aykol, B. (2017). Advances in global marketing: A research anthology. Springer.
Market research in the United States. (2018, November 4). SIS International Market Research | Strategic Insights. https://www.sisinternational.com/coverage/the-americas/usa-coverage/market-research-in-the-united-states/
Sart, G., & Kibritci Artar, O. (2021). The effects of university-industry collaboration in R&D on the global competitiveness of the countries. https://doi.org/10.4018/978-1-7998-3901-9.ch013
Sart, G., & Kibritci Artar, O. (2021). The effects of university-industry collaboration in R&D on the global competitiveness of the countries. University-Industry Collaboration Strategies in the Digital Era, 265-282. https://doi.org/10.4018/978-1-7998-3901-9.ch013
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