International Marketing | The Geographical Perspectives on Business Globalisation
Geography is indispensable in entering the global market. With the times changing so swiftly and technology rampantly reshaping the landscape of businesses, international marketing became crucial.
Geography focuses on the question of “where”, and “where” is the answer essential in strategising marketing schemes. Being a part of marketing’s four Ps; place, product, price, and promotion, location embodies the tactics needed for logistics, the kind of products to promote, the culture of the target market, and their spending capabilities.
Big or small, businesses nowadays can enter the global market, thanks to technology. Now, every business owners have a shot in becoming successful on a global scale. Therefore, with the endless possibilities this digital era has brought upon this generation, it is only right to take advantage and enter the cutthroat battle amongst the visionary Millenials.
Location and the Perspectives on Business Globalization
The value of the place is a product of one valuable factor: location. Conducting business outside your locale starts with exploration. Exploration is a historical footprint of merchants from the past which significantly applies to this digital age. Each location has its own geographical shape, culture, climate, and environment. These elements influence how marketers approach the market.
Studying the population’s economic activities can uncover the answer to the question of what and how; what product does this demographic need or, how to create a need for this product. Hence, location plays a crucial role in the overall economy and spending capabilities of the potential market.
The Characteristics of the Location
What impacts the economical standing of a certain location is its geologic characteristics. The natural features of the place can either make or break the economy. If the place experiences a bad climate all-year-round, that doesn’t mean that it is a bad thing. It could be an opportunity in promoting a product they need or creating a new product to birth a new need. Either way, studying the location’s unique characteristics will aid in designing a scheme best fits the market.
The Characteristics of the People
Your target market’s demographics is another essential aspect influenced by location. People living in sunny places have different needs in contrast to those who live in cold areas. Additionally, the kind of engagement they participate in is also a result of its location. People tend to look closely on products that are essential in their everyday shenanigans. Thus, knowing the culture of your potential consumers will deliver ideal marketing tactics.
The Economical Essence of the Location
Penetrating a remote area has its advantages and disadvantages. There are aspects that need modification in the marketing efforts of the business to effectively enter the market. Although investing in remote areas could mean lesser competitors, but, residents can be hard to persuade since they tend to be loyal customers. In an economically stable location, on the other hand, countless brands sell the same service or product. What leverage the brands is their marketing schemes. The creativity marketers put into their marketing materials is far more than advertising in remote areas. Hence, the economical position of the place is influenced by the surrounding factors of its location.
Business globalisation is greatly influenced by geographical factors. Logistics, target market characteristics, pricing, product, and promotion all tapped by the physical features of the location. However, penetrating the global market nowadays is ironically feasible due to the internet while decades ago, international marketing takes a lot of resources to pursue. But, the gist is, quality, environmental responsibility, efficiency, and time-frame are what the global market opt for, thus, location does play a great role in strategising freight, designing product and packaging, and operational efficiency.