If you are sitting in the Industrial city of Ludhiana, and want to expand, the next market to capture is Africa. He said the next emerging market is basically Africa, along side an about to be saturated market in Asia in about 20 odd years. This was the tip off by Harvard Professor, Dr. Nicholas Nugent Sr., while teaching a course on International Marketing at PCTE Group of Institutes, Ludhiana on Tuesday.
He also told the students, “Don’t forget basically India has been a trading country in the past – remember between India and China, they use to control 70% of the world trade. What has happened is that Indians have got bogged down with the production concept somewhere, and they need to move on and focus on trade again.”
“Marketing effectiveness, strategic orientations, Political and Legal Issues in Internationals markets are the key Issues for Global companies,” said Dr. Nugent. Continuing fun with learning, he stressed upon some of the specific aspects of International Business. He said that ,Strong Strategic orientation, better understanding of Political environment, Going Green with the product and operations, Implications of various international legislations, Tariff and Non tariff barriers are important issue which need to be addressed by Global companies to remain competitive.
Dr. Nugent said that while doing International business companies need to be consistent and plan for long term. He said that it’s not the seller who dictates the business for the companies but it’s the buyers who run it so the companies need to have customer centric strategies rather that company oriented.
Nugent further highlighted that if the companies need to be effective in global markets they should negotiate settlements among themselves rather than indulge in Legal issue. He said that legal solutions are often expensive, require lot of time and expose the company in front of the world. In such a situation companies loose the opportunities of gaining advantage in the market.
Dr. Nugent further stressed that on going green with not only products but also with the operations of the company. Today’s world is more environmental oriented so being environmental friendly is one important criterion for the company to go global. He also highlighted the importance of Tariffs and non Tariff barriers and how to use them in competitive environment.
Dr. K.N.S.Kang, Director General, PCTE group of Institutes appreciated the enthusiasm and energy brought into the classroom by Dr. Nugent and said that students will definitely learn from the experience and practical exposure. He further said that today business is getting global, and every second company is either doing exports or operates in International markets. In such a scenario it is very important for young management professional to learn the strategies of doing business and understand the dynamics of Global businesses.