GLOBAL MARKETS

Global markets
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Abstract
Many companies that operate globally have various methods of collecting information for general market, and sales potential before venturing their business in a foreign country. Each country has three common markets that usually operate locally with the powers to purchase goods and services. It is advisable for any business person who is interested in venturing into a foreign country to first identify and establish some goals and motivation behind the idea to enter the global market. A company needs to research well on the targeted market. Otherwise, the business will fail. If a company wants to become a global business, it is good to study well the three markets as they are paramount when it comes to sales reflections. Proper planning is the most important thing before starting a company at a global level. The business world is very competitive and this is the main reason why most companies fail to make an impact.
Keywords: Global, market, business, goods, and services.
Setting up a business in a foreign country is very tricky and challenging. When introducing a company into a foreign country, it is very important to analyze well all the market potential available. The three common markets are government, industrial and consumer markets.
Consumer markets
Consumer markets entail collecting vital information about country demographic features.

This information will include population, religion, ethnicity, age bracket, and wealth distribution. With this crucial information, a company can know the main products that the identified country consumes a lot (Drucker, 2017). For example, it would be hard for a company selling pig products to set up a business in Muslim countries.
Government markets
Some laws are universal while others are not. Most laws operate within a specific area of jurisdiction. Many companies find it hard to operate globally because of strict business rules imposed by the government. The main reason for this is to make sure those goods and services provided by the companies are of high class. Before operating in a new country it is good to know their rules and regulation concerning business. For example, some countries will not issue a business permit to companies dealing with specific products. People from some countries also are denied working permits in some countries.
Industrial markets
The industrial market is also called a business to business marketing. It is a form of marketing goods and services through the use of other business instead of through individuals to consumers. No company can survive in a foreign market without the support of other companies. If a company wants to operate at the global level, it’s good to first research the availability of other potential companies in that country (Drucker, 2017). For example, a company producing clothes will work closely with another company dealing with fabric materials used in making materials. The fabric company is also part of the industrial market because it purchases its raw materials from other stakeholders.
References
Drucker, P. F. (2017). The Theory of the Business (Harvard Business Review Classics). Harvard Business Press.