Global Marketing
Global marketing refers to the strategy of promoting and selling products or services on a worldwide scale. It involves understanding different cultures, consumer behaviors, and market trends in various countries to tailor marketing efforts accordingly. Global marketing often requires adapting products, pricing, distribution, and promotional strategies to fit the specific needs and preferences of diverse international markets.
7 Key excerpts on "Global Marketing"
eBook - ePubIntegrating New Technologies in International Business
Opportunities and Challenges
- Gurinder Singh, Alka Maurya, Richa Goel, Gurinder Singh, Alka Maurya, Richa Goel(Authors)
- 2022(Publication Date)
- Apple Academic Press(Publisher)
...Global showcasing sees the world in various markets and sections and provides food as indicated by it. On different hands, worldwide promoting considers the to be world all in all unit and does not recognize advertise on any grounds and gets ready items and administrations for worldwide clients as opposed to for anyone country’s clients. Universal promoting has essential standards like local showcasing. According to the American Marketing Association (AMA), “International marketing is the multinational process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.” Definition by experts-The portion on global advertising by the specialist will help to more clear understanding of global advertising. These definitions will help to more clear understanding of different components of universal advertising. “There is a global approach to international marketing...
- Isobel Doole, Robin Lowe(Authors)
- 2012(Publication Date)
- Routledge(Publisher)
...orientation and influence/contribute to strategy formulation and investment decisions. Bd.2 Specify and direct the strategic marketing planning process. Cd.1 Promote organization-wide innovation and cooperation in the development of brands. Key definitions Export marketing – the marketing of goods and/or services across national/political boundaries. Multinational marketing – the marketing activities of an organization that has activities, interests or operations in more than one country and where there is some kind of influence or control of marketing activities from outside the country in which the goods or services will actually be sold, but where the global markets are primarily perceived to be independent markets and profit centres in their own right. Global Marketing – where the whole organization focuses on the selection and exploitation of Global Marketing opportunities and marshalls resources around the globe with the objective of achieving a global competitive advantage. Study guide This unit is concerned with making strategic marketing decisions in the global context to exploit new opportunities in the global market through leveraging capability and sharing learning. Organizations adopt different approaches depending on their resources, ambition and market context. Understanding the factors that have contributed to globalization is essential in understanding how the very largest firms grow. It is important too to recognize the times when activities can be standardized or should be adapted for local markets. Smaller firms also succeed in global markets provided that they take appropriate decisions on strategic approaches for their situation, for example niche marketing...
eBook - ePubFood, Consumers, and the Food Industry
Catastrophe or Opportunity?
- Gordon W. Fuller(Author)
- 2001(Publication Date)
- CRC Press(Publisher)
...Global Marketing will mean servicing local customer and consumer needs with communication vehicles suited to local facilities, selling locally and building locally. To devise new products to satisfy customer/consumer needs in regions around the world will require constant updating of customer/consumer information in each area, a vast resource base of suppliers, and a heavy expenditure in research and development. Development of new products to satisfy local and regional tastes worldwide will take its toll as a heavy, and costly, burden to food manufacturers. It would be ill-conceived strategically, as well as impossible tactically, to undertake such new product development from one central location as some multinationals have attempted unsuccessfully to do (Fuller, 1994, pp. 218, 219). The need for regionalization of products and regional plants with their own development centers will prevail for many years into the new millennium. A food company’s marketing research program that is driven by and from its centralized headquarters will very likely overlook important differences in customer or consumer behavior and competitive activity across national boundaries. A corollary to this is the following respecting global markets: Food companies must use caution in taking their company or their products into any global market. Which marketing ploy is it wisest to use? Does a company use the company name? Or is it better to go with product names or a more encompassing range (of products) name or a regional name? There are advantages and disadvantages to each strategy. The company name approach certainly has promotional advantages over either of the other strategies...
eBook - ePubGlobal Marketing
Practical Insights and International Analysis
- Carlyle Farrell(Author)
- 2015(Publication Date)
- SAGE Publications Ltd(Publisher)
...A focus only on its domestic market does not make a firm immune to global competitive pressures or exogenous shocks that stem from political and economic events originating outside the borders of its home country. This text will introduce you to the field of Global Marketing. As you read through the following chapters, you will learn how to identify opportunities in foreign markets and develop effective strategies to capitalize on those opportunities. You will begin to appreciate the cultural differences between consumers in your home market and those in markets around the world, and you will learn how those differences impact a company’s ability to succeed abroad. You will also learn how to formulate and execute effective marketing strategies in foreign countries while mitigating the political and economic risks involved in doing business abroad. The study of Global Marketing is as exciting as it is important. For many firms based in developed countries, penetrating fast-growing emerging markets such as India and China is a matter of survival. The mature markets of Western Europe and North America offer little prospect for rapid growth with their aging populations and low population growth rates. Firms operating in these established markets also face intense competitive pressures which effectively limit expansion possibilities. These competitive pressures, it should be noted, come not only from established western firms but also from emerging market multinationals headquartered in countries such as Brazil, China and India. In some cases, firms may be forced to adopt a Global Marketing perspective simply based on the nature of their products. High research and development (R&D) costs involved in bringing some pharmaceutical drugs to market, for example, necessitate that they be marketed globally if those costs are to be recouped. There is considerable debate around the cost of developing new pharmaceutical drugs...
