What you’ll learn to do: explain the importance of understanding how demographic, cultural, and institutional factors shape the global marketing environment
While the same basic domestic marketing principles apply to global marketing, there are additional layers of complexity for marketers to consider when working across markets in different countries and world regions. Much of this complexity centers the need to develop a keen understanding of the consumer and the target market—a task essential for effective marketing, whether global or domestic. But in the global environment, there are additional questions to ask and issues to consider in order to fully appreciate the consumer and the marketing opportunities in a target market.
Additional complexity resides in the business environment created by government, regulatory bodies, and other societal institutions that shape the behaviors of individuals and institutions. This business environment is somewhat unique to every country and target market. Understanding these dynamics can help marketers work more effectively to achieve their organizations’ business objectives.
The specific things you’ll learn in this section include:
- Explain the importance of evaluating the demographic profile of a country to determine product demand and acceptance
- Describe how different cultural environments can affect the global marketplace and the marketing mix
- Explain how governmental regulation and available supporting institutions can impact marketing in specific countries or regions
- Reading: Demographic Factors Shaping the Global Marketing Environment
- Reading: Cultural Factors Shaping the Global Marketing Environment
- Reading: Institutional Factors Shaping the Global Marketing Environment
- Self Check: Factors Shaping the Global Marketing Environment