Educational program: What is global marketing?

For business owners, a key component of a business plan is often the promotion of a product or service. That is why it is important to create an effective results-oriented marketing and advertising strategy, especially if the product will be sold internationally. If so, then you can use global marketing to sell your product and increase your customer base, sales, and profits.

Global marketing is a standardized marketing approach that can be used internationally. This type of marketing strategy works across cultures and countries to promote a product or service. A good example of a company using global marketing is Coca-Cola. This company uses relatively standard brands, packaging, positioning and distribution in its global markets.

The advent of technology and the ability to communicate quickly has made global marketing an important tool, especially for multinational companies that span the world. By developing a single marketing structure that is effective across different time zones, a company can save time and money in its marketing efforts because separate marketing strategies are not needed in each country or region.

Not every market has the same wants and needs. For example, one market may view carbonated drinks as an unremarkable product, while another market sees soda as a luxury. Using global marketing, carbonated beverage companies do not have to operate in certain regions. This may be especially suitable in those countries that have different economic statuses. A poorer country with low income residents may not respond to marketing strategies that work best in an economically developed country.

If you are a business owner that uses global marketing to market their products, then you may also be losing the fight to local businesses that have the ability to tailor their products and marketing efforts to the local population.

In such cases, it is important to be able to tailor your global marketing strategy to specific local markets when needed.