Creating a Global Market for Your Business
Global Market is the way a business develops, creates, positions and advertises its products and services to the world. Giant corporations have always had their hands in global marketing through having international operations, representatives and employees, but small businesses can also participate by creating a worldwide brand image. This is a very difficult task, as it requires a lot of research, preparation, and planning. It involves adapting a marketing strategy to places with different values, cultures, and even languages. Having a well-planned international strategy in place can increase the chances of success and help your company reach new heights of profitability.
The emergence of a global marketplace has shaped the marketing tactics of all businesses. Rather than catering to the demands of a specific local market, global companies strive for an ideal product that appeals to consumers across the world. It’s a move that has decimated competitors stuck in old assumptions about how the market works.
There are two vectors shaping the world-technology and globalization. The first helps determine human preferences, while the second shapes economic realities. The result is a gradual convergence of preference that inescapably leads to economies of scale and reduced world prices. Global companies understand this new commercial reality and systematically push these vectors toward their own great strategic fecundity.
Global business has become a conduit for cultural understanding, enhanced communication between governments and improved products and services for billions of people worldwide. Consequently, it’s no wonder that modern consumers readily accept the products and services of multinational firms.
Globalization is a force that cannot be reversed, but companies must learn how to adjust their marketing strategies to the new reality of a global marketplace. The most effective world competitors incorporate the costs of globalization into their price structures, selling globally standardized products in every national market. These products may vary slightly from one country to the next, but they are identical in terms of design and function. Coca-Cola tastes the same everywhere, but the brand does not shy away from ad campaigns in countries with varying taste buds or traditions. Cigarettes are another example of a product that has succeeded in crossing multitudes of deeply ingrained local preferences for flavor, consistency, and effervescence. These differences are only tolerated because the prevailing global logic of product, market and profit prevails. The global competitor is ruthless in its pursuit of this goal. It will only digress from a product standardization once it has exhausted all possible alternatives.
Global Market is the way a business develops, creates, positions and advertises its products and services to the world. Giant corporations have always had their hands in global marketing through having international operations, representatives and employees, but small businesses can also participate by creating a worldwide brand image. This is a very difficult task, as it requires a lot of research, preparation, and planning. It involves adapting a marketing strategy to places with different values, cultures, and even languages. Having a well-planned international strategy in place can increase the chances of success and help your company reach new heights of profitability. The emergence of a global marketplace has shaped the marketing tactics of all businesses. Rather than catering to the demands of a specific local market, global companies strive for an ideal product that appeals to consumers across the world. It’s a move that has decimated competitors stuck in old assumptions about how the market works. There are two vectors shaping the world-technology and globalization. The first helps determine human preferences, while the second shapes economic realities. The result is a gradual convergence of preference that inescapably leads to economies of scale and reduced world prices. Global companies understand this new commercial reality and systematically push these vectors toward their own great strategic fecundity. Global business has become a conduit for cultural understanding, enhanced communication between governments and improved products and services for billions of people worldwide. Consequently, it’s no wonder that modern consumers readily accept the products and services of multinational firms. Globalization is a force that cannot be reversed, but companies must learn how to adjust their marketing strategies to the new reality of a global marketplace. The most effective world competitors incorporate the costs of globalization into their price structures, selling globally standardized products in every national market. These products may vary slightly from one country to the next, but they are identical in terms of design and function. Coca-Cola tastes the same everywhere, but the brand does not shy away from ad campaigns in countries with varying taste buds or traditions. Cigarettes are another example of a product that has succeeded in crossing multitudes of deeply ingrained local preferences for flavor, consistency, and effervescence. These differences are only tolerated because the prevailing global logic of product, market and profit prevails. The global competitor is ruthless in its pursuit of this goal. It will only digress from a product standardization once it has exhausted all possible alternatives.