Business Marketing Marketing Beyond Borders

As a result of changing regulations and technological advances, businesses are now capable of ever-greater geographic reach. However, the changing competitive landscape also carries the risk of new competitors and new tools to gain insights into consumer preferences. The 21st century competitive environment emphasizes the strategic importance of capable business marketing is illustrated by considering the multitude of factors that have expanded the boundaries of the marketplace.

New Opportunities and New Values

Access to new markets presents new both new challenges and opportunities. While socio-demographics and small regional differences, within a country, present variables for marketing, a shared experience of culture serves as a foundation. Marketing beyond borders presents the challenge of learning and adapting to different cultural values. As the research of Gert Hofstede has shown, the national culture of strong individualistic countries, such as the United States or the United Kingdom, exhibit significantly different attitudes and values than more collectivist countries, such as China (Hofstede, 2012). Marketers must consider whether the home country product offering and message is fits with the values of the new market, or if the offering should be customized to achieve success.

Nations are increasingly interdependent as each country exports the products of their respective comparative advantages. In, "The Impact of NAFTA on the United States," the paper supports the conclusion that Mexico benefitted significantly, with negligible gains for the United States due to the fact that increased trade within the region was offset by decreases with non-members (Burfisher, Robinson, & Thierfelder, 2001).

However, NAFTA is noted for its qualitative benefits to Mexican stability during the early 1990's...

142). Increased trade with regional partners fosters greater social and political stability that benefits business interests. Regional trade agreements are generally viewed as a step towards multilateralism. Greater interdependence amongst trading partners results in greater social equality, thereby diffusing the potential for military conflicts amongst nations.
Globalization and the Information Age

While few markets have clear boundaries, globalization and the Internet are diminishing many of the lines that once constrained the reach of commerce. The enlargement of market access through international trade agreements, such as the North American Free Trade Agreement (NAFTA), removed trade and tariff regulations that once insulated national firms from external competition. The removal of barriers to trade vastly increases size of the market potential, but also exposes firms to new competitors that were once constrained by quotas and tariffs imposed by individual nations.

The technology of the Internet, social media, and mobile devices enables marketing to employ new channels to advertise, access product feedback in real-time, and fuse social interactions with products, thereby achieving a holistic experience. Conversely, consumers have product information, share review feedback, and pricing information of multiple vendors at their fingertips.

Infrastructure, Living Standards, and Purchasing Power

An often-overlooked aspect of the business environment is the infrastructure of new markets. Political philosophy and physical infrastructure have to be weighed by business marketers when looking to operate in foreign countries or within new cultures. Governments with strict controls on information, such as China's censorship, present challenges for…