Global Marketing Assignment Help
Global marketing is the process of adjusting the strategies of marketing of a company to adapt to the conditions of other countries. Global marketing includes strategies that look at the entire world as their arena of operations. Global marketing although includes selling your products or services globally but it is not limited to that. It includes planning, creating, positioning and promoting your products in a global market. Due to the increase in the competition it is necessary for all the companies to enter into global market and increase its sale and profit level. Global marketing can be applicable on those products that have universal demand. Big businesses can provide its products to its customers because they have offices in the global market but with the growth in the use of internet even small businesses can compete at international level. For increase in the competency level, selling the products into global market is important. Entry can be done through joint venture, foreign direct investment, by creation of a strong brand culture, marketing as if there were no borders, etc.
GLOBAL MARKETING STRATEGIES:
- Creation of a strong brand culture: A brand culture that is familiar to customer attracts the customer more. In the modern world, it is important for the consumer to see what brand they are supporting as it is assumed to reflect their taste and choice of lifestyle. Customers tend to go for the product with great brand value.
- Planning a Global Campaign: After the product has been set to be in the global market, the publicity campaign for the product begins. Global marketing agency looks after the creativity, media attention, and other mass advertisement ways.
- Pricing and packaging: Price is a sensitive term when the product is all set for a new market to enter. It affects the ability of the consumer while purchasing a product. It is one of the main elements of marketing mix. Packaging also affects the choice of the consumer because it attracts for the purchase.
- Market without boundaries: The product is to be put in the market as there is no difference in strategy. As the use of internet is expanding different strategies cannot be adopted for different countries. Marketing strategy which is unified and is able to help the product to compete in the market needs to be adopted.
BENEFITS OF GLOBAL MARKETING:
- Marketing strategies can help to reach to variety of customers. It can help the company to gain knowledge of the various choices of the customers by which the competitiveness of the organization can increase.
- Global marketing can result in improved level of communication and coordination in the marketing strategies of the company. New approaches can be adopted which can increase the brand value of the product and increase in sale.
- There remains a consistency in the brand image of the product as because it operates in the global market.
- The marketing practices as are being adopted by the organization remains consistent and uniform which can increase the sale value of the product.
ISSUES IN GLOBAL MARKETING:
- Lack of adaptation of sales and marketing channels can be the issue occurring in the global market. As many organisations think that same strategies as were applicable in the local markets can be used globally.
- Political instability can affect the sale of a product. Many organisations work as per the political environment in their country which decides about their policies and ways to be adopted.
- Distance and language is also an issue that affects a product in the global market. The communication level might be low because of the language and the delivery of the product can be late as per the distance.
- A difference in brand, product development and competitive environment affects the value of the product and the decision of the consumer can be changed.
ELEMENTS OF GLOBAL MARKETING:
- Product: The product must be as such which has a universal demand and is able to compete in global environment. It must deliver a minimum level of performance as is necessary. The elements of the product must be as such which can be sold in different markets.
- Place: Place is where the sale happens. The policies and practices adopted for the distribution affects the demand for the product. It affects the products position in market structure.
- Price: Price varies as on the basis of cost of production, the supply demand setup and various factors which affects the pricing strategies in the plan. Price plays a major role in the marketing of a product. It can enhance the image of the product and can help it in being different from others. It varies from market to market.
- Promotion: Promotion strategies are undertaken specifically to increase the sale of a product and enhancing the image of the brand. Various activities such as publicity, advertisement, press reports, direct marketing etc. are adopted as such.
GLOBAL MARKETING EXAMPLES:
- Coca-Cola: It is the great example of putting international marketing efforts. Although it is a large corporation, its focus is on the small levels as well. In Egypt, it has built 650 clean water installations in the rural village of Beni Suef and sponsored meals for children in Middle East.
- Domino’s: It adopted menu innovation as such for competing in global markets which increases international interest and awareness. They use uniform raw material at every market just the toppings on the pizza differ. By this it can gain a better understanding of the consumer’s choice and can upgrade effectively.
- Spotify: Spotify is just being considered as one of the best global companies in the world as per 2018. It expanded so quickly from Sweden to other countries. Its business model is focused on finding something new. There is a great genre of music to listen which can be changed according to the mood of the person. The way the content is changed and described mostly affects the listener.
- Airbnb: It includes booking and listing of accommodations all over the world. Airbnb has grown to 1,500,000+ listings in 34,000+ cities worldwide. It was founded in 2008 in San Francisco, California. The social media campaign #onelessstranger was a global experiment and it worked out successfully with 3,00,000 people talking over the internet.
We can conclude that global marketing is for the products that have universal demand and the ones which are able to compete in the environment successfully. It basically includes products from food and technology as because of the proliferation of the internet. Global marketing comes with its own benefits and issues occurring with application of proper strategies and implementation of them. With the use of the elements of marketing mix the products sale can increase. Global marketing is thus beneficial for the organisations to compete successfully in domestic and international markets both and increase the revenue generation and brand image of the company.