Global Summary

Globalization: Global marketing refers to a strategy for achieving one or more of four major categories of potential globalization benefits: cost reduction, improved quality of products and programs, enhanced customer preference, and increased competitive advantage on a global basis. Why Global Marketing is Imperative Saturation of Domestic Markets: the saturation of domestic markets in the industrialized parts of the world forced many companies to look for marketing opportunities beyond their national boundaries.Emerging Markets: As the traditional developed markets have become increasingly competitive, such emerging markets remises to offer better growth opportunities to many firms.

Global Competition: the different company changed by the past of time and the leaders in this market passed to be less Important and emerged new competitors (but with the globalization changed and more companies started to enter In the market). Global cooperation: Global competition also brings about global cooperation.This is most obvious in the information technology industry. Then the companies create an union for start a competitive advantage In the market Internet Revolution: The Internet opened the dates for companies to sell direct-to-consumers easily across national boundaries. Many argue that e-commerce is less intimate than face-to-face retail; however, it actually provides more targeted demographic and cryptographic information.Most Importantly, the data allow for the development of relevant marketing messages aimed at Important customers and Initiate loyal relationships on a global basis. What’s more, the Internet builds a platform for a two-way dialogue between manufacturers and consumers, allowing consumers to design and order their own products from the manufacturers.

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Globalization of markets: convergence and divergence: Even the deeply rooted cultures have begun to converge.In other words, from a marketing point of view, those people have begun to share a similar “choice see of goods and services originating from many parts of the world, The convergence of consumer needs in many parts of the world translates into tremendous business opportunities for companies willing to risk venturing abroad. In other words, thanks to market globalization, not only have we become more receptive to new things, but we also have a much wider, more divergent “choice see of goods and services to hose from to shape our own Individual preferences and lifestyles Indeed, international trade consists of exports and imports.International business: includes international trade and foreign products.

Evolution of global marketing Marketing is essentially the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, ‘OFF satisfaction in a competitive environment) A key point here is that many companies are constantly under competitive pressure to move forward both reactively responding to the changes in the market and competitive environments) and proactively (anticipating the change).We will formally define and explain five stages that characterize the evolution of global marketing: 1 . Domestic marketing: Their marketing strategy is developed based on information about domestic customer needs and wants, industry trends, economic, technological, and political environments at home. Ethnocentrism Is defined here as a predisposition of a firm to be predominantly concerned with its viability worldwide and legitimacy only in its mom country ?that is, where all strategic actions of a company are tailored to domestic responses under similar situations 2.

Export Marketing: export marketing begins with unsolicited orders from foreign customers. In general, in the early stage of export marketing involvement, the internationalization process is a consequence of incremental adjustments to the changing conditions of the company and its environment, rather than a result of its deliberate strategy (exporters tend to engage in indirect exporting by relying on export management companies or trading companies to handle their export business).Some companies progress to a more involved stage of internationalization by direct exporting, once three internal conditions are satisfied: a) The management of the company obtains favorable expectations of the attractiveness of exporting based on experience. B) The company has access to key resources necessary for undertaking additional export-related tasks c) Management is willing to commit adequate resources to export activities. 3. International Marketing: it will begin to seek new directions for growth and expansion.

A unique feature of international marketing is its polytechnic orientation tit emphasis on product and promotional adaptation in foreign markets. Polytechnic orientation refers to a predisposition of a firm to the existence of significant local cultural differences across markets, necessitating the operation in each country being viewed independently (I. E. , all strategic decisions are thus tailored to suit the cultures of the concerned country). 4.

Multinational Marketing: Management of the company comes to realize the benefit of economies of scale in product development, manufacturing, and marketing by consolidating some of its activities on a regional basis. This reconnecting approach suggests that product planning may be standardized within a region (e. G. , a group of contiguous and similar countries) 5. Global Marketing: The international (country-by-country) or multinational (region-by-region) orientation, while enabling the consolidation of operations within countries or regions, will tend to result in market fragmentation worldwide, nonetheless.Global marketing refers to marketing activities by companies that emphasize the following: Standardization efforts: standardization marketing programs across different countries particularly with respect to product offering, rumination mix, price, and channel structure Coordination across markets: reducing cost inefficiencies and duplication of efforts among their national and regional subsidiaries.Global Integration: participating in many major world markets to gain competitive leverage and effective integration of the firm’s competitive campaigns across these markets Many researchers agree that global marketing does not worldwide, but rather it is a company’s proactive willingness to adopt a global perspective instead of country-by-country or region-by-region perspective in developing a marketing strategy