Thursday, May 20, 2021

Global Marketing

 Global Marketing 

Global marketing is defined as “marketing 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 into the country.  Global Marketing 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 and leadership. 

Global Marketing is 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. As per Prof M.V. Kulkarni “Global marketing involves identifying needs, wants and demand of global customers and making the products/services available to them either through own manufacturing or outsourcing and distributing the product/service at the places convenient for consuming.”

Globalisation means integrating the economy of a country with the Global/World Economy. It means our economy is open to foreign direct investment by providing facilities to foreign companies to invest in different fields of Indian industry/commerce. MNCs have freedom to import foreign capital. Indian companies can enter into foreign collaborations in India and set up joint ventures abroad. Import duties are considerably reduced. MNCs can enter a number of crucial sectors. Imports are liberalised considerably. New Economic Policy since July 1991 has introduced Globalisation in India.

According to Warren J Keegan, “Globalisation is the process of focusing the resources i.e. people, money and physical assets and objectives of an organization on global market opportunities and threats” As per Prof M.V. Kulkarni “Global marketing involves identifying needs, wants and demand of global customers and making the products/services available to them either through own manufacturing or outsourcing and distributing the product/service at the places convenient for consuming.” Global Marketing is 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. Different strategies are implemented based on the region the company is marketing to. Global marketing is especially important to companies that provide products or services that have a universal demand such as automobiles and food.

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