Globalization and the effect towards managing retail marketing.

GLOBALIZATION AND THE EFFECT TOWARDS MANAGING RETAIL MARKETING Name: Course: Professor Name: (July 11, 2012) Globalization and the Effect towards Managing Retail Marketing Introduction The world has become a global village and with it comes different changes and effects; this is particularly to the business world where they must find options to adapt to the changes or perish. Indeed with improved technology the business sector has become more competitive and requires strategic strategies to ensure any business stays afloat. This has not only been in the business scenes, but also the political, social, economic and legal fields as well (Young, 2001, p.121). On the other hand, globalization has provided greater opportunities in the market based on an increased target market other than the local. In fact, the term emerging markets well explains how globalization has given a chance for all business to identify and explore their expansion strategies. For retail marketing, it would be a positive identity as the market has been expanded but, it can be a challenge since the marketing systems must be diverse to capture the target markets. This paper critically discuses globalization and its effect towards managing retail marketing; it identifies the trends in the market especially the retail marketing plans that different companies have taken to increase their sales. Globalization and the retail market The retail market can be described as where the consumer purchases the product or when the products reach the final consumer. Globalization has shifted the focus of businesses to trading beyond borders without limits to time zones, language or distance; it has gone beyond culture, traditions and business system (Davies & Wards, 2002, p.43). Everyone can do business with anyone as long as they are within the law. It is the slightest and most creative idea that dominates the market and increase sales of the products to the consumer. Certainly it all translates to who will impress the clients. The major effect of globalization is seen in the way people have changed their lifestyle; with this age of social networking communicating has become easier and better making this a great opportunity for marketers to have a personal contact with their consumers. For instance, the social sites identify the likes and dislikes of individuals; this has made it easier for retail marketers to market their products to specific individuals. Definitely this has been a major boost to many retailers as the deal with an already identified niche of market which makes it easier to formulate a marketing plan (Kotler & Amstrong, 2004, p.60). Technological advancement has also seen retail marketers focus more on online marketing; this has been a major boom with consumers able to purchase products online and delivery at their door step. In reality, the major supply chains for the producers may have been cut as it is easier to deal with the consumer directly. The companies have found way to cut costs through minimizing the chain of supply and focused more on the consumer needs (Gay, et al. 2007, p.59). Through online websites and set systems the marketers have shifted from the old marketing method of sales representatives handling clients to updated methods of marketing a website where clients can purchase the product they want. The term would be online marketing of the product where the system guarantees the consumer exceptional service and timely delivery. Consumers can purchase online at the website and receive the products; for retail marketers it has been a great paradigm shift in the sales as competition now focuses on how to market and optimize the website and get as many visitors as possible (Gay, et al. 2007, p.61). The marketers have to coordinate the market activities so as to realize high sales, performance, market share and most of all profitability. The use of the internet has made business easier through faster transactions where buying does not mean going physically to the shop, but delivery of the bought product. The retailers have therefore shifted more on the delivery of the product to the customer since it will save the consumer more time. Moreover, it has made marketers intensify the customer service since good relations with the clients creates a better image and more goodwill for the product. Marketers therefore conduct online surveys on how to improve their services and products to ensure they stay ahead of competitors (Varley & Rafiq, 2004, p.78). It is obvious, that shift is more to the computer and the internet. With over 1 billion user of the internet (almost 20 percent of the total global population) the marketer sees numbers that can purchase the product. The World Wide Web h...