Global marketing is defined as “

marketing Marketing is the act of acquiring, satisfying and retaining customers. It is one of the primary components of Business administration, business management and commerce. Marketing is usually conducted by the seller, typically a retailer or ma ...

on a worldwide scale reconciling or taking global operational differences, similarities and opportunities to reach global objectives". Global marketing is also a field of study in general business management that markets products, solutions, and services to customers locally, nationally, and internationally. International marketing is the application of marketing principles in more than one country, by companies overseas or across national borders. It is done through the export of a company's product into another location or entry through a joint venture with another firm within the country, or foreign direct investment into the country. International marketing is required for the development of the marketing mix for the country. International marketing includes the use of existing marketing strategies, mix and tools for export, relationship strategies such as localization, local product offerings, pricing, production and distribution with customized promotions, offers, website,

social media Social media are interactive technologies that facilitate the Content creation, creation, information exchange, sharing and news aggregator, aggregation of Content (media), content (such as ideas, interests, and other forms of expression) amongs ...

and leadership. Internationalization and international marketing is when the value of the company is ''"exported and there is inter-firm and firm learning,

optimization Mathematical optimization (alternatively spelled ''optimisation'') or mathematical programming is the selection of a best element, with regard to some criteria, from some set of available alternatives. It is generally divided into two subfiel ...

, and

efficiency Efficiency is the often measurable ability to avoid making mistakes or wasting materials, energy, efforts, money, and time while performing a task. In a more general sense, it is the ability to do things well, successfully, and without waste. ...

economies of scale In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of Productivity, output produced per unit of cost (production cost). A decrease in ...

and scope"''. Evolution The international marketplace was transformed by shifts in trading techniques, standards and practices. These changes were reinforced and retained by advanced technologies and evolving economic relationships among the companies and organizations involved in international trade. The traditional ethnocentric conceptual view of international marketing trade was counterbalanced by a global view of markets.

Domestic marketing

Domestic marketing consists of the marketing strategies used by a company to allow customers to purchase a product or service within a local market Domestic marketing leads to familiarity with the extent of political risk, the quality of skilled human resources and natural resources, and the ramifications of existing and likely legislation in relevant areas such as safety, hygiene, employment, and ownership of capital. These markets are restrained by the laws and regulations of the country. Domestic marketing is typically organized at the headquarters.

Global marketing

Global marketing relies on firms that understand the requirements associated with servicing customers locally using globally standardized solutions or products and localizes that product to maintain an optimal balance of cost, efficiency, customization and localization in a control-customization continuum to meet local, national and global requirements. Global marketing and global branding are integrated. Branding is a structured process of analyzing "soft" assets and "hard" assets of a firm's resources. The strategic analysis and development of a brand includes customer analysis (trends, motivation, unmet needs, segmentation), competitive analysis ( brand image/ brand identity, strengths, strategies, vulnerabilities), and self-analysis (existing brand image, brand heritage, strengths/capabilities, organizational values).Building Strong Brands, David Aaker, E.T. Grether Professor of Marketing Strategy at the Haas School of Business at the University of California at Berkeley

Elements

Product

A minimum level of performance is placed onto each product.

Price

The price of a product varies based on production cost, target segment, and supply-demand dynamics alongside several types of pricing strategies, each tied in with an overall business plan. Pricing is also used as a demarcation to differentiate the image of a product. The price varies from market to market.

Place

The place refers to the point of sale. The distribution of products is reliant on the competition offered to the market. Coca-Cola does not implement vending machines in all cultures. Beverages are sold by the pallet via warehouse stores in the United States while it is not seen in India. Placement decisions are reliant on the position of the product in the marketplace. For example, a high-end product would not be distributed via a dollar store in the United States. Conversely, a product promoted as the low-cost option in France would give rise to limited success in a high end area.

Promotion

Advertising, word of mouth, press reports, incentives, commissions and awards to the trade will account for product acknowledgement. It may also include consumer schemes, direct marketing, contests and prizes.

People

People may be considered to be a firm's most valuable asset. Core values of firms such as integrity, honesty, leadership, social responsibility, drive for profit, and drive for quality products and services are reasons behind customer loyalty.

Processes

Processes for creating and delivering products and services are intangible assets that improves the quality of the products and services.

Physical Evidence

The Digital economy today enables firms to provide non-physical services over the internet and companies' products such as Software-as-a-Service (Saas). Historically, banks with retail locations signal the financial strength of their institutions. Retail locations for consumer brands add onto the evidence of the popularity and reach of their brands. There are trust requirements before a customer makes a purchase from a company, as such, companies without brick and mortar must provide existential proof of their legitimate software company.

Advantages

Global marketing may lead to: *

Economies of scale In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of Productivity, output produced per unit of cost (production cost). A decrease in ...

in production and distribution * Lower marketing costs * Power and scope * Consistency in brand image * Ability to leverage ideas quickly and efficiently * Uniformity of marketing practices * Helps to establish relationships outside of the 'political arena' * Helps to encourage ancillary industries to be set up to cater to the needs of the global player * Benefits of

eMarketing Online advertising, also known as online marketing, Internet advertising, digital advertising or web advertising, is a form of marketing and advertising that uses the Internet to promote products and services to audiences and platform users. ...

over traditional marketing

Disadvantages

Global marketing may also lead to: * Differences in

consumer needs The theory of consumer choice is the branch of microeconomics that relates Preference (economics), preferences to consumption expenditures and to supply and demand, consumer demand curves. It analyzes how consumers maximize the desirability of t ...

want The idea of want can be examined from many perspectives. In secular societies want might be considered similar to the emotion desire, which can be studied scientifically through the disciplines of psychology or sociology. Alternatively want can ...

s, and usage patterns for products * Differences in

consumer response A consumer is a person or a group who intends to order, or use purchased goods, products, or services primarily for personal, social, family, household and similar needs, who is not directly related to entrepreneurial or business activities. T ...

to marketing mix elements * Differences in

brand A brand is a name, term, design, symbol or any other feature that distinguishes one seller's goods or service from those of other sellers. Brands are used in business, marketing, and advertising for recognition and, importantly, to create and ...

and

product development New product development (NPD) or product development in business and engineering covers the complete process of launching a new product to the market. Product development also includes the renewal of an existing product and introducing a product ...

and the

competitive Competition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss (an example of which is a zero-sum game). Competition can arise between entities such as organisms, indi ...

environment * Differences in the legal environment, some of which may conflict with those of the home market * Differences in the institutions available, some of which may call for the creation of entirely new ones (e.g. infrastructure) * Differences in administrative procedures * Differences in product placement * Differences in the administrative procedures and product placement can occur

References

External links

* {{DEFAULTSORT:Global Marketing Types of marketing