Marketing on a Worldwide Scale
A company that takes on a wider scope in their business coverage conquers the global market However, not everything works the same way as how business successfully operates in the domestic field. Failure to consider the diversities and differences in culture and other factors may cause the breakdown of the business. Conducting a standardized market research is essential before stepping into the global business. Not all companies can afford to become global but definitely all global or international companies started out as domestic-only businesses. Companies go up the ladder at a multi-national setting and would want to take advantage of the economies of scale. Marketing research, development, production, and marketing strategies are conducted on regional levels but not across regions. A global business is able to manufacture a single product or offer the same service to the global market with minimal adjustments of certain elements. Coca-Cola, for example, has uniform packaging in various countries. But a country can opt to use its native language on the bottle. As far as the product is concerned although the price is not constant everywhere, but the reality is that the cost of materials and the cost of product development remains the same everywhere. Taking into consideration the distribution of product, you can’t deny the fact that that is based on the power and strength the product symbolizes in the market. Differences in the administrative procedures and product placement can occur. Customers have different and changeable preferences that lead to diversity in customer responses. However, these differences may be addressed by the many ways and techniques a company can integrate. These are just some of the things to help you figure out what global marketing is. There is a lot of other information out there that can help you to understand more what global marketing it. There is a lot of information online that can help you understand exactly what global marketing is. You will want to make sure that you know a lot about what global marketing is before you take your product global.
Management emphasis
Stage one Domestic
Stage two International
Stage three Multinational
Stage four Global
Focus
Domestic
Ethnocentric
Polycentric
Geocentric
Marketing strategy
Domestic
Extension
Adaption
Extension
Structure
Domestic
International
Worldwide area
Adaption creation matrix/mixed
Management style
Domestic
Centralised top down
Decentralised bottom up
Integrated
Manufacturing stance
Mainly domestic
Mainly domestic
Host country
Lowest cost worldwide
Investment policy
Domestic
Domestic used worldwide
Mainly in each host country
Cross subsidization
Performance evaluation
Domestic market share
Against home country market share
Each host country market share
Worldwide
The above table depicts stages of global evaluation and expansion strategies for the same.
A company that takes on a wider scope in their business coverage conquers the global market However, not everything works the same way as how business successfully operates in the domestic field. Failure to consider the diversities and differences in culture and other factors may cause the breakdown of the business. Conducting a standardized market research is essential before stepping into the global business. Not all companies can afford to become global but definitely all global or international companies started out as domestic-only businesses. Companies go up the ladder at a multi-national setting and would want to take advantage of the economies of scale. Marketing research, development, production, and marketing strategies are conducted on regional levels but not across regions. A global business is able to manufacture a single product or offer the same service to the global market with minimal adjustments of certain elements. Coca-Cola, for example, has uniform packaging in various countries. But a country can opt to use its native language on the bottle. As far as the product is concerned although the price is not constant everywhere, but the reality is that the cost of materials and the cost of product development remains the same everywhere. Taking into consideration the distribution of product, you can’t deny the fact that that is based on the power and strength the product symbolizes in the market. Differences in the administrative procedures and product placement can occur. Customers have different and changeable preferences that lead to diversity in customer responses. However, these differences may be addressed by the many ways and techniques a company can integrate. These are just some of the things to help you figure out what global marketing is. There is a lot of other information out there that can help you to understand more what global marketing it. There is a lot of information online that can help you understand exactly what global marketing is. You will want to make sure that you know a lot about what global marketing is before you take your product global.
Management emphasis
Stage one Domestic
Stage two International
Stage three Multinational
Stage four Global
Focus
Domestic
Ethnocentric
Polycentric
Geocentric
Marketing strategy
Domestic
Extension
Adaption
Extension
Structure
Domestic
International
Worldwide area
Adaption creation matrix/mixed
Management style
Domestic
Centralised top down
Decentralised bottom up
Integrated
Manufacturing stance
Mainly domestic
Mainly domestic
Host country
Lowest cost worldwide
Investment policy
Domestic
Domestic used worldwide
Mainly in each host country
Cross subsidization
Performance evaluation
Domestic market share
Against home country market share
Each host country market share
Worldwide
The above table depicts stages of global evaluation and expansion strategies for the same.