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WHY IS GLOBAL MARKETING IMPORTANT?
Global marketing is when a company views all of their markets as one and decisions are no longer limited by borders. Because this level of of marketing is reached through much time, effort and growth, one may wonder why it is important at all. So,
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WHY is Global Marketing Important?
It effects us all. First and foremost, I understand that not everyone works at a huge corporation or industry-leading company. This is not to say you shouldn’t pay attention to what key players and countries are up to. Everything they do has an effect on other businesses and consumers at one point or another. It may either help or hurt you, so familiarizing yourself with their strategies can help you to adapt to changes (whether that be from a buying or selling standpoint). If nothing else, being aware of what’s going on globally is never a bad thing. For example, take a look at the auto industry in America. Thirty years back, the industry-leading manufacturers were General Motors, Ford and Chrysler. Today, companies like Toyota, Honda, and BMW have really changed the game. As a consumer, you now have many more options, and with more competition you are likely to get a better deal on a vehicle.
You don’t want to miss a good opportunity.
For many, the ability to market products and services globally also brings a huge business opportunity. When domestic markets become saturated in developed areas of the world, extending beyond national borders allows a firm to capitalize upon countries experiencing economic and population growth. This trend can prove true in both b2b and b2c business models. One instance where this can be easily observed is in the IT and telecommunications industries. As emerging markets such as the BRIC countries (Brazil, Russia, India, China) become more industrialized, their need for technology and connectivity increases. As a result, many major US and western European companies are able to expand through international marketing efforts.
Taking advantage of uneven income streams by supplementing domestic sales with international can also serve as another opportunity to balