Global marketing

Global marketing is nothing but marketing done at the national and international levels which involves understanding similarities and differences and taking advantage of opportunities to achieve the goal. Focusing on global marketing is just as important as focusing on local marketing if a company aims to increase sales.

The local market has become saturated with most categories of products and services in all industrialized countries, and therefore it began dealing with other countries to increase its sales. Usually in such a situation, goods that are too expensive for local customers to buy are exported to other well-off countries.

When a company markets within the boundaries of a particular province, it has to compete with other local companies as well as international companies that are part of the market. The marketing steps taken by professionals depend on the taste of a specific audience. The product may not suit the taste of customers at a higher level. Other local companies planning to expand globally are hindering the growth of these companies. They become invisible internationally because they are unable to deal with increasing competition and may not be aware of potential competitors. Product development is based on the need of local people. Such types of companies are ethnocentric and only care about their performance in the local market.

Companies planning to go global should start by exporting to a foreign customer first. The returns will not be satisfactory at first. The export department can be entered at the headquarters, which deals with all laws. There could be potential to become secondary exporters by bringing an export management company into the picture, which will handle the language issue, time difference, paperwork and customers. If the export department is without any help, the export department can be started in an office located abroad. This office works in cooperation with the regional headquarters. But the marketing decisions are made by the relevant external offices, as they will have the best knowledge of the particular market in which they operate.

Multinational marketing involves marketing in many countries. Marketing is based on the requirements of different countries and the returns are remunerative. Each area should be studied separately on the basis of development, production and marketing. These types of markets are known to be region-centric. Global marketing includes the whole world. The entire world is summed up as one market and the products brought to market must fit the needs of any regional market. Marketers all over the world make marketing decisions. This type of market is known as geocentric.

The automotive industry is one such market that has seen a global increase in sales over the past 50 years. Previously, only local companies such as Ford and General Motors produced cars in America, but today other international competitors such as Toyota and Honda operate in the same market and outperform local companies. Another major factor in global marketing is the Internet, which introduced e-commerce. Business has become online and global. This has encouraged the company's sales and the numbers are only increasing due to increasing Internet users. The geographical location of customers is no longer a barrier. Global marketing management and B2B e-commerce are growing rapidly.

Product, price, placement and promotion are the elements of universal marketing. The product created should be such that it can be sold anywhere using the same method. It should take into account the basic elements of all markets. However, the language in which the product is named can be changed, so the content can remain the same. The price is never fixed. It should be determined after reviewing the market and the country's currency. Variables that affect prices are the location where the product is produced, the cost of components, transportation charges, labor charges, etc.

Placement is how the product is distributed and how it reaches the target market. As in third world countries, there is a shortage in supermarkets, so they can be placed or sold in regular stores. After the product is developed and distributed, it must be specifically promoted with what is known as advertising, as promotion is one of the main steps of marketing and consumes a large portion of the budget. If the same message can be sent all over the world in a convenient and cost-effective way then it certainly needs to be put into practice but the challenge is really big.