Identify the major trends that have influenced world trade and global marketing - Research Paper Example

Major Trends Influencing World Trade and Global Marketing Roll No: Teacher: 20th February Major Trends Influencing World Trade and Global MarketingWorld trade and global marketing are such concepts of today’s world that are inspirational for all the countries of the world. These concepts cannot be neglected or ignored as to understand them and to show interest in them is the need of the hour. Globalization has affected businesses largely and to compete in the era of globalization, businesses are working hard to develop on a global level (Joshi, 2009).

Many factors and trends influence world trade and global marketing. For gaining progress internationally, all the world’s countries should be aware of these trends. International or global businesses are established on the basis of a global marketing strategy that takes product development suitable for global markets into consideration (Joshi, 2009). World trade and global marketing are affected because of environmental, cultural, ethical and social trends.Environmental trends are the most crucial in understanding global marketing and world trade.

The marketers have to be well equipped with technological, economical and social developments of a society in order to establish globally (Kerin, Hartley and Rudelius, 2009). By understanding the environmental factors of a society, to design a marketing strategy on global basis is much more easier. According to Kerin, Hartley and Rudelius (2009), demographic characteristics of a country’s population, technological developments and innovations, monetary conditions and economical growth and competitive environment of a country all influence world trade and global marketing.

Demographic traits of a society include the gender differences that exist between individuals, cultural values, ethnic diversities and buying capacity of customers (Kerin, Hartley and Rudelius, 2009). For expansion of a business on a global level, environmental trends should be identified explicitly. Culture plays a major role in structuring a society due to which any global firm or organization cannot work in a global set up without understanding culture and its values in a society. According to Marieke K de Mooij and Marieke de Mooij (2009), it is culture due to which, people can know about a community, its individual and its social organizations.

Therefore, to know about various kinds of cultures of different societies is essential for global marketing and world trade. Religion, language, literature, education, arts and architectures all inform about culture of a society (de Mooij and de Mooij, 2009). Culture is highly influential for global marketing. The marketing strategy should be developed after gaining enough knowledge about culture of any respective society in which, the organization is interested to expand its business.Like environmental and cultural trends, ethical and social trends also influence world trade and global marketing.

The marketing firms and organizations are required to keep ethical values of a society into consideration for the expansion of their businesses on a global scale (Kerin, Hartley and Rudelius, 2009). Social understanding of a society is also required for global marketing. The political and legal structure of a society along with administrative and governmental structure, all are critical for establishing a global set up and trading on international basis. According to Kerin, Hartley and Rudelius (2009), social forces of a society influence global trade and marketing highly such as social organizations and institutions and their functionalities.

With the advent of globalization, world trade and global marketing have gained reputation. For doing trading and marketing on global level, the businesses have to understand the influential trends affecting world trade and global marketing, which are environment, culture, ethics and society of a country. ReferencesDe Mooij, Marieke K. and De Mooij, Marieke. (2009). Global Marketing and Advertising: Understanding Cultural Paradoxes. London: Sage Publications. Joshi, Rakesh Mohan. (2009). International Business.

New York: Oxford University Press. Kerin, Roger A., Hartley, Steven W. and Rudelius, William. (2009). Marketing: The core. 3rd Ed. New York: McGraw-Hill, Irwin.