Marketplace is defined as an open area in a town where a market is held. In the commercial world, it is where the realm of business takes place, their trade and economics as well. It is a sphere considered as a place where ideas and artistic creations compete for recognition. In short, it is a place where people sell products and services. A market is a medium that allows buyers and sellers of specific products or services to interact in order to facilitate an exchange. There are types of marketplace such as in person, for example in a bazaar or shopping centre, or can either be through virtual market wherein buyers communicate in the online market.
A global market is not only limited to a specific geographical area but rather exchanging of goods, products or services anywhere in the world. It is the general business management to provide valuable products, solutions and services to customers locally, nationally, internationally and worldwide. International marketing is the export, franchising, joint venture or full direct entry of a company’s product or services into another country. With an extensive reach, a company’s products or services need to be established. The strategic analysis and development of a brand include customer analysis, competitive analysis and self-analysis.
Elements of Global Marketing
- Product- a global company is one that can create a single product and only have to tweak elements for different markets.
- Price- price is affected by many variables: the cost of product development, cost of ingredients, cost of delivery and much more.
- Place- how the product is distributed is also a country-to-country decision influenced by how the competition is being offered to the target market.
- Promotion- this is generally the largest line item in a global company’s marketing budget.
How to grow a business
Starting off with a small business, it is difficult to build and establish a name. When you started your business, you probably did a lot of research. For those who have survived the startup and have already built a successful business, you may be wondering how to take the next step and grow your business beyond where it is currently. Here are some steps on how to grow your business:
- Open another site- for expansion, if you have already established, you can open a new location. But make sure you are still maintaining a consistent bottom-line profit.
- Offer your business for franchise- one way to expand is to have your business franchised by another marketer.
- License your product- this can be effective, low-cost growth medium, especially if you have a service or product that is already established.
- Have an alliance- aligning with the same type of company can be a good way to expand faster.
- Diversify- sell complementary products or services, teach adult education or other types of classes, import or export yours or other’s products or become a paid speaker.
- Target other markets- introduce your products to other business
- Win a government contract-the best way to grow your business is to have the federal government as a customer
- Merge with or have another business- you can still have your customer retention, staff retention, melding technologies and you can focus directly.
- Expand globally- you just need to prime your offering for an international market.
- Expand to the internet- because of the rise of technology, online businesses are common and it’s easy and less costly to expand.
Australia is the smallest continent in the world but despite the geographical, marketplaces are numerous in this location. There are physical or brick and mortar stores and online stores popping all over the market. Below are some of the marketplaces found in Australia:
- Amazon- Amazon recently launched its official Australian website last December 2017.
- Etsy- your place to buy and sell things handmade
- eBay- electronics, cars, fashion, collectibles, coupons and more
- Aliexpress- online shopping for Australia for electronics, fashion, home and garden, toys and sports, automobiles from China.
- Graysonline- online retail and auctions
- ASOS- hot new brands, labels and vintage boutiques, ASOS marketplace
- Viagogo- tickets- concert, sport and theatre tickets
- Zazzle- personalized gifts, customer products and décor
- Fishpond- shop online with free delivery on 10 million books, DVDs, toys and more to Australia.
- Wesfarmers- the leading Australian listed company
- Woolworth- a major Australian company with extensive retail interest throughout Australia
- Commonwealth Bank of Australia- a multinational bank with businesses across New Zealand
- Westpac Banking Corporation- the first bank with a range of innovative financial packages to support your personal, business or corporate banking needs
- NAB- one of the four largest financial institutions in Australia in terms of market capitalization, earnings and customers.
- Rio Tinto- leading global mining group that focuses on finding, mining and processing the Earth’s mineral resources.
- BHP Billiton- a multinational mining, metals and petroleum dual-listed public company headquartered in Australia
- Telstra- an Australian telecommunications and media company which builds and operates telecommunications networks and markets voice, mobile, internet access, pay television and other entertainment products and services
It is never easy to grow your business especially if you have not yet established a brand. Learning how to grow your business is not just a worthy goal, it is often a necessity for your business’s survival and your economic well-being. While you probably won’t experience growth right away, whichever way of expanding your business you choose, you will see progress if you keep at it and will be successful in transforming your business into what you wanted it to be.
Every growth does not have to be substantial but a small increment adjustment in your business not only provide more revenue but more value to your customers as well. Work on strengthening the management of your business while expanding your reach to the market. regardless of the industry you are in, you can be very successful if you live by the steps. Even though there is no guarantee for a successful business, it takes a combination of right mind and strategic logic with creativity to have your brand successful.