GSM Distinctive Higher Education
1. Demonstrate a critical understanding of emerging themes as informed by research and the marketplace.
2. Critically analyse evolving trends in business management in order to provide robust strategic solutions to organisations.
3. Proactively source and apply research to inform operational and strategic decisions in different organisational contexts.
4. Critically evaluate a range of alternative courses of action in order to solve problems
The rapid shift that the global yet volatile business markets has been undergoing from can be characterized with the sudden advancement of technological and other intangible expertise. Furthermore, the eventual leap in the prevalent customer expectations endowed the leading marketing executives with a liability to respond in order to consolidate their reputation while gaining a relative competitive advantage. This current study is supposed to demonstrate the outcomes of a critical evaluation of the emerging market trends along with an elaborate account of the potential drivers. This is accomplished through a systematically devised research suite that is dedicated to cater the moral obligation of providing prudent and robust strategic remedies of the embedded problems.
Demonstration of the Critical Understanding about Emerging Market
Emerging markets need to be analyzed from, perspectives that do not hold any command over market trends that are already set. The two market forms and conditions are completely different and require assessment situations that may widely vary from each other, even though some similarities are also bound to exist; as the two are, after all, markets in the end.
Emerging markets are heavily dependent upon technologies to supply the necessary tools that would be helpful to expand the business and the industry as whole. Marketing strategies have to be very carefully made and implemented in the case of these markets as the first steps of business ventures are always essential and often determines the outcomes of the industry for the years to come. Emerging markets demand that the organizations come up with new ways that are innovative in order to help them do business. These strategies can always become the differentiating point that would decide a market or product would survive in the market or not. The interest groups of the market have to be served properly if the organizations aim to make maximum profit from doing business (Mariani et al. 2014).
The ideas and notions about the completely modern day “markets” have changed drastically over the past few years. These changes can be attributed towards the millennial, which have changed the consumer demands. These changed demands have made the industries come up with new products and services in order to continue doing business and meet the requirements of these millennial. Many researchers have shown that the millennial are responsible for pivotal changes in the consumer demands. The demand for televised shows has been seen to fall surprisingly in the recent years, whereas the demand for new technological things has increased exponentially. The social media outbreak has been one of the biggest influences of the millennial on the global market. Their perception and needs for social media have given rise to innumerable products and new and sophisticated services that had to be developed using many inputs.
Marketing has been changed drastically to meet the consumer demands. The whole idea about how to run a business organization had to be altered if the markets wanted to sustain themselves. With the advent of the millennial into the consumer population, the number of emerging markets have increased in such an amount that it would almost be too large to even comprehend. These emerging markets need to be carefully observed; assessed and evaluated, analyzed, nurtured and possible directions have to be thought of, if they are to keep on doing business successfully.
Critical analysis about evolving market trends and relevant remedies
In light of the growing of the growing complexities in the global business community, there have been immense changes in the taste and preferences of the customers and thereby the market trends are being dynamic day by day. According to (Taylor et al. 2014), one of the major factor that affects the market trend are the change taste and changing demands of the customers. The varied demographic true needs and interest of the customers tends to vary across different regions. However, according to (Cavusgil et al. 2014), the change in the market trend has been due to innovation and technical advancement in the modern world. In addition to that, he also suggested that, the use of internet technology has a significant impact on business organizations.
In this regards, it is noted that, the change in the market trends tends to affect the market factors immensely and thereby making it difficult for the organizations to adapt to such changes on a regular basis. The changes in the market trends include changes in the demands of a product in the market, changes in ten market prices of products and services, global factors that affects the world economy, changes in the social factors, economical changes like changes in interest rates, etc. Organizations that are operating on a global scale has to adopt north base changes on a regular basis and this tends to affect the normal business operations.
As stated by (Claessens and Horen, 2014), frequent changes in the ,market factors pose potential threats on business organizations as it not only affects the profitability of the organization but put a threat to its existence in the market. Changes in the economical factors are a major cause of concern for the business organization that includes recession or economic. Downtrend in the country, changes in the interest rates, high inflation rate, etc. on the contrary, () argued that, unmet customers needs and the entry of new competitors in the market are the driving forces of the changes in the market factors (Verhoef and Lemon, 2013). He stated that, because of unmet customers demands by an organization, there lies a scope w fiber the new entrepreneurs in the market top step in. this tends to create potential market threats for the existing organization in the market. In addition to that, mergers or acquisition with a big organization helps to drive the market factors and thus, provides a competitive edge in the market. Moreover, there are certain ideological factors that affects the market trends. They include the competition level in the global market, cultural differences among people, diversity, etc.
