Interpreting Market Research
The changing behavior of United Arab Emirates’ residents indicates an increased preference for spending in the detriment of saving (Euromonitor International). This UAE lifestyle implies buying more than one can afford and appealing to such strategies as credits, loans or payment delays for being able to pay for a costly lifestyle. For Securities and Commodities Authority (SCA) this social trend specific to UAE has various implications. The company’s activity sector is to regulate the firms activating on securities and commodities brokerage market and the social trend that encourages spending over savings might generate issues regarding the affordability of buyers to purchase securities and commodities. While this trend (the prevalence of spending versus saving) is mostly defining individuals, organizations are also entrenched in this current. The development of this trend might imply for SCA regulating and monitoring virtual transactions, made with unavailable financial resources. Moreover, as organizations that trade securities and commodities, just like individuals, work with banks for covering their expenses, SCAs activity will be influenced by the operations of the banks provide loans and credits for supporting the transactions.
As a marketing consultant of SCA, interested in UAE’s growth and development, I recommend signing up partnerships with financial institutions that provide loans and credits for the organizations that trade securities and bonds. These partnerships should include legal regulations under which the agreements between banks and clients will be signed. Promoting the financial loan or credit as supported by a state’s organization, organizations and individuals are encouraged to spend more, facilitating a luxurious lifestyle. Considering the fact that banks were found as delivering poor customer service, the SCA should use its authority for recommending strict guidelines to its partnering banks in order to improve its services. Sensitive to the needs of expats doing business in UAE, the authority should work with other state authorities to make them feel more at home, for guaranteeing constant business, while it should also be attentive on the online shopping preferences of the residents.
Reflection
In this changing economy, in this course I have learnt that marketing teaches us to adjust in order to be competitive. My organization should be well aware of the social trends in order to translate them into marketing strategies that would maximize its profits. Changing trends require flexibility and organizations need to be able to incorporate trends in their marketing plans in order not to be obsolete. For bureaucratic organizations working with regulations (not guidelines) such as SCA, flexibility is often a major challenge. Nevertheless, considering the fact that this organization is new (as it was inaugurated in 2000 (SCA official website)), its structure can incorporate a controlled flexibility, incorporating trends in its operations, as long as they do not contradict the existent legislations. Moreover, this course taught me that marketing is about global marketplace, wherein companies need to display an offer for the global consumer, incorporating multiple qualities to fit diverse preferences. However, for authenticity and local flavor, marketing also needs to convey local features, which to attract both the local clients and the clients from international markets, keen to try other products that might be considered exotic. This is why, aligned with the trend of locally made home taste, organizations should deliver tastes and experience meant to remind their customers about their homes or to present them the diversity and richness of other cultures.
Marketing says not only “today”, but also “here”. What is trendy today may not be trendy tomorrow and what is considered as a “must have” here (in a specific location), may be considered obsolete or vulgar elsewhere. Therefore, marketing is strongly connected with social studies and market research, which shape tendencies and create predictions about what consumers are likely to enjoy buying in the future. Companies, including SCA, need to develop market researches and trigger marketing strategies for optimizing their operations.
Works Cited
Securities & Commodities Authorities. Official website. Accessed from http://www.sca.gov.ae/English/sca/Pages/establishment.aspx, retrieved on 8 June 2014. N.d. Online.
Euromonitor International. Consumer Lifestyle in the United Arab Emirates. Euromonitor. 2014. Print.
