Question

Explain the meaning and the importance of a Global Mindset to international firms. In your answer refer to inter-market segmentation a provide an example of a product-market situation to explain your response.

Answer 1

Global mindset means understanding of global markets and it's rules and regulations.

Global mindset of business owners of international firms is very important because international market is very complex and rules of different countries can be very hard to understand. So understanding of global market is very important before entering it. Business owenra must have a global mind set and must think like a global leader. Global thinking will help the business owners to get a close look at the rules of different countries and nature of people kn different countries. In order to understand global market and create a global mind set, the main element is inter market segmentation. In Inter market segmentation, business owners make a group of people with similar choices and preferences. Dividing consumers according to their preferences will help business owners to target each customer effectively and efficiently. For example, products market situation of an international firm may include advertising the product, setting the prices of the product, targeting potential consumer, but most importantly identifying the needs of the consumers before producing a product fir them.

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