Sourcing and Application of research suites to formulate strategic solutions
In order to respond to the current advancement in the technological expertise coupled with the abrupt increase in customer expectations, market trends have been started to emerge accordingly. In order to acquire relative competitive advantage, leading markets appear adamant to employ several market research suites in order to fathom the essence of this shift in market trends. For instance, a recent research that has been conducted by Apple suggested that the trajectory towards the destination of competitive advantage could be accomplished through simple apprehensions. Some of the leading markets across the globe have started to wield their initial expenditure in order to gain competitive advantage. On the other hand, some other multinational conglomerate appears adamant to increase customer value through the employment of innovation and acquiring a prudent anticipation about the abrupt leap in market expectations.
Some of the leading market giants have agreed over a point that in order to innovate the prevalent marketing infrastructure, a certain amount of time is needed to accomplish the modified goals. Moreover, they have also suggested that reliance to innovation may enable the markets and the industries to evade path dependence that may herald the markets towards availing the alternate target markets. Characterization of emerging trends has entered into the scenario when most of the leading multinational units have gained a comprehension that present success can be a potential rival of future success. On that note, it can be noted as a leading market trend that most of the companies lie complacent while satisfying the immediate needs of the customer. They have exhibited that they are only concerned about the short-term performance indicators and simultaneously offered a hindrance towards the exploration of innovative capabilities.
Furthermore, proper implementation of the strategic tools needs a support of the understanding of the underlying components where there lies a misunderstanding about the distinction among proper marketing strategies and the integral components. Furthermore, several research suite have come to a conclusion that the characterizations of the consequences of the emerging trends can be done under several governing factors. These factors can be generalized under the categorization of Cultural, Administrative or Political, Geographic and Economic factors. In order to facilitate the international trade while catering the impulses of the domestic pursuit, these factors may appear chief to enhance or damp the paramount marketing objectives (Majidi, 2014).
Critical evaluation of the relevant alternative courses of action
There is a high necessity to implement the alternative courses of action other than choosing a particular target market. The management needs to identify the better alternative strategy to take the proper decision in the marketing field. This alternatives strategy helps to develop the better decision-making capacity to solve various problem s. In this context, it is important to carry out the strategy to enhance the better opportunity and to provide the better service among the customers. The company tries to develop the market based upon the target market. At the time of choosing different planning there requires proper planning program. This planning program helps to enhance to meet the needs of various customers. The marketing department needs to maintain the proper planning to provide the customer with the service and products other than target market (Carrière‐Swallow and Labbé, 2013).
However, better approaches towards the various segmentation needs to carried out by the marketing department of the firm. These approaches are followed as:
i) Various process of services and product:
In this segmentation provides the important stage that needs to be followed with the services and products related with the use of the customer. However better services needs to be implemented by the company to enhance the better work (Shaheen and Cohen, 2013).
ii) Segmentation based upon the geographic condition:
The geographic condition is the prime factor that needs to be considered at the time of planning of the various planning. As the firm needs to consider the location as the prime factors that provides the various consumers. The firm needs to offer various features that develops the market.
iii) Segmentation based upon the needs of consumers.
The firm needs to implement better strategy to meet the needs of the customer with the various technologies and development of the technology. The need of the customer is the prime factors that need to be considered by the company to earn extra profit. However, this provides the consumer to enhance to get the better products and services.
iv) Segmentation based upon the various channels:
The various channels need to be considered by the firm, to display the products and service for the customers. However, this channel helps the customer to know the product and service made by the firm. The company needs to consider various factors that make the growth of the firm with the use of various technologies (Willer and Lernoud, 2016). This provides the platform that could easily display the products. The firm needs to consider these factors to earn maximum profit .
It has been concluded that the alternatives strategy that makes the growth of the company. Moreover, the company needs to implement approaches to develop the marketing condition as well as make the products and services better. The firm needs to consider this factor to develop the service and products among the customers.