Global approach to the international marketing approach to a firm venturing in the overseas is extremely significant and crucial (Peng 2013). There are certain major reasons to believe so and act accordingly. The first reason is to increase sales. For example if a business is flourishing its productivity in the host nation, it is likely to generate higher sales in the other markets as well. It can be assumed that more that 90% of the world’s population retort to vernacular language apart from English, thus it can be concluded that the population is extensively global and if the company can look beyond the shores of only the domestic productivity it should also be able to understand its prospects and potential outside the area of control. The second reason is improvement in the profits. Many firms are not considerably competitive so therefore the price pressures is less. It can likely be considered that a product sold in the home country significantly costs higher in the foreign markets and the primary reason being the export markets (Mukherjee et al. 2013). The third reason is short-term security where the business would be less liable and venerable to the fluctuations and downturns of the market. The fourth reason is long-term security where the host market would probably sustain a high competition from within and outside. So a firm having excess capacity would be necessarily look forward to trade internationally, if the firm wishes to keep up with the expanding market and apply its potential. The fifth reason is to increase innovation, where the extension of the customer base both domestically and internationally would help the firm to finance the development of a new product. The sixth reason is the exclusivity where a firm’s management might have exclusive information and knowledge about the international prospects and the market that the other companies are not necessarily aware about. This can help the firm grow both internally and extensively. For all these reason, the international approach to a global market is appropriate for any firm (Terpstra et al. 2012).
The six significant factors that should be considered by any firm to sustain itself in the market are Demographic, Economic, Political, Ecological, Socio-cultural and Technological factors (Radebaugh 2014). The demographic forces relate to the people and the population based on the density, age, gender, occupation and the other statistics. Understanding the demographics is necessary since the reason of the business is dependent on the needs and demands of the demographics. The economic factor signifies the factors that affect the consumer purchasing behavior and their contribution towards a brand or product. The socio-cultural factors refer to the factors that affect the society’s basic value and norms including their behavior and preference. The basic concept of the same is generated from the fact that the consumers are a vital part of the society and the peer cultural group is fundamental in shaping their beliefs and perception. Few business failures often tend to occur due to the lack of understand the cultural attributes. Ecological factors are also the natural forces that are necessary to understand since the natural resources are one of the primary inputs that should be taken into consideration. Political forces are equally vital for any business since the political environment limits every business. This includes the laws, the public agencies and the pressure groups which influences and can restrict the organization and individuals in the society, this affecting the business. Thus, it can be concluded that the marketing decisions and business operations can be strongly influenced and affected by the developments in the political environment.
The lead users are considered as important resources for the marketers to manage adoption and diffusion of wearable technology products. From the various evidences, it can be seen that the lead users are more concerned with the innovation and developments in various domains with the perceiving and adoption of newer technologies. The lead users have the abilities to demonstrate strong leadership opinions and lesser abilities to obtain the opinions and feedbacks. The lead users concept is an important aspect of the marketing discipline, which focuses on the management of innovation and even discusses the various implications of developing products, innovating those and remain beneficial for the marketers (Aldhaban 2012). Though the lead users have lesser roles and responsibilities in the development of products, they are more focused on the adoption and diffusion of new consumer products and services. The lead users gain the most of benefits from the innovation procedures and can even help in meeting the needs and requirements of people that are left unfulfilled by the commercially available products (Chuah et al. 2016).
Wearable technologies have led to the improvement in technologies and few examples of wearable technologies are smart watches, Google glass, etc. The wearable technologies are small yet convenient for the management of various tasks including most of the things that can be done on a smart phone. It has enhanced the way of managing communication has also made it easy to make calls, surf internet as well as progress in everyday lives quite easily (Chuah et al. 2016). The wearable devices have fulfilled most of the tasks performed on a smart phone and these devices consist of mp3 player, camera, bank apps and can even make calls and capture videos anytime and anywhere. There are other ways of socializing with people with the help of these wearable technologies and these can also facilitate the use of technology to change the process of communication largely (Kim, Ki Joon and Dong-Hee Shin 2015). Social networks could also be accessed with the use of these wearable technologies and this could further help in gaining accessibility to various networks too.
With the use of wearable technologies, social media access has been easy and it has enabled many people to communicate with each other and update every move made by people. The Voice over Internet protocol or VoIP has also revolutionized the areas of communication by using wearable technologies. The lead users are responsible for the marketing activities and so it is necessary for them to use the wearable technologies and make sure that the marketing activities are managed properly (Thierer 2015). By using the wearable technologies, the lead users would be able to communicate with the businesses and check out their needs and preferences to fulfill those and make the organization successful in the competitive business environment. The wearable technologies promote instant connectivity along with various kinds of entertainment activities. The wearable technologies have changed the way brands and marketers connect with the leader users with the use of GPS, Google search history, etc (Thierer 2015). the lead users have capitalized on the brands by personalizing their messages and experiences that have been delivered to the customers. The lead users, by utilizing the wearable technologies, have managed to facilitate the instantaneous connections and evolved the business successfully too. It is easy for them to make phone calls, access internet and even capture pictures and videos in case of emergency to make progress in business (Aldhaban 2012). There are few other benefits too such as improving personal safety and these devices can even provide security for the various files and information that have been stored.
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