Question

What are the stages of national market development and what percentage of world income is found in each of the stages? Why is this information important to global marketers?

Answer 1

The stages of national market development:- 1) Domestic-market establishment - 40%, 2) Export Research and Planning - 60%, 3) Initial Exports sales - 70% 4) Expansion of international sales - 75% and 5) Investment abroad - 100%.

For every global market firms, source of data is very important to initiate the plan to start the business. It is not the easy task for running the business in the global market. As mentioned above, the information about all stages of marketing development are required for the feasible study of research of the products by which firm can start its plan of execution starting from the task of pooling the investment fund to the task of marketing the products in domestic as well in global market. Such information are very used for firms involving in the global as well as domestic market. Information provides the performance indicator related data for expanding the domestic market within the local states. Secondly, After capturing the domestic market position, firms need some information to expand its market across the boundaries in the form of exports. Such data will be used by the marketing department of the firm to scrutinize the pulse of the customers tastes and preference towards their own products beyond the countries borders. Then information for the comparison for all types of identical products are analyzed by the firms in order to initiate the steps to change the market strategy as the unique strategy. Finally information about fixing the standard quality standard for the producing the products by which firms wish to export in international level.