What is Global Marketing?

Global Marketing: Over the years, academics and international companies alike have become aware that opportunities for economies of scale and enhanced competitiveness are greater if they can manage to integrate and create marketing strategies on a global scale. A global marketing strategy involves the creation of a single strategy for a product, service, or company, for the entire global market, that encompasses many markets or countries simultaneously and is aimed at leveraging the commonalties across many markets. Rather than tailor a strategy perfectly to any individual market, the company aims at settling on one general strategy that will guide itself through the world market. The management challenge is to design marketing strategies that work well across many markets. It is driven not only by the fact that markets appear increasingly similar in environmental and customer requirements, but, even more so, by the fact that large investments in technology, logistics, or other key functions force the companies to expand their market coverage. Thus global marketing is the last stage in the development of the field of international marketing. While global marketers face their own unique challenges that stem from finding marketing strategies that fit many countries, the skills and concepts of the earlier stages are very important and continue to be needed. In fact, companies that take a global marketing approach will be good exporters because they will include some exporting in their strategies. Such firms will also have to be good at international marketing because designing one global strategy requires a sound understanding of the cultural, economic, and political environment of many countries. Furthermore, few global marketing strategies can exist without some local tailoring, which the hallmark of multinational is marketing. As a result, global marketing is but the last of a series of skills, all included under the broad concept of international marketing.