netrashetty
Netra Shetty
Merck & Co., Inc. (NYSE: MRK), also known as Merck Sharp & Dohme or MSD outside the United States and Canada, is one of the largest pharmaceutical companies in the world. The headquarters of the company is located in Whitehouse Station, New Jersey, an unincorporated area in Readington Township. The company was established in 1891 as the United States subsidiary of the German company now known as Merck KGaA. In common with many other German assets in the United States, Merck & Co. was confiscated in 1917 during World War I and then set up as an independent company. Currently, it is one of the seven largest pharmaceutical companies in the world both by market capitalization and revenue.
Merck & Co. or MSD describes itself as a "a global research-driven pharmaceutical company. Merck discovers, develops, manufactures and markets a broad range of innovative products to improve human and animal health, directly and through its joint ventures." The Merck Company Foundation has distributed over $480 million to educational and non-profit organizations since it was founded in 1957.[2]
The major driver of international trading, as indicated above, is globalisation. Studies have defined globalisation as the union and interrelationship of systems of production and distribution of cultural differences among the diverse economic systems in the world. (Connell 2004, 78) Thus, the attempt to develop the economy is the primary thrust of countries to trade with other nations to satisfy both their self-serving ends. In the same regard, the mobility of capital between the countries make trading vital for the operations of any economic system. With such capital, economies are able to acquire both economic growth and economic development. Lam and Kwok (2001, 466) defined economic growth as “the process of growth in the total and per capita income, accompanied by a fundamental change in the institutional dimensions of the economy.” This means that along with the improvements in the potential of the economic features of the state, the state seeks to improve the social conditions for the state. On the other hand, states also encourage international trading because they seek to secure capital accumulation on a consistent level. (Hayami and Godo 2005, 85) This is basically what is characterised as economic development.
It has been established that states welcome any form of trading with other countries provided that they fulfil some self-serving interests. However, like any other endeavour, it is more likely that impediments and problems are to be expected in the process. Though there has been an established legal framework that deals with free trading in the global setting, states sometimes find a way to ratify protectionist policies to look after their local industries. Such policies could include the imposition of quotas, subsidies, tariffs, and other trade restrictions. (Ruggie, 1994, 2) Other barriers could also be seen in the existing legal frameworks that a particular country employs as a part of their responsibilities as members of a regional bloc or a different trade agreement.
IV. Domestic vs. International Marketing
The concepts of domestic and international marketing often fall under the need of companies of market research. More specifically, the two concepts tend to emulate the paradox on which London and Hart (2004) have established: internationalisation and localisation. Altogether, this is labelled as the native capability. Essentially, the relationship of international and domestic marketing reflects the need for companies to employ a comprehensive review of the existing market through a marketing mix applicable in the said market. To do so, companies tend to find features of the market to create a strategic fit that will complement the ends of the organisation. (Melawar and Saunders 1999, 583) This thus manifest the importance of the considering the social standards and social institutions of the local market before embarking on a serious internationalisation effort in terms of marketing.
Based on the discussions above, it shows that the two concepts actually work hand-in-hand for the organisation that seeks to operate in an international level. In the same account, it establishes the need for information before embarking on a head-on attempt to break-in to the international scene. For instance, Nachum and Wymbs (2005, 415) indicated that for companies to make the most of their operations overseas, they have to be aware of the competitive elements present like the competitive pricing schemes. Other information like the competitors and the reputation of their brands are also noted factors in the process. Upon cowing these information about the local market, the company seeking internationalisation thus have the capability to alter their strategy that will allow them to maximise their assets and take advantage of the weaknesses of their competitors.
Merck & Co. or MSD describes itself as a "a global research-driven pharmaceutical company. Merck discovers, develops, manufactures and markets a broad range of innovative products to improve human and animal health, directly and through its joint ventures." The Merck Company Foundation has distributed over $480 million to educational and non-profit organizations since it was founded in 1957.[2]
The major driver of international trading, as indicated above, is globalisation. Studies have defined globalisation as the union and interrelationship of systems of production and distribution of cultural differences among the diverse economic systems in the world. (Connell 2004, 78) Thus, the attempt to develop the economy is the primary thrust of countries to trade with other nations to satisfy both their self-serving ends. In the same regard, the mobility of capital between the countries make trading vital for the operations of any economic system. With such capital, economies are able to acquire both economic growth and economic development. Lam and Kwok (2001, 466) defined economic growth as “the process of growth in the total and per capita income, accompanied by a fundamental change in the institutional dimensions of the economy.” This means that along with the improvements in the potential of the economic features of the state, the state seeks to improve the social conditions for the state. On the other hand, states also encourage international trading because they seek to secure capital accumulation on a consistent level. (Hayami and Godo 2005, 85) This is basically what is characterised as economic development.
It has been established that states welcome any form of trading with other countries provided that they fulfil some self-serving interests. However, like any other endeavour, it is more likely that impediments and problems are to be expected in the process. Though there has been an established legal framework that deals with free trading in the global setting, states sometimes find a way to ratify protectionist policies to look after their local industries. Such policies could include the imposition of quotas, subsidies, tariffs, and other trade restrictions. (Ruggie, 1994, 2) Other barriers could also be seen in the existing legal frameworks that a particular country employs as a part of their responsibilities as members of a regional bloc or a different trade agreement.
IV. Domestic vs. International Marketing
The concepts of domestic and international marketing often fall under the need of companies of market research. More specifically, the two concepts tend to emulate the paradox on which London and Hart (2004) have established: internationalisation and localisation. Altogether, this is labelled as the native capability. Essentially, the relationship of international and domestic marketing reflects the need for companies to employ a comprehensive review of the existing market through a marketing mix applicable in the said market. To do so, companies tend to find features of the market to create a strategic fit that will complement the ends of the organisation. (Melawar and Saunders 1999, 583) This thus manifest the importance of the considering the social standards and social institutions of the local market before embarking on a serious internationalisation effort in terms of marketing.
Based on the discussions above, it shows that the two concepts actually work hand-in-hand for the organisation that seeks to operate in an international level. In the same account, it establishes the need for information before embarking on a head-on attempt to break-in to the international scene. For instance, Nachum and Wymbs (2005, 415) indicated that for companies to make the most of their operations overseas, they have to be aware of the competitive elements present like the competitive pricing schemes. Other information like the competitors and the reputation of their brands are also noted factors in the process. Upon cowing these information about the local market, the company seeking internationalisation thus have the capability to alter their strategy that will allow them to maximise their assets and take advantage of the weaknesses of their competitors.
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