Getting your feet wet with the basics of the global marketing concepts is a lot better than “diving” in the center of it right from the start and facing problems and confusions at every step. Since, we know that like every other big brand owner, you also want yours to move to the big market to get exposure to a huge audience, that’s why your search has led you here. In this article, we will cover up some of the most important concepts that can surely help you save a lot of hard work later on. These concepts will include everything about global marketing ranging from its definition to other important concepts that tackle with it later on.
Basic Global Marketing Concepts
In fact, the idea of global marketing surrounds itself with many complicated terms and buzz words that need to be cleared up before getting into the full-depth explanation of each. But first of all, you need to know what the global marketing term is all about and how these concepts impact on Global Marketing Strategies.
- Defining Global Marketing
Global marketing is a tactic of upgrading the audience reach of your brand from domestic level to an international scale or even at the level at which it can influence the whole world by following certain steps. What you have to do is same as that of domestic level but this time, you will have to provide your services to the whole world or the targeted markets.
Simply said, in global marketing, you need to promote your brand worldwide to attract international customers for the purpose of gaining huge profits and popularity at a time. But! The objectives can change from brand to brand and from strategy to strategy. It’s the final staging place for a brand to spread the word of its products and services throughout the world.
If you listen to the news or use social media, then you might have come across the term “globalization” a lot. Well! It’s a trend of greater independence among different institutes and organizations, i.e. economically, technologically, culturally and politically, by letting active cooperation between the various entities in making national boundaries less relevant.
Since with the advent of interconnection technology i.e. the internet, the world has been brought a lot closer than it was once. And this provides such entities a perfect opportunity to increase their effectiveness.
- Domestic Marketing
Marketing a product domestically resembles the global marketing scenario in the terms of the techniques. Since, the methods, which you would be using for global level, would often be similar to that of the domestic level. For most of the cases, it’s usually the first stage before a brand ascends to the global scale. For the purpose at hand, the company has to collect data about the customers’ behaviors towards an individual product and using that data; it has to formalize a perfect strategy to promote its product in a particular locality.
- Export Marketing
Export marketing is the outcome of saturation of domestic markets or requests from out of boundaries customers, i.e. international clients who could lead the brand owners to step out to reach them. At this second stage towards internationalization, brands focus towards exporting their products and services in outer markets while relying on the assistance from other companies regarding sponsorship or whatever the brand owner would like to name it.
- International Marketing
One of the prime global marketing concepts or better said, the basis of global marketing itself, the international marketing comes into play when a company being in the outer market becomes self-dependent, and its promotional strategies began getting huge responses. Thus the company starts seeking new markets to spread its word to a few targeted markets.
- Multinational and Multi-domestic Marketing
As soon as the company’s grip on external markets begins to grow stronger, it tries to settle itself in that particular market and operate from there, independently, just like a domestic one. From that local market, the process repeats itself to other markets at which the company can lay its hands.
At the same level, the brand also struggles to standardize its product for all countries to give rise to a final product suitable for global marketing, the fourth and final stage.
- International Trade
As its name suggests, the concept of international trade becomes a part of company’s objectives when it moves to international marketing. Since at that stage, the company needs to import and export its product both to its customers as well as its other branches.
- International Business
To cut the costs of import and exports, brands employ one of the most successful global marketing concepts, the idea of international business which is an extended version of international trade and involves the independent creation and selling of products for each market.
- Closed Loop Marketing
Closed loop marketing is the name of continuously monitoring the response of the customers to marketing techniques. Although such global marketing concepts are not of much importance initially, as a brand grows bigger and bigger along with its target market, it becomes a lot important to know what your customers expect from you and what they are getting. Thus, in one way or other, you have to ensure the adaptability of your product in the market.
- Targeting Demographics
For increasing the effectiveness of marketing strategies, companies often have to target certain demographics. The success of any marketing strategy depends on upon the targeted type of population and its properties like some companies target their products just for cooler regions while some target for females or on the other hand, you wouldn’t try to target toys for older people instead of kids.
The deeper a brand goes into a market, the stronger its influence gets but more cautious it has to be to keep going and achieving the success. And that cautious behavior is only possible by an in-depth knowledge of what global marketing concepts you need to stick to and which of them are not necessary at your level.
Hello everyone! This is Richard Daniels, a full-time passionate researcher & blogger. He holds a Ph.D. degree in Economics. He loves to write about economics, e-commerce, and business-related topics for students to assist them in their studies. That's the sole purpose of Business Study Notes.
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