The main objectives of the chapter are: • to provide an overview of strategic concept of marketing with the major principles of global market • to analyse the driving forces and various complexities of international marketing • to evaluate the various entry strategies to international market • to identify the essentials of international market in the context of economic development of less developed countries STRUCTURE 1. When goals are solidified and a commitment is made to specific resources, growth is more likely. However, even today most companies are focused on the domestic market (which is the largest economy in the world), with only one percent of U.S. companies invested in exporting. It makes no difference what industry you are involved with or the size of your organization. As a marketer—as opposed to merely an advertiser—you’ll learn about economics, business management… Global Marketing Corporation was incorporated in April 1981. The 7th Edition of Global Marketing Management prepares students to become effective managers overseeing global marketing activities in an increasingly competitive environment. Global Marketing Management As global competition increases, multinational companies must change how they manage and alter their organizational structures accordingly. Diversifying your markets means more financial stability. Print. sources of natural and personnel resources, cultural differences in decision-making styles. For example, many companies have a highly centralized Product/Service structure, but may have decentralized Pricing, Promotion and Distribution structures. In Japan, for example, it is not enough just to speak Japanese; you must also conduct business the Japanese way. (See also International Marketing). In some cases, it may be more profitable to produce things locally; in others, it may be cheaper to ship them in from across the globe. Only a few generations ago, it took months to ship products to a market in another country, and doing so was such a difficult undertaking that only huge trading companies were able to take the risk. people, money, to create PDF assets) and objectives ofbuy a license. Global marketing implies that your organization standardizes its marketing programs, coordinates across markets and practices global integration. Developing, and respecting, the local business talent is also critical to global marketing. Many companies have lost opportunities and alienated allies by having the attitude that as Americans, they automatically knew better than their foreign partners. For instance, will you use a standardized or adapted marketing approach, expand in a concentrated vs. dispersed manner, or have integrated vs. independent operations? Here they can develop local contacts, as well as gain a deeper understanding about how business is conducted in the area. in Global Marketing Management 22 Weeks. Is it a meaningful translation, or just full of buzz words? Then, developments in transportation technology made it possible for people and products to move much more quickly, and the first push towards globalization began. This unit gives students an understanding of the factors that how the international trade system and the economic, political, legal and cultural environments affect a company’s international marketing decisions. The number of companies that can have a truly global marketing strategy is limited, however if carried out successfully, global marketing offers the following benefits: If your company chooses to go global, planning is essential and is one area that business-owners are often not disciplined enough to do. See our User Agreement and Privacy Policy. Regardless, just wanted to say In order to do so, global companies may rely on local distribution networks; but as they grow in particular markets, they may establish their own networks. This programme prepares students to operate within an internationally-focused marketing team. Change ), You are commenting using your Google account. We got a great deal on a quality car that we wanted. Pleasing customers in product and services categories that are normally hard to reach means winning business that the competition cannot. Learn more. The savvy global marketer must consider all these aspects of marketing in addition to the task of communicating cross-culturally. Scribd will begin operating the SlideShare business on December 1, 2020 They are awesome ⇒⇒⇒WRITE-MY-PAPER.net ⇐⇐⇐, There is a useful site for you that will help you to write a perfect and valuable essay and so on. The curriculum focuses on the various communication strategies and channels available to target a global audience with a strong focus on the latest opportunities presented by digital marketing expansion. To learn more about what a marketing school can do for you, request information from schools with degrees in marketing, and open up a whole new world of opportunity. Nevertheless, the value of U.S. exports continues to increase, amounting to some $2.1 trillion in 2011. Local infrastructure may affect how products are produced and/or shipped. What career titles work with global marketing strategies? To refresh, understand that there are differences between global marketing and international marketing. A business might have partners and employees half a world away, and consumers can get products from those locations in a matter of days. 1. To prepare specifically for global marketing, you’ll also take advantage of classes offered in cultural anthropology and international business law. Research analysts involved with global marketing will also benefit from a background in cultural anthropology. Introduction 1.1 Meaning of Marketing 1.2 Meaning of Global Marketing 1.3 The Strategic Concept of Marketing 1.4 The Three Principles of Marketing 1.5 Transition from Domestic to International Marketing 1.6 Driving Forces for International Market 1.7 Complexities in International Marketing 1.8 Significance of International Marketing and Economic Development 1.9 The Global Marketing Environment 1.10 Fundamental Different between International Trade and Interregional Trade 1.11 Why Global Market is Imperative 1.12 A Successful Global Marketing Plan 1.13 