Global marketing is the application of a single marketing strategy in the worldwide market , for a product or service. International marketing refers to the company’s penetration into the prospective markets of different countries by directly engaging in the local marketing environment.
The difference between ‘ international’ and ‘global ‘ security rests on the way these two words are defined. The online version of the Merriam-Webster Dictionary defines international as “involving two or more countries: occurring between countries,” while it defines global as “involving the entire world”.
Global marketing is “ marketing on a worldwide scale reconciling or taking global operational differences, similarities and opportunities in order to reach global objectives”.
International marketing involves the marketing tactics adopted by knowledgeable marketers in different countries specific to the markets of those countries. Global marketing , on the other hand is a marketing concept which involves the marketing efforts put in for the unique worldwide market .
International Marketing – Advantages Provides higher standard of living. Ensures rational & optimum utilization of resources. Rapid industrial growth . Benefits of comparative cost . International cooperation and world peace. Facilitates cultural exchange. Better utilization of surplus production. Availability of foreign exchange.
Global Marketing Strategies Red Bull . Airbnb . Dunkin Donuts . Domino’s. Rezdy . World Wildlife Foundation. Pearse Trust. Nike .
Four main global strategies form the basis for global firms’ organizational structure. These are domestic exporter, multinational, franchiser, and transnational. Each of these strategies is pursued with a specific business organizational structure (see Table 16-3).
Worldwide is something that covers all countries or the majority of them so they are spread across the world. International can mean dealing with one or two countries only. These terms are used as one and the same in many cases.
McDonalds is considered a multinational corporation or a transnational corporation . McDonalds has roughly 30,000 restaurants in 119 countries. There are many advantages when it comes to McDonald’s international trading. McDonalds has affected many different economies in different countries.
What Are the Cons of Global Marketing ? It can be difficult to determine if there is an available market . There will always be risk. There may be different laws and standards which need to be met. It can create numerous barriers to entry. International politics and market conditions can eliminate profits.
Global marketing – universal demand Global marketing is especially crucial for products and services that have universal demand. For example , food is a product with universal demand, i.e., everybody needs and buys food. Insurance is an example of a service with universal demand.
The global marketing mix comprises four main elements: product, price, placement and promotion. Although product development, promotional tactics and pricing mechanisms are the most visible during the marketing process, placement is just as important in determining how the product is distributed.
A global marketing strategy (GMS) is a strategy that encompasses countries from several different regions in the world and aims at co- ordinating a company’s marketing efforts in markets in these countries. This also means that a GMS, in some ways, goes counter to a true customer orientation (see MARKETING PLANNING).
Export marketing is the practice by which a company sells products or services to a foreign country. “At its simplest level, international marketing involves the firm in making one or more marketing mix decisions across national boundaries.
Global Marketing Strategy: 10 Principles of International Marketing and Global Branding People. Product. Prices. Promotion. Place. Packaging. Positioning. Physical Evidence.