There are always new challenges in business and trading. It includes international competition, changing domestic market growth, deficient product lifespan, and the emergence of global brand and technology. To survive in the world of global marketing, individuals need to arm themselves with the proper skills in understanding how to handle the current developing changes and struggles in the global market while creating successful plans for implementation.
Definition Of Global Marketing
Global marketing is a technique to adapt and accommodate the company’s marketing plan and strategy for the condition of the target country. It is to stipulate the right trading environment for an organization or business to benefit the market.
The marketing strategy a company enforces plays a crucial part in its success or failure towards operating in multiple countries. The two mainstream types of global marketing strategies are:
- Global and Universal approach – This is a marketing strategy which proceeds by offering basic products and services with consistent advertising and promotion.
- International and Multi-domestic approach – It is a marketing approach where you modify your marketing to fit the particular aimed market.
Things to Understand and Learn
Here are some of the essential characteristics managers need to gain upon facing the global market:
- The knowledge required for clarification on the range and challenges in global marketing
- The ability to develop a base strategy for a firm that is unable to distinguish itself from the competition
- The skills in assessing the influence of external elements on global marketing decisions
- The development of awareness in alternative market-entry planning and strategy
- The capacity towards the evaluation of economy, competition, culture, technology, politics, laws, and forces that affect the global market arena
Advantages and Disadvantages
Global Marketing strategy has highlights and challenges relative to the multi-domestic approach.
The highlights include characteristics such as:
- Practicality and Cost-efficiency: Releasing a global brand is relatively more efficient compared to adapting to each market cost-wise. There is no need for designing promotions and advertisements for each country upon developing the same products and services then promoting them by using a unique strategy for multiple markets.
- Broad Range Application: You can picture your brand image as a universal thing rather than unique in each aimed market making it consistent. It works well in countries that are analogous regarding culture, resources, and preferences.
The disadvantages include:
- Limitations on the market: Choosing a global strategy will eventually restrict the quantity and kind of countries you can explore. Entering some countries will result in your inability to open markets where your proposed brand image wouldn’t take effect.
- The absence of Customization: An organization or business needs to accept that cost-effectiveness is the result of abandoning optimization and customization. It is natural that there is no need to customize the global message.
The basics of Global Marketing are just the start. There is always the need for experience towards the implementation of strategies rather than just going by the book. Combining the knowledge through experience and theories from books can open up new and better global marketing strategies towards trading and profit.