Global marketing is defined as the process of adjusting the marketing strategies of a company to adapt to the conditions of other countries. Global marketing is more than selling a product or service globally. It is the full process of planning, creating, positioning, and promoting products in the global market. You may navigate to www.centricbrandadvisors.com/marketing-consulting/ for marketing consultants in Bangalore.
There are many benefits of global marketing, when it is done right.
1) It is used to improve the effectiveness of the product or service. This is because the more we grow, the more we learn, and the faster we learn, we become more effective at producing new product or service offerings.
2) It provides us a strong competitive advantage. It is easy enough for companies to be competing in the local market. But there are very few companies who can do so on the worldwide arena. Hence, if you can compete in the worldwide market and your competitors cannot, you have become a strong force in your industry!
3) It is used to increase consumer awareness of the brand and product or service. Through the internet, consumers can keep track of our progress in the world.
4) Lastly, it can reduce our costs and increase our savings. In focusing on other markets, you can attain economies of scale and range by standardizing your processes – not to mention the savings that you get when you leverage the internet!
Companies evolving towards global marketing are actually quite gradual. The first stage has the company concentrating on the domestic side, with its activities focused on their home market. Stage two has the company still focusing domestically but has exports.