Unit i objectives to give a broader understanding of the global marketing management concepts and main issues of global business. International marketing involves businesses marketing their product lines outside the originating market. Global marketing is a product strategy to increase sales through promotion and advertisements to the international market. Show concepts in action, and bring key course concepts to life with realworld marketing examples. Interactive highdefinition televisions will allow you to manipulate a product onscreen. In such a global environment, firms should develop their marketing strategy around three key dimensions zou and cavusgil, 2002. Even companies doing business within their homes can market and attract business internationally. Chapter 1 introduction to global marketing and the global economic environment 2011 pearson education, inc. Global industry competitive advantage gained by integrating and leveraging operations on a global scale five forces analysis can assist a company in formulating the appropriate strategy to gain a competitive advantage singlecountry target markettarget market marketing mixmarketing mix productproduct priceprice. International marketing aims to achieve all the objectives and establish a connection among the nations that participate in global trade. Pdf global standardization in international marketing. As a former business consultant to marketing executives at companies trying to expand globally, ive noticed some common marketing roadblocks that can stand in the way of international success. Global marketing is defined as the process of adjusting the marketing strategies of your company to adapt to the conditions of other countries.
The oxford university press defines global marketing as marketing on a worldwide scale reconciling or taking commercial advantage of global operational differences, similarities and opportunities in order to meet global objectives. Help students learn, link, and apply major concepts with an innovative learning design. Different strategies are implemented based on the region the company. Strategies, definition, issues, examples cleverism. Linking global marketing research to the decisionmaking process 210 current issues in global marketing research 211. International marketing can improve standard of living of people. Keegan, global marketing management, 8th edition pearson. International marketing quick guide tutorialspoint. Driving forces include regional economic agreements such as nafta, converging market needs and wants, technology advances such as the internet and global tv networks, transportation improvements, the need to recoup high product development costs in global markets, the need to improve quality through. Familiarizes readers with global marketing and the global business environment marking the 20th anniversary of this series of textbooks, this ninth edition of global marketing builds on the tradition and successes of previous editions.
Read this guide on global marketing covering all major aspects, such as definition, issues, and good and bad. Article pdf available in journal of international marketing 4. Marketing is the process of planning and executing the conception, pricing, promotion, and. More importantly, effective coordination can exploit a companys best product and marketing ideas. The dynamic involving driving and restraining forces is shown diagrammatically in figure 12. Global marketing involves planning, producing, placing, and promoting a business products or services in the worldwide market. Marketing implications can be positive or negative. Worldwide peace is possible due to interdependency among countries of the world. There is significantly more to global marketing than simply selling goods and services internationally. Global employment opportunities can help ease unemployment problems. This course addresses global issues and describes concepts relevant to all international marketers, regardless of the extent of their international involvement.
Global marketing is marketing on a worldwide scale reconciling or taking commercial advantage of global operational differences, similarities and opportunities in order to meet global objectives global marketing is also a field of study in general business management that aims to market products, solutions and services to customers locally, nationally, and internationally. The global perspective is the idea that when firms operate in different nations, they commit to develop and change plans for the company on a countrybycountry or regionbyregion basis. Changes in product design or business processes have. Global marketing introduction one of the most common paths to growth for brands is to expand to new geographic markets. We use your linkedin profile and activity data to personalize ads and to show you more relevant ads. It is the process of conceptualizing and subsequently conveying a final product or service globally. Thus the company starts seeking new markets to spread its word to a few targeted markets. The more reliable constructs led to definition of better vari. Global marketing strategy thus understanding the economics of trade is critical to understanding that the need for free trade flows from country to country. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Establishing a business in ones home country has limited restrictions and demands but when it comes to marketing at international level, one has to consider every minute detail and the complexities. Political and legal forces the past ten years have brought enormous political changes to this world, changes that are affecting the global marketing operations of global firms.
