Q. What are the marketing challenges in the globalized economic scenario?
Ans. The marketing challenges in the globalized economic scenario are as follows:
1. Self-reference- Criterion and Ethnocentrism: It refers to the phenomenon of taking only one’s c knowledge, experience, values, and beliefs into consideration while making a decision.
2. Market Differences: In case a company wants to globalize its operations, then it needs to cha some or all of the elements of the marketing mix, i.e. product, price, place, and promotion due to the cult and national differences.
3. Management Myopia: The management of many companies avoids the opportunities of becoming a global company. Management of myopic companies generally gives commands to their employees e when listening to them is required which causes failure of the company.
4. Brand History: A company may require different positioning of the brand as the same positioning. the strategy of a brand may not work in different countries due to differences in culture, language, etc.
5. Organisational Culture: In some companies, entire operations are governed by the l management and the headquarters do not interfere in it while in other companies, headquarters mana everything without listening to local executives.
6. National Controls and Barriers: A global marketer has another problem of import controls, trade barriers, and other trade restrictions. Such trade barriers are of two types tariff and non-tariff barriers. global firms face a major challenge of nontariff barriers while entering the market of any other country