Abstract
Research background:Marketing is one of the key process for a successful business, because it deals with gaining and retaining customers, without whom the business would not make sense. Effective marketing benefits not only the company, but also the customer, because it helps to find the product that customer needs at the right time, in the right place and at an acceptable price. The product is one of the basic tools of the marketing mix and it is anything that can company offer in the market to meet the needs. In relation to the product and the overall product policy of the company, the company and its management must make a lot of decisions. Globalization has had a significant impact on the company’s product policy as well as on the company’s overall activities in recent years. It is a process as a result of which markets and production in different countries become increasingly interdependent due to the dynamics of trade in goods, services and the mobility of capital and technology.Purpose of the article:The purpose of the paper is to point out the theoretical basis of product policy with emphasis on product policy tools. The paper also covers the impact of globalization on business marketing with an emphasis on product policy.Methods:Method of analysis, synthesis, comparison, induction and deduction.Findings & Value added:Literature research in the field of product policy and new knowledge in the field of product policy with emphasis on the impact of globalization.
Highlights
The current economic and market environment is characterized by changes
A good product policy is the foundation on which the right products are produced and sold successfully
Globalization is a long-term development process of the world economy, within which there is a wide range of business in international markets as well as a new concept of the relationship between production, trade and the customer
Summary
The current economic and market environment is characterized by changes. These changes are reflected primarily in higher demands, expectations and changing customer needs. For a company to be successful in the market, it must have welldefined marketing goals that it wants to achieve It must have a correctly defined target group of customers and should adapt the individual tools of the marketing mix, marketing strategies [3] and marketing activities. One of the basic current development trends is the globalization of the world economy It is even more difficult for companies if they want to operate in an international or global market where competition operates. Globalization is a long-term development process of the world economy, within which there is a wide range of business in international markets as well as a new concept of the relationship between production, trade and the customer. The analysis results in an overview of product groups that have seen an increase in sales in the United Kingdom and the United States as a result of the COVID-19 pandemic
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