Global Marketing

Global Marketing

Global Marketing
Global marketing is​ nothing but marketing done on​ national and international level and which involves understanding the​ similarities,​ dissimilarities and taking advantage of​ the​ opportunities to​ attain the​ goal .​
Concentrating on​ global marketing is​ as​ important as​ concentrating on​ domestic marketing if​ a​ company is​ aiming to​ increase sales .​
The domestic market has become saturated in​ most categories of​ products and services,​ in​ all industrialized countries and hence,​ they started to​ deal with other countries to​ increase their sales .​
Usually in​ such case,​ goods that are too expensive for the​ domestic customers to​ buy are exported to​ other well-off countries .​
When a​ company does marketing within the​ boundaries of​ a​ specific county,​ it​ has to​ compete with other domestic companies as​ well as​ international companies who are a​ part of​ the​ market .​
The marketing steps taken by the​ professionals are based on​ the​ taste of​ a​ specific audience .​
The product might not suit the​ taste of​ customers at​ a​ higher level .​
The other domestic companies that plan to​ go global hinder the​ growth of​ such companies .​
They become invisible at​ the​ international level as​ they are unable to​ cope with the​ growing competition and might not be aware of​ potential competitors .​
The product development is​ dependant on​ the​ need of​ the​ local residents .​
Such kinds of​ businesses are ethnocentric and are only bothered about their performance in​ the​ domestic marketplace .​
Companies planning to​ go global should start with export to​ a​ foreign client first .​
The returns wouldn’t be satisfying in​ the​ beginning .​
The export department can be introduced at​ the​ headquarters that deals with all the​ laws .​
There can be a​ possibility of​ becoming secondary exporters by bringing export management company into the​ picture,​ who will deal with the​ language problem,​ time difference,​ paperwork and customers .​
If managing the​ exports without any help,​ the​ export department can be started at​ an​ office located abroad .​
This office works in​ collaboration with the​ regional headquarters .​
But the​ respective offshore offices take the​ marketing decisions,​ as​ they will have best knowledge about the​ particular market they are operating in​ .​
Multinational marketing involves marketing in​ many countries .​
The marketing is​ based on​ the​ requirements of​ different countries and the​ returns are rewarding .​
Each region should be studied individually based on​ development,​ production and marketing .​
Such kinds of​ markets are known as​ region centric .​
Global marketing involves the​ whole globe .​
The entire world is​ summarized as​ a​ single market and the​ products that are released in​ the​ market should fit the​ needs of​ any regional marketplace .​
Marketers all over the​ world make the​ marketing decisions .​
Such a​ kind of​ market is​ known as​ geocentric .​
Automotive industry is​ one such market that saw a​ global boost in​ sales during the​ last fifty years .​
Earlier only the​ local companies like Ford and General Motors used to​ produce cars in​ America,​ but today other international competitors like Toyota and Honda are operating in​ the​ same market and have out done the​ local companies .​
Another key factor to​ the​ global marketing is​ the​ Internet,​ which introduced e-commerce .​
Businesses went going online and global .​
This encouraged the​ sales of​ the​ company and the​ figures are only increasing because of​ ever increasing Internet users .​
the​ geographical location of​ customers is​ no longer a​ hindrance .​
Global marketing management and business-to-business e-commerce is​ growing rapidly .​

Product,​ price,​ placement and promotion are the​ elements of​ global marketing .​
The product created should be such that it​ can sell anywhere using the​ same method .​
It should consider the​ primary elements of​ all the​ markets .​
However,​ the​ language in​ which the​ product is​ named can be changed,​ where as​ the​ content can remain the​ same .​
The price is​ never constant .​
It should be decided after reviewing the​ market and the​ currency of​ the​ country .​
The variables which affect prices are location where the​ product is​ being produced,​ cost of​ ingredients,​ transportation charges,​ labor charges,​ etc .​
Placement is​ how the​ product is​ distributed and how it​ reaches the​ targeted market .​
Like in​ third world countries,​ there is​ a​ lack of​ superstores,​ so they can be placed or​ sold at​ ordinary shops .​
After the​ product is​ developed and distributed,​ it​ should be promoted precisely known as​ advertising,​ promotion is​ one of​ the​ major steps of​ marketing and consumes major part of​ the​ budget .​
If it​ is​ possible to​ send out the​ same message worldwide in​ a​ relevant and cost-effective way,​ it​ sure must be put into practice but the​ challenge is​ really big .​

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