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Global marketing is considered to be the process that tends to adjust the marketing strategies of a firm with a sole purpose to adapt to the conditions of other nation. There is no doubt that global marketing is more than just selling the products at an international level. In simple words, global marketing is the full process that is based on planning, positioning, creating, and promoting the services and products in the global market. The matter of fact is that the big organizations usually have offices abroad for the states they market to. In the current scenario, due to the proliferation of the internet, it has been observed that even smaller organizations are able to reach consumers anywhere across the globe.
In the case, if a business chooses not to internationalize itself, there is a high chance for that business to face domestic competition from international companies that tend to extend their international presence. One thing that must be taken into consideration is that the presence of such competition almost makes it a requirement for a large number of businesses for having an international presence.
Benefits of Global Marketing
Global marketing has a number of benefits for organizations. Whether the organization is having a small business or a large business, there is a high chance that by taking a slight interest in global marketing can help businesses to boost up the revenue. However, it only happens when global marketing is done right (Keegan et al., 2015).
The effectiveness of Service and Product
The foremost aspect of global marketing is that it tends to help an organization to improve the effectiveness of its service and products. The reason for that is quite simple that the more you grow, the more you learn. The matter of fact is that when an organization or business learns strategies faster, it results in helping the business to become more effective when it comes to producing new service or product offerings.
Another important that must be taken into consideration is the fact that global marketing helps a business to be able to have a strong competitive advantage over other businesses within the marketplace. Although, it seems quite easy for the organizations to compete in the local market, competing in an international platform is quite harder, and only a few organization can do so. So, if a business has the tendency to compete in the worldwide market, and its competitors cannot, the business simply has the upper hand over other competitors, and have become a strong force in the industry.
Global marketing is such a beneficial strategies for the businesses that it even increases the consumer awareness of the service, product and the brand of companies. There is no doubt that consumer awareness is one of the most important aspects of any organization's aims. With the help availability of the internet, consumers are allowed to keep track of the progress across the globe.
Costs and Savings
Last, but not the least advantage of global marketing is that it acts as an agent in reducing the costs of a particular organization. Moreover, with the help of global marketing, organizations become robust and are able to increase their savings in an effective manner. It also allows the organizations to attain economies of range and scale with the help of standardizing their processes (Keegan et al., 2015).
Stages of Global Marketing
The organizations that are seen envolved towards the ever-growing trend of global marketing are actually quite gradual. The foremost stage in global marketing has the company concentrating on the domestic side. At the very first stage, it has been observed that the activities of an organization are focused on the home market most of the times. At stage two, the organization still tends to domestically. However, in the second stage, an organization will have exports. When it comes to the third stage, the organization seems to be realized that it is required to adopt the marketing geared towards overseas. Here, the concentration is seen to be moving from multinational. Therefore, the adaption becomes crucial. In the last stage, the company creates value when it extends its products and programs for serving globally.
Global Marketing Strategies
Global strategy has a number of important parts, and one of them is the global marketing strategies (Manrai, 2016). When it comes to creating a strong global marketing strategy, an organization is required to be able to answer: "What they look forward to achieving in the international market?" The organization must know its strengths and weaknesses for the particular market. In such a scenario, it is quite essential for the organization to know the ways in which it can counter the challenges in the market, and must make sure whether it encompasses the potential for the respective market or not.
Another important thing to take in consideration is that a good global marketing strategy incorporates all the countries from all the regions globally and tends to coordinate their marketing efforts accordingly. There is no doubt that such a strategy does not always cover all nations, but it must be taken into consideration that it should be applied for particular regions. The best example in such a scenario would be to break down the regions like the Middle East, Europe, Latin America, and North America. Regardless of the breakdown per region or state, a global marketing strategy encompasses a number of things such as:
Harmonious sales campaigns
Coordinated product launches
Standardized advertising messages
Uniform brand names
Top Global Marketing Strategies
It is the matter of the fact that different organizations rely on different global marketing strategies depending upon the nature of their work. However, one thing that must be taken into consideration is the fact there are only a few global marketing strategies that are used universally. Among the most used ones, these are the two global marketing strategies that are most well known:
Create a Consistent and Strong Brand Culture
Among the top two global marketing strategies, the creation of a consistent and strong brand seems to be always reliable for most of the firms. The strategy focuses on creating such a brand that always seems familiars to customers (De, 2018). Due to the rapid increase in the use of the internet, it has been observed that the brand structure has become more of brand culture. One thing that must be taken into consideration is that in case if the brand culture is compromised, it can be damaging for obvious reasons.
Market As If There Were No Borders
Another important and most well known global marketing strategy is to market and internationalize your business in such a way that there are no borders assumed. Due to the proliferation of digital platforms, it becomes quite difficult for brands to adopt different strategies within the same country. The rapid increase in the use of internet has the organization to adopt the marketing approach that is considered to be more or less unified.
Issues and Mistakes
There are a set of issues and mistakes that are related to global marketing. Organizations, especially their market teams are often seen facing a number of issues when they try to expand globally. Such issues can become a hurdle on the way of international success. One of the biggest issues is the non-specification of countries. A large number of businessmen think of foreign markets vaguely. The aim of such businesspersons is to increase the growth of firms by offering their products to the markets of Europe. However, it is to be noted that the outcomes can be problematic when things are taken too simply.
Another major issue that occurs is the lack of focus on internal information. Organizations need to conduct complicated and specialized market research when they plan to create a global market entry strategy. One thing that must be considered is the potential opportunity in the market. Moreover, the lack of adaptation of sales and marketing channels tends to act as a hurdle as well. There is a high need for organizations to adopt a set of different strategies that must be different and better than the ones that were adopted previously.
It is concluded that global marketing is more than just selling the products at an international level. The matter of fact is that when an organization or business learns strategies faster, it results in helping the business to become more effective when it comes to producing new service or product offerings. If a business has the tendency to compete in the worldwide market, and its competitors cannot, the business simply has the upper hand over other competitors, and have become a strong force in the industry. There is no doubt that consumer awareness is one of the most important aspects of any organization's aims. With the help availability of the internet, consumers are allowed to keep track of the progress across the globe. There is a high need for organizations to adopt a set of different strategies that must be different and better than the ones that were adopted previously.
De Mooij, M. (2018). Global marketing and advertising: Understanding cultural paradoxes. SAGE Publications Limited.
Keegan, W. J., & Green, M. C. (2015). Global marketing. Upper Saddle River, NJ: Pearson.
Manrai, A. K. (2016). New Emerging Business Models, Frameworks, and Trends in Global Marketing.
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