Market is changing
The business environment is changing and this is not only because of the environmentally related factors but also due to the advancements in technology (Grant and Neupert, 2003, 140). When these changes occur, the businesses are affected in certain ways which can either be improvement and growth of the businesses or factors that limit its progress. Globalcast is also affected by the changes in the market. This is because they have to spend more money in upgrading their business standards so that they are at per with other suppliers in the industry.
There is also a down side especially in the new quality standards set which mean that they will not have a lot of business as before because other suppliers will be producing the same products therefore large global customers will be able to purchase from those people that are close to them. Strategies that Globalcast need to consider will include: o Developing proper low cost marketing strategies Plans for attracting potential large global partners Advertising and proper promotional strategies are important in business as they enable the business to attract more potential customers.
This is inline with creating awareness of the new products the business is offering especially the services
Need essay sample on "Market is changing"? We will write a custom essay sample specifically for you for only $13.90/page
o Partnerships with other suppliers As businesses expand, they can decide to engage in business mergers, acquisitions or joint ventures. “The idea is to expand the business horizons, share risks and costs as well as increase the market coverage (Held, McGrew, Goldblatt and Perraton, 1999, 194). ” Globalcast can enter into such business partnerships with suppliers especially the low key suppliers so that they can benefit not only in the mentioned factors but also benefit from the many experts it will have.
It is also important to critically examine such marketing strategies so that the business links with those businesses that are performing well and illustrate potential business growth. It is important for Globalcast to streamline it products by looking at the divisions that bring in more business incentives and limit the areas that the business can do without as this will increase their focus on increasing productivity. o Building independency with the large global customers Business help customers to meet their needs by serving them well so as to meet their needs.
This alone is not enough as bonds need to be made with the customers so as to enhance strong business relations into the future (Doole and Lowe, 2007, 6). Globalcast can do this by offering specialised services such as after sale services and also ensuring that the products are of the best standards possible this will ensure that they will increase their revenue. The changes in the market will require Globalcast to establish supply factories in the same regions where their large suppliers operate. This will require them to hire new personnel and also invest in new physical facilities.
The company can take this opportunity to enter into business relations with their customers where they can be partly assisted to establish the organisations and this will make them obliged to assist each other in many other ways that will improve the profitability of all the parties involved. This is what an organisation becoming their customer’s partner entails. They are able to pool resources such as manpower, finances as well as production facilities and enhance their business relations (Dunning, 1997, 316).