As global economic growth occurs, understanding marketing in all cultures is increasingly important. Defining global marketing a amas definition of marketing. There are several types of global market strategies by definition, but the conclusion of this author is that three possibilities surface. Its environmental and strategic approach outlines the major dimensions of the global business environment. Global marketing channels and physical distribution global marketing chapter 12 global marketing schrage 12 1 channel objectives marketing channels exist to create utility for customers place utility availability of a product or service in a location that is convenient to a potential customer.
Too often, executives view global marketing as an eitheror propositioneither full standardization or local control. Of course, global marketing is more than selling your product or service globally. For instance, a plan to communicate more openly with customers has marketing implications of increased customer satisfaction. Global marketing strategy applies to doing business within the borders of countries other than your own, and across the borders of neighboring countries. The process of conceptualizing and then conveying a final product or service worldwide with the hopes of reaching the international marketing community. Proper global marketing has the ability to catapult a company to the next level, if they do it correctly. Identify three approaches to developing a global marketing strategy. Marketing implications are changes in sales or other results that can be expected from a particular strategy. Global marketing is the study of selling items and services on the global market. Growth of international marketing results into social and cultural development. Introduction to global marketing boundless marketing. Distribution in order to be successful in a global market, a marketer must make its products and accessible to customers at all costs. In relation to this, one can also speak of a special type of global marketing management, the socalled information global marketing management, which relies on gathering and selecting objective information.
Big businesses usually have offices abroad for countries they. Global market meaning in the cambridge english dictionary. Demonstrate the growth of global marketing with new discussions and examples of the challenges and opportunities marketers face in fastgrowing emerging markets. Know that standardizing a marketing program does not necessarily mean that all marketing efforts and marketing strategy will be the same.
Global marketing issues might include exchange rates, language barriers, tariff and trade agreements, economic sanctions, infrastructure gaps, local customs, cultural mores and taboos. The most common mistakes companies make with global. Place utility global marketing channels and physical. Distribution channels make up the place in the 4 ps of the marketing mix alongwithproduct,price,andpromotion. Pdf manufacturers often use relational governance to manage interfirm relationships with their distributors. Marketing scope of activities are outside the homecountry market. Global marketing management, eighth edition, presents the latest developments in global marketing within the context of the whole organization, making internal and external connections where appropriate for a deeper understanding of global business from a managerial point of view. One of the prime global marketing concepts or better said, the basis of global marketing itself, the international marketing comes into play when a company being in the outer market becomes selfdependent, and its promotional strategies began getting huge responses. Pdf on feb 8, 2019, ayush bansal and others published global standardization. Contents 11 headquarters control of global marketing research 2 the marketing information system as a strategic asset 2 an integrated approach to.
It is the full process of planning, creating, positioning, and promoting your products in a global market. This unit gives students an understanding of the factors that how the international trade system and the economic, political, legal and cultural environments affect a. There are multiple ways you can find online articles about. Pearson principles of marketing, global edition, 16e. Typical product categories are technology products, including consumer. Oxford university press glossary of marketing terms. The key to success is a worldwide marketing system that retains a strong local country customer focus along with a global marketing strategy as summarized by the chairman and ceo of groupe danone below. A global company needs to understand the requirements to service countryspecific customers with global standard solutions and products. As provided by adam smith, the theory of selling what you are best at is known as absolute advantage. Although, global marketing has its pitfalls, it also has some great advantages. Journal of international marketing 2014, american marketing association. Global marketing strategy 263 benefits of global marketing 265 cost reduction 265 improved products and program effectiveness 265 enhanced customer preference 267 increased competitive advantage 267 limits to global marketing 268 regionalization of global marketing strategy 269 crosssubsidization of markets 273 identification of weak market. Global marketing is not a revolutionary shift, it is an evolutionary.
914 1479 502 287 1189 768 1555 1461 726 643 682 961 38 560 372 400 80 1315 1451 391 1125 1400 564 248 811 664 1030 138 102 307 388