Text 5. Current Market Trends
The global market of the 21st century is a turbulent, dynamic and rapidly developing world. New market forces have replaced the old ones. Companies implement new technologies, forms of sale, and strategies for changing the world around us. New products, new forms of business organisation and new business regulations are emerging. To be competitive, companies invest a great deal of time and money researching new products and their targeted buyers. So, when innovative products are launched in the market, they are snapped up by buyers, rather than having to be sold at a discounted price. New forms of business organisation are multinational companies and private-public partnerships. New regulations are the ones concerning the protection of competition, deregulation of market, economic decentralisation, support of research, and support of domestic corporations. Global markets bring an opportunity for growth, not only for industry giants but for all companies if they have enough resources. National boundaries tend to be irrelevant; the corporate headquarters might be anywhere. Every company wants to be recognised as the leading provider of values for customers, employees and shareholders in its field.
To be competitive in the global market economy a company should be responsive to the customer’s needs, making the customer's satisfaction the top priority. A company must follow the demographic and technological changes, investigate new market segments and new needs appearance. In order to draw out new products a company must define how to satisfy these new needs and wants, to understand what products or services the customers need, and what the products characteristics must be.
A company must regularly evaluate existing products or services as well, improve the quality, performance and reliability, rationalise the production, and develop a perfect delivery system.
Building a brand and a positive company image gives a company a competitive advantage and a good experience in public relations. The management of the company should monitor the price and value relationship, and estimate the employees level of performance. It is necessary to gather information about the key competitors in the market place, to analyse the competitors’ advantages and weaknesses and to develop the strategy how to be better.
A company must have a well-developed ability to decide where, when and how to compete. These decisions require the knowledge of market trends and competition current affairs of the company as well as a highly qualified staff.
Answer the questions:
1. Why do we say that the market of today is a turbulent, dynamic and rapidly developing world?
2. Why do companies invest a great deal of time and money researching new products and their targeted buyers?
3. What forms of business organisation do you know?
4. What is a top priority for a company which wants to be in the global market economy?
5. What must a company investigate when it is launching a new product?
6. What must a company evaluate, improve and develop in order to be competitive?
7. What do brands and a positive company image give to the company?
8. What information should a company gain to develop the strategy of how to be better?
9. What should a company do become competitive ?
10. Why must the staff of the company be highly qualified?