International Market Orientation – FPRG 1.14 International Market Entry Strategies 1.15 Summary 1.16 Self-Assessment Questions 1. You’ll learn how to use both verbal and graphic messages, and how to tap into the values of your target audience to create a powerful message. If you have an office in Hong Kong, for example, you want to make full use of talented Hong Kong Chinese professionals in your marketing, advertising, and distribution. Partnerships with local businesses may be an important step in expanding into one market; while in another market, such partnerships might dilute the brand (See also Local Marketing). Throughout the past few decades, there has been much debate over whether global homogenization of consumer tastes allows for standardization of the marketing mix. Internet marketing managers must have several years’ successful experience in online marketing and/or business development. When marketing products globally, companies must recognize that a marketing mix that works in the domestic market may not have the same success in another market. A global company must be prepared to develop multiple profiles for each of the different regions it trades in. There are three major types of organizational patterns used by MNC’s. This unit gives students an understanding of the factors that how the international trade system and the economic, political, legal and cultural environments affect a company’s international marketing decisions. ( Log Out /  How is a global marketing campaign developed? A single message is cheaper to produce and maintains the consistency of the brand; but it may not perform well in some regions due to differences in cultural values or expectations. Do not underestimate the importance internal communication and organizational structure for your MNC (multinational corporation). “Mass Customization” has now taken the place of “Mass Production.” In today’s world, the customer does not always respond to a “one size fits all” approach. Management School, Faculty of Social Sciences. If you continue browsing the site, you agree to the use of cookies on this website. As of this date, Scribd will manage your SlideShare account and any content you may have on SlideShare, and Scribd's General Terms of Use and Privacy Policy will apply. Planning is a tool that allows you to relate to the future. Additionally, marketers should personally visit their target markets, and spend time in them—even moving to them for a time. Today, many companies have trouble deciding whether using a truly global marketing strategy is right for them. How can a marketing school help you in this field? Developing communications skills will be a core part of your marketing program, and will not only equip you with speech and presentations skills, but also give you a background in both organizational and cross-cultural communication. Nonetheless, in Korea, 99 percent of those with Internet access shop online; in Germany and Japan, 97 percent. AS Global Marketing is an agency for creative brands offering bespoke marketing, branding and business services including social media management, brand development, and website design. my comment didn’t show up. The ultimate goal is to enhance their current position to take advantage of opportunities existing in the global marketplace. MBA-IB Global Marketing Management UNIT I OBJECTIVES To give a broader understanding of the Global marketing management concepts and main issues of Global business. Global Marketing Managers direct a company’s strategy and interests abroad, and may be posted in a specific foreign market. More recently, information technology—and particularly the Internet—has shrunk the world even further. Differences in local competition may require a different pricing strategy. The ultimate goal is to enhance their current position to take advantage of opportunities existing in the global marketplace. So you do not need to waste the time on rewritings. Looks like you’ve clipped this slide to already. From this inauspicious start they developed a line of cosmetics, and after partnering with an American company that already has a global distribution network, their cosmetics are being sold in high-end department stores throughout the world. The United States’ biggest trading partners are Canada, Mexico, China, and the European Union; but international trade by no means ends there. You’ll spend your first semester in Sheffield and the second at Hong Kong Baptist University, gaining a critical understanding of essential marketing principles and a specialist knowledge of marketing to global audiences. Create a free website or blog at WordPress.com. There is a slight trend back toward localization due to new efficiencies of customization made possible by technology, the Internet, and new manufacturing processes. identify international market opportunities, advise on the appropriate market mix (product, pricing, placement, and promotion) for various international markets, establish relationships with local businesses in foreign markets in order to develop product branding and distribution in the location, investigate and advise on the local conditions, including legal environments, develop company websites in multiple languages in order to tap into the global online market, evaluate search terms used in other languages to optimize the website for increased traffic, develop online advertising that can immediately access foreign markets through the web, often focusing on the visual (non-language) aspects of the message, use online data to identify opportunities for expanding the physical company’s presence in the global market, use a variety of methods (including interviews, questionnaires, and statistical analysis) to gather data on a foreign market’s consumer base, identify the demand for a company’s products and estimate the prices those products can sell at, taking into account local competition and particularities of taste, identify the channels available for both product distribution and communications, and determine how costs in the foreign market will differ from domestic costs, investigate foreign cultures; evaluating and predicting cultural responses to product messaging.