Global Marketing Opportunities and Challenges

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Global Marketing Opportunities and Challenges

If the simulation were based on the real world, numerous opportunities and challenges would be encountered. The fact that the simulation does not include many ethnic factors would invoke a comparatively easy operational model. For instance, it does not include language barriers, cultural differences, exchange rates, and mode of entry challenges, among others (Kotler & Keller, 2016). It would be challenging to establish actual market needs due to the involvement of large populations in different countries basing the simulation on a real-world international situation. This scenario requires a firm to conduct detailed studies in each of the locations (urban or rural areas) to ensure that its products align with the needs of consumers.

There would be a difference in the experience without the assumptions built into the simulation. For instance, it is easier to establish consumer needs in varying cultural, social, economic, and political orientations experienced in different countries. It would be difficult to assess the culture of another country without experiencing their day-to-day lives. Marketing executives can err by assuming that what people in other countries want or need exactly matches the wants and needs of their perceived consumers (Kotler & Keller, 2016). Taking marketing campaigns to the international market demands proper planning and alignment of products with the target audience based on their geographical locations in the real world.

Communication barriers, primarily due to language differences, would also be a challenge in real-world international situations. Negotiation of business deals takes a longer time due to the number of factors that need consideration. Firms need to build strong relationships before a business deal is accepted (Kotler & Keller, 2016). The simulation does not factor in the currency exchange rate, cost of materials, labor, and regulations in the destination country, which are essential in the determination of a feasible market. Other items absent in the simulation include shipping fees, taxes, tariffs, and consideration of export laws and regulations. This setting would lead to unexpected costs in the real-world global market environment.

Reference

Kotler, P. T., & Keller, K. L. (2016). A framework for marketing management (6^th ed.). Pearson.

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