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Global Marketing

Global marketing refers to tuning the marketing strategies of a company to the conditions set by other countries. It mainly aims at putting a company on a worldwide scale, where their products and services fairly compete with others from the rest of the world. With the expansion of companies internationally and widespread use of the internet, failing to put one’s company on a global scale exposes it to local competition from international companies and possible collapse (Kotabe & Kristiaan, 2000).

Global marketing has a number of advantages. First, it increases awareness of a product or service to potential consumers. The consumers are able to come across such information on the internet and decide on whether to purchase depending on the information availed. Second, the effectiveness of a product or service is improved through global marketing. This is because with growth there comes learning and hence improvement. Third, global marketing increases on saving while minimizing costs. Lastly, global marketing gives a company a strong competitive advantage.

Global marketing is a gradual process, and most companies evolve at different speeds. It begins with a company focusing first on the local market. A company needs to exhaust the home market before deciding to venture outside. The company then slowly starts to look at potential markets out of their home country, mostly dealing in exports. As the company continues to grow, they begin to market overseas to nearby countries. They make wide use of the internet. Eventually, the company is able to go global with representation in a number of countries.

There are two major marketing strategies used worldwide by countries. The first one is marketing like no borders exist. This has been made easier with the advance of the internet. Companies try to develop a marketing approach that is friendly to all countries, to ease in marketing. Another strategy is having a strong and consistent brand culture. When a brand is properly marketed, it becomes known and customers easily relate to it. Strong brands sell themselves without much input from the companies.

In order to place your company on the global scale, there are a number of things to note. First, you need to identify and know your market. It is important to understand your target market, their cultural preferences, and their habits. This helps in knowing how to interact with them. Also, the company needs to have a marketing plan. This may be different from the local marketing plan and customized according to the target region. Third, tailor fit your approach so that it works for the target audience. Finally, make your communications as local as possible (De Mooij, 2018).

Despite all the information on global marketing, a majority of companies still make mistakes when trying worldwide expansions. The biggest mistake most companies make is not including the locals on the marketing team. It is important to include the locals because they clearly understand their culture and language. Also, most companies tend to introduce a number of products at a time, hence not giving their clients time to adapt to the new products. Some companies have little or no knowledge of global logistics. As a result, they may give the wrong timings, currencies, and languages. These mistakes can be avoided with a proper understanding of global marketing and strategies involved as well as a thorough study and understanding of various regions.

Starbucks

Starbucks identifies and understands the cultural preferences of a region before expanding. The company aligns its menu with the local tastes of a region. For example, in Hong Kong, they have Dragon Dumplings. The company has managed to create a strong brand culture by engaging local cultures.

Question

Do you think global marketing has proved to be effective in the growth of businesses worldwide?

References

De Mooij, Marieke, 2018. GLOBAL MARKETING AND ADVERTISING: Understanding Cultural Paradoxes. Sage Publications Inc.

Kotabe, Masaaki, and Kristiaan Helsen, 2000. Global Marketing Management. New Yoork, NY, USA: John Wiley & Sons.

Kotler, P. T., & Keller, K. L. (2016). Marketing management (Custom 15th ed.). Upper Saddle River, NJ: Pearson, Inc. ISBN: 9780133856460.