Exam (elaborations) Gmar7091

Abstract: The main aim of this research paper is to study the broad concept of global marketing. This paper will also focus on what can and cannot be classified into global marketing and the importance of it. Apart from all these topics, the factors that affect the marketing activities at the global level are also explained. This paper will show that the marketing done at a global level has a lot more dimensions as compared to domestic marketing. A lot more factors have to considered as the area to be covered is bigger and consists of a larger variety of cultures, products, economies and trade barriers, etc. Companies also have to consider the communal differences, religious beliefs and the laws of the countries in which they plan to market their products. Due to all these factors and differences, it becomes very clear for the companies that the strategies they have implemented in one country may not work in another country. Considering everything, it becomes very clear that marketing is one of the most crucial activities for a company and its success whether in the domestic market or the global market. 1. INTRODUCTION Nowadays, the business environment is very complex and for the companies that are ambitious and want to gain more market share and competitive advantage, internationalization of their operations becomes a very crucial. The main advantage of internationalization is that the companies are able to cover a broader and more diverse customer base. The spread of globalization has made this process of internationalization much easier for he companies. Due to less barriers and more liberal policies, the companies are able to enter and establish their brand name in newer countries. This process of internationalization in which companies are entering newer markets require the help of global marketing to reach to the customers overseas. Global marketing helps the companies to enter new markets and make the consumers aware of their presence and activities. Now companies develop special strategies called the global marketing strategies (GMS) for this purpose. The issues of the target market and the development of marketing mix are the main parts of the marketing strategies of the companies, whether it is a domestic or single-country marketing or a global marketing strategy. Due to the changing global business environment, it becomes very important to understand the power of global marketing. This paper will focus on all the aspects of global marketing including its importance and the factors, which have to be kept in mind for it. Thus, this paper will help in explaining the importance of global marketing for companies who want to internationalize their operations and what they need to focus on to successfully market their products on a global level. Some famous examples for global marketing success are Coca-Cola; which is considered to be one of the most recognizable brands in the world. They have a marketing approach in which they market globally but keep in mind the local mindset and culture of the people, which helps them to connect to people in a better way. In the same way, German companies like Bosch enjoy the competitive advantage of Germany’s reputation for the excellent engineering of the products. We can find several examples of such practices by big companies worldwide which help them in becoming successful in overseas markets. International Journal of Management and Commerce Innovations ISSN (Online) Vol. 6, Issue 2, pp: (), Month: October 2018 - March 2019, Available at: Page | 1244 Research Publish Journals 2. GLOBAL MARKETING: EXPLAINED Global marketing is a process of adjusting the marketing strategies of a company in order to adapt to other country’s conditions. Global marketing is not just a process of selling your services or products globally; it is a complete process of planning the product, creating and positing it and then promoting that product in a worldwide market. In global marketing, different strategies are implemented depending on the region that company/brand is marketing to. We can also define global marketing as a marketing that is based on a global level that takes advantages of various global operational similarities, opportunities and differences that will help in meeting the global objectives of the company. During process of global marketing, companies make sure that their vision is delivered across different countries by retaining it capability, knowledge and reach. One of the major things that companies need to focus on in global marketing is to find about their target market, various legal policies, laws and competition associated with them in that particular country. The company would also have to take care of the religious and communal preferences associated with their target market. Keeping this in mind, company would have to make adjustments by also maintaining a homogenization in their offering. Global marketing is done successfully when marketing executives use a proper global plan; keeping in mind different countries it is planning to market in. For example: Coca cola started selling its products globally from the year 1919. It has its presence in more than 200 countries around the world. To maintain the consistency of its brand, Coca cola tastes the same in every region it sells. But there is difference in the shape, labeling and size of the bottle depending on the region it is selling in, keeping in mind various norms of each country. Earlier, Coca-Cola used a standardized advertising approach for all the countries it was selling its products in but later it changed to adapt advertising messages to local culture. To fit according to local tastes, the company adjusts its product line. Therefore, developing a global marketing plan keeping in mind various laws, customer preferences, culture, economical/ trade barriers and various religious differences is important for the success of the company. 3. IMPORTANCE OF GLOBAL MARKETING: The basic definition remains the same for both domestic and global marketing remains the same; the only difference is the target market, which is usually the market in some other country. Most of the other components remain the same, the only things, which need to be tailored, are the socio-cultural, political, legal, economic and technological aspects based on each particular nation. Global marketing is very essential for internationalizing a business.  Global marketing effects everyone: There are only a few major players in a particular industry that have a significant control and effect on all of us. The key players in countries have a significant effect on both the businesses and customers at one point or another. This may act in a way that will either hurt or benefit you, therefore one should be familiar with the strategies which will help both the customers and businesses to adapt to these changes. Being aware of what is happening in the global market is always an advantage. As we take an example of Automobile industry in India, thirty years back, the leading manufacturers in Automobile industry were Fiat, Maruti and Ambassador. They were dominating the market. But as the time has changed, companies like Toyota, Honda, BMW, Audi and Mercedes are dominating most of the segments in the automobile industry and are the major players that have changed the game completely. Now, as consumers, they have more options and with increased competition, they are likely to get better deals. For global marketing, even various companies planning to enter the Indian market would first consider these major players and then plan their strategies.  Nobody wants to miss a good opportunity: For some, the capacity to showcase items and services likewise brings an immense business opportunity. At the point when local markets extends up to developed regions of the world, reaching out of the national borders enables a firm to capitalize upon nations encountering financial and population development. It helps in taking advantage of unequal distribution of wealth by enhancing domestic sales with international can help in business growth. For example: for a manufacturer of sun tan lotion, his business is usually during hot summer months only. They could double its sales by marketing to a new country with opposite seasons. Therefore it is a good opportunity for them too if they are involved in global marketing