eBook - ePub- Alan Clarke, Wei Chen(Authors)
- 2009(Publication Date)
- Routledge(Publisher)
...In the international marketplace this process is similar to that carried out within the domestic market, but with some important modifications to adapt the marketing efforts to the needs of the specific country or geographic location. International marketing involves a range of activities which are more complex than domestic marketing, such as marketing research, product design, pricing and branding. International hospitality managers cannot assume that the foreign markets are the same as their home country and thorough investigations of the specific country before making major marketing decisions that are essential for successful international market development. International marketing is closely linked to international strategic management because it includes the process of deciding which markets to operate in, issues of international entry modes and decisions about whether to expand or contract operations. International marketing is vital if a company competes in a global industry or the industry is beginning to move towards globalization. ■ The Concepts of Marketing Orientation Marketing is about serving customers, fulfilling the needs of society and achieving the goals of the organization. Through customer satisfaction, marketing creates the customer loyalty necessary to reach an organization’s objectives. In the past century, the approach to marketing has gone through different stages. In the new century marketing will be influenced by ethics, natural environments, cultural diversity and changing technology and innovation. Also for a prospective marketer, more stakeholders in the society now need to be considered in the process of marketing (Figure 5.1). Figure 5.1 Building the concepts of marketing orientation Production Orientation A production orientation indicates a company is more concerned about production variables, such as capacity, efficiency and quality than anything else in marketing...
eBook - ePub- Geoffrey Lancaster, Lester Massingham(Authors)
- 2017(Publication Date)
- Routledge(Publisher)
...Students and managers who are interested in acquiring a more detailed knowledge in this area are advised to consult one of the specialist texts in this increasingly complex region of marketing. We start by examining some of the background to the growth in international trade and marketing and some of the reasons put forward as to why companies and nations become involved in such activities. The growth of international/Global Marketing One of the most striking business trends of the past 40 years has been the increase in internationalization: that is, the growing number of firms that participate in international trade. Of course, international trade is not new; after all, nations have traded ever since the start of commerce. However, the 1990s was really the first decade when companies around the world started to think globally. It was during the 1990s that time and distance, dimensions that have been shrinking for centuries between countries, began to become really compressed. The advent of ever faster transport and communication systems, which in turn have led to vastly increased travel and more cosmopolitan consumers, have served to ‘shrink’ the world even further, so much so that writers now refer to the so-called ‘global village’. Needless to say, in this millennium this shrinking will continue, aided principally by the Internet. Although companies such as Nestlé, IBM, Shell, Toshiba and others have been conducting international marketing for decades, global competition has now intensified to the extent that even purely ‘domestic companies’ that have hitherto never thought about international marketing are affected in their marketing by global competitors. In addition, the importance of international trade to governments and to countries’ economies has meant that more and more firms are being urged to internationalize, thereby selling more of their products abroad and as a consequence adding positively to the balance of payments...
eBook - ePub- Albert Moran, Michael Keane, Albert Moran, Michael Keane(Authors)
- 2013(Publication Date)
- Routledge(Publisher)
...In this way, the marketer seeks a balance between the organizational and economic advantages of standardization, and the necessities of responding to cultural and other differences between markets. This is the practical meaning of glocalization. There is also the issue of exactly who it is that the marketing is directed towards. Echoing Levitt, Saatchi & Saatchi enthused about how global advertising could target ‘segments’, or similar socio-economic groups in different regions: ‘there are probably more social differences between midtown Manhattan and the Bronx … than between midtown Manhattan and the 7th Arrondissement of Paris’ (qtd in Mattelart 1991, 52–3). This does seem to be true for certain kinds of products, ‘especially those targeting “transnational tribes” of affluent or style-conscious consumers’ (Banerjee 1994, 98). These include services that are intrinsically international, like credit cards, and goods that carry international prestige, such as designer brands (Herbig 1998, 49). Yet, as more and more companies — usually based in the United States or Europe — enter the rapidly developing economies of the erstwhile ‘Third World’, and the BRICs nations in particular (Brazil, Russia, India and China), they are needing to find strategies to cope with the cultural and other barriers that confront not elite but mass market goods and services, such as soft drinks and other FMCG (fast-moving consumer goods) categories, and food franchise operations. If segments are to be targeted, this suggests that adaptation might have to work at a number of levels: the sub-national as well as the national, and perhaps also the world-regional. In addition, to the extent that adaptation is being made on cultural-linguistic grounds, rather than, for example, to meet national regulations, then geocultural or geolinguistic regions come into consideration — that is, nations or even groups within nations that are not geographically connected (Sinclair 2004)...
