Marketing: Strategic Innovation in Globally Diverse Markets

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Marketing Changes and Adaptations

Traditional advertising is slowing going away most customers like and desire to be heard and prefer personalized marketing (Stanislaw, 2014). Only a few years ago billboards, banners, and television ads was how marketers communicated with consumers, today it is a digital world even billboards are now digital. Pure-plays routinely practice using the internet as a marketplace entry strategy and brick and clicks use the internet as an alternative network of dissemination. New market from pure-plays is entirely entered thru the internet this is critical because the projecting spending on internet electronic along can be over $1 trillion (Rasheed & Geiger, 2004). Brick and click on the other hands uses the internet to enlarge their range of products and stock controlling tactic (Rasheed & Geiger, 2004). Pure-plays total purpose is to establish new market and gain new customer via the internet. Pure-plays start with new start-up businesses or sometimes from the spin-off of other companies (Rasheed & Geiger, 2004). More and more consumers are shopping online causing more and more retailers to offer the ability to shop online.

Amazon the world largest online retailer with over $90 million in net income which surpassed Wal-Mart Stores Inc. even after losing over $125 million in previous years is by far the giant most online retailer need to take a few lessons from on how to capitalize on online (Li, 2015). Combining Target and Kohl’s offline retails still does not match Amazon’s online success (Lieber & Syverson, 2011). In 2008 online sales was over $3.6 trillion and offline sales were over $18.6 trillion which makes online right around 16 percent of total sales (Lieber & Syverson, 2011). Online sales are steady growing and becoming more and more competitor. Some retailers are exclusively online. Online stores must meet the customers need unlike offline stores where customers can come in and browse to buy the online retailers must take care of the customers need via the internet with no personal interaction. Many customers browse the internet looking for a particular product or even a particular brand but most would prefer to touch and feel the product before purchasing to ensure they have the right color, size, or product. Offline stores offer the customer the opportunity to touch, feel, compare colors, and ensure the size is just right.

Establishing a clear difference from offline will be a challenge that online will easily overcome. Finding the right brand is important to the consumer whether online or offline, stores offering the brand the consumer prefers will normally end up with the sale (Chinta, 2006). The online difference from offline is the ability to return and receive a refund immediately, the ability to compare products, personal communications and customer services (Chinta, 2006). Offline offers the ability to shop without having to deal with the crowds especially on big shopping days like Black Friday. However, offline stores lack the ability to compare products, they lack personal communications and customers services (Chinta, 2006). Most online stores have adapted the ability to pick up in stores which allow the consumers the ability to exchange immediately if the product is not what is expected. Offline is broken down into four internet retailing quality offline-goods, offline-services, electronic-goods, and electronic-services (Chinta, 2006). Now day’s customers can purchase online and return offline which is a huge advantage for online purchasing.

The spread of social media have shoppers and online retailers redeveloping shopping. Digital technologies, social media, generation X and generation Y combined with an omni-channel society have completely altered both shopping and customer expectancy. Communication with consumers will help offline retailers establish an online store that is lasting and creates loyalty. Communicating with customers to find out what products and services they desire will ensure success lack of communication will ensure failure and sometimes customer lost. Introducing the right product or ensuring retailers have what the consumer desires will ensure products sale. Pricing and price matching is important. Most customers shopping online is willing to pay a little more to get away from the hassle of going to the store however, many still want a bargain and desire to save money (Francis, 2007). Shopping online gives consumers the opportunity to shop around without tiring themselves out or spending a lot on gas. Amazon shoppers that sign up for their prime will enjoy next day delivery at no extra cost. Shoppers like when there is free shipping some will even spend the extra money to get free shipping for spending over $99. There is plenty opportunity to succeed selling online advertisement is important. Even when many log onto their email account they see advertisements. Normally it is being tracked by the different websites they visit and many will click on the ad when they find a great deal.

Adaptations and the change in business practices and how retailers do business can be charged to globalization (Thoumrungroje, 2004). Survival in the 21st century will depend on how well businesses in every industry develop internationally (Manzella, 1998). If online retailers and offline stores are to be successful they will need to adapt globalization into their plans. The world is quickly becoming economically integrated, forcing unprecedented changes at every level of industry (Manzella, 1998, para 4). This is causing all US companies to change how they do business to include foreign exchange to ensure they stay competitive. Businesses going global and staying or becoming successful will encounter many challenges (Alwazir, 2013). Many businesses over the years have made many errors some costly trying to sell globally. Some businesses miss understood the role of adaptation and standardization (Alwazir, 2013). When entering global market businesses will need to adapt there are many different changes, language, education, different laws, cultures, and much more to ensure success (Alwazir, 2013). Coping and understanding culture and demographic difference will play a role in success of failure globally for all businesses.

Not all business can choose the standardization model an appeal to the universal needs some will need to tailors their strategy and choose the adaptation model (Dontigney, 2016). Adaptation marketers tailor their marketing strategy to appeal to a particular customer or customers. Business will need to change the name of the product from time to time to appeal to the market in which they will be going globally. Names internationally can mean many different things in different countries and businesses will need to know