Summary - global390

Global marketing is the process of focusing the Resources and objectives of a company on Global marketing opportunities. companies engaging in a Global marketing for two reasons.To take advantage of opportunities for growth and Expansion and to survive. Companies fails to pursue global opportunities are likely to eventually lost their domestic markets because they will be pushed aside by stronger and more competitive global competitors. The topic presents certain prospective on global marketing issues, global strategies and global opportunities. A global market place has Emerged Many companies have recognized the rational of conducting business. Activites outside of the home country Industries that dominated today by a handful of global companies. This paper is about global marketing. An organisation that engages in global marketing focuses its resources on global market opportunities and threats. One difference between national marketing and global marketing is in the scope of activities. A company engages global marketing conducts important business activities outside of the home country of the market. Another difference is that global marketing involves an understanding of specific concepts,considerations and strategies that must be skilfully applied in conjunction with universal marketing fundamentals to ensure success in global markets. This paper attempts to throw light on certain dimesions on global marketing. Strategic marketing The Strategic concept of marketing a major evolution in the history of management thought,shifted in the focus of marketing from the customer of the product to the customer in the customer in the broader external environment. Strategic marketing is in the marketing objective from profits and benefits. Global Marketing Strategies Although some would stem the foreign invasion through protective legislation, protectionism in the long run only raises living costs and protects inefficient domestic firms (national controls). The right answer is that companies must learn how to enter foreign markets and increase their global competitiveness. Firms that do venture abroad find the international marketplace far different from the domestic one. Market sizes, buyer behavior and marketing practices all vary, meaning that international marketers must carefully evaluate all market segments in which they expect to compete. Whether to compete globally is a strategic decision (strategic intent) that will fundamentally affect the firm, including its operations and its management. For many Vol.1 No.2 October 2013 ISSN: 2321 – 4643 3 Shanlax International Journal of Management 37 companies, the decision to globalize remains an important and difficult one (global strategy and action). Typically, there are many issues behind a company`s decision to begin to compete in foreign markets. For some firms, going abroad is the result of a deliberate policy decision (exploiting market potential and growth); for others, it is areaction to a specific business opportunity (global financial turmoil, etc.) or a competitive challenge (pressuring competitors). But, a decision of this magnitude is always a strategic proactive decision rather than simply a reaction (learning how to business abroad). Reasons for global expansion are mentioned below: a) Opportunistic global market development (diversifying markets) b) Following customers abroad (customer satisfaction) c) Pursuing geographic diversification (climate, topography, space, etc.) d) Exploiting different economic growth rates (gaining scale and scope) e) Exploiting product life cycle differences (technology) f) Pursuing potential abroad g) Globalizing for defensive reasons h) Pursuing a global logic or imperative (new markets and profits) Moreover, there can be several reasons to be mentioned including comparative advantage, economic trends, demographic conditions, competition at home, the stage in the product life cycle, tax structures and peace. To succeed in global marketing companies need to look carefully at their geographic expansion. To some extent, a firm makes a conscious decision about its extent of globalization by choosing a posture that may range from entirely domestic without any international involvement (domestic focus) to a global reach where the company devotes its entire marketing strategy to global competition. In the development of an international marketing strategy, the firm may decide to be domestic-only, home-country, host-country or regional/global-oriented. Each level of globalization will profoundly change the way a company competes and will require different strategies with respect to marketing programs, planning, organization and control of the international marketing effort. An industry in which firm competes is also important in applying different strategies. For example, when a firm which competes in the pharmaeutical industry which is heavily globalized, it has to set its own strategies to deal with global competitors. (constant innovation) Tracking the development of the large global corporations today reveals a recurring, sequential pattern of expansion. The f