Global marketing is defined as “

marketing Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to empha ...

on a worldwide scale reconciling or taking global operational differences, similarities and opportunities in order 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 A foreign direct investment (FDI) is an investment in the form of a controlling ownership in a business in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment by a notion of direct c ...

into the country. International marketing is required for the development of the

marketing mix The term "marketing mix" is a foundation model for businesses, historically centered around product, price, place, and promotion (also known as the "4 Ps"). The marketing mix has been defined as the "set of marketing tools that the firm uses to ...

for the country. International marketing includes the use of existing

marketing strategies Marketing strategy allows organizations to focus limited resources on best opportunities to increase sales and achieve a competitive advantage in the market. Strategic marketing emerged in the 1970s/80s as a distinct field of study, further build ...

, 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 media technologies that facilitate the creation and sharing of information, ideas, interests, and other forms of expression through virtual communities and networks. While challenges to the definition of ''social me ...

and leadership.

Internationalization In economics, internationalization or internationalisation is the process of increasing involvement of enterprises in international markets, although there is no agreed definition of internationalization. Internationalization is a crucial strateg ...

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 criterion, from some set of available alternatives. It is generally divided into two subfi ...

, and

efficiency Efficiency is the often measurable ability to avoid wasting materials, energy, efforts, money, and time in doing something or in producing a desired result. In a more general sense, it is the ability to do things well, successfully, and without ...

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 output produced per unit of time. A decrease in cost per unit of output enables a ...

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 amongst 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

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 of 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 in the headquarters.

Global marketing

Global marketing relies on firms that understands the requirements associated with servicing customers locally with global standard solutions or products and localizes that product as 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 In sales, commerce, and economics, a customer (sometimes known as a client, buyer, or purchaser) is the recipient of a good, service, product or an idea - obtained from a seller, vendor, or supplier via a financial transaction or exchange for ...

(trends, motivation, unmet needs, segmentation), competitive analysis (

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

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

, strengths, strategies, vulnerabilities), and self-analysis (existing brand image, brand heritage, strengths/capabilities, organizational values). ''"Global brand identity development is the process of establishing brands of products, the firm, and services locally and worldwide with consideration for scope, product attributes, quality, uses, users and country of origin; organizational attributes; personality attributes, and brand-customer relationship; and important symbols,

trademark A trademark (also written trade mark or trade-mark) is a type of intellectual property consisting of a recognizable sign, design, or expression that identifies products or services from a particular source and distinguishes them from others ...

s metaphors, imagery, mood, photography and the company's brand heritage"''.https://courses.aiu.edu/Certificate/Human%20Resources%20and%20MKT/Global%20Marketing/Leccion%201/Global%20Marketing%20sesion%201.pdf A global marketing and branding implementation system distributes marketing assets, affiliate programs and materials, internal communications, newsletters, investor materials, event promotions and trade shows to deliver integrated, comprehensive and focused communication, access and value to the customers.

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 product is reliant on the competition offered to the market. Coca-Cola does not implement

vending machine A vending machine is an automated machine that provides items such as snacks, beverages, cigarettes, and lottery tickets to consumers after cash, a credit card, or other forms of payment are inserted into the machine or otherwise made. The fi ...

s 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 market place. For example, a high-end product would not be distributed via a

dollar store A variety store (also five and dime (historic), pound shop, or dollar store) is a retail store that sells general merchandise, such as apparel, automotive parts, dry goods, toys, hardware, home furnishings, and a selection of groceries. It us ...

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, drive for quality products and services are reasons behind customer loyalty.

Processes

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

Physical Evidence

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 output produced per unit of time. A decrease in cost per unit of output enables a ...

in production and

distribution Distribution may refer to: Mathematics *Distribution (mathematics), generalized functions used to formulate solutions of partial differential equations *Probability distribution, the probability of a particular value or value range of a varia ...

* 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 which 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 preferences to consumption expenditures and to consumer demand curves. It analyzes how consumers maximize the desirability of their consumption as measured by their pref ...

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. Want might also be exami ...

s, and usage patterns for products * Differences in

consumer response A consumer is a person or a group who intends to order, or uses 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 ...

elements * Differences in

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

and

product development In business and engineering, new product development (NPD) covers the complete process of bringing a new product to market, renewing an existing product or introducing a product in a new market. A central aspect of NPD is product design, along wi ...

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, indivi ...

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

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Digital Marketing
{{DEFAULTSORT:Global Marketing Types of marketing