Initial question:

What global marketing challenges would you face if the simulation were based on a real-world situation? Discuss the difference in the experience you would have with the assumptions built into the simulation (e.g., no cultural barriers, language, currency, tariffs, mode of entry challenges).

Reply

When organizations base simulations on real-world situations, organizations might experience some marketing challenges. One of the difficulties is the discernment of the right technologies to satisfy the needs of the clients. Another problem would be the rapid changes in the world’s economy, causing havoc, such as the great global economic crisis that occurred in 2008. Marketing business in global opportunities would also pose a challenge due to poor allocation of the budget as well as the inadequate characterization of ROI in activities related to marketing (Low et al., 2013). Additional challenges would be the lacking adequately trained professionals as well as the inability to hire and retain top talents in the job. The last hindrances in the real world simulations would be the lacking of preparedness to meet the expectations of the international arena as well as prompt identification of the adequate technological expectations by the customers.

When a firm gets faced with simulations or limitations in the ground of real-world situations, then all the above challenges become evident in a company. The firm will be forced to meet respective fluctuations associated with currency and economic conditions (Leonidou, 2018). If in an example, a company intends to market its products in an economically viable country, and then an unexpected breakdown in economy happens, there will be a halt in the marketing activity that will result in the company’s loss. The global economic disputes are therefore seen to be controlled by factors external to the business that causes the industry’s turbulence consequently disturbing the operations of the firm.

The company’s ability to take risks is influenced by the taking of assumptions as limitations or simulations. Taking off the assumptions ensures safe travel of the firm in the tides of the economy, but in the quest to face challenges the business should get prepared in the face of risks as well as well as plans to respect tariffs, currency, language and culture, mode of entry, and other barriers. The company should be ready to take risks and fluctuations as well as devising mechanisms to combat them in order to remain relevant in the market (Sharma et al., 2018). Any assumptions made in the benefit of the business should be such that they safeguard the interests of the company to facilitate growth

REPLY TO THIS RESPONE:

Hi Brad Vandelune,

Wonderful job on your post. You explained many examples clearly. Did you know global marketing success depends on three factors; (i) Do You Have the Right Balance Between Global and Regional Strategies, (ii) Can You Easily Implement New Initiatives, and (iii) Are You Communicating Effectively Across Teams (Schrader, 2017). These questions are some major concerns a company must first ask itself before moving forward overseas. Brad, great job again and thank you for sharing.

Best,

Jonathan Serafin

References

Schrader, C. (2017). Global marketing success depends on three factors. Conductor Spotlight. Retrieved from https://www.conductor.com/blog/2017/11/global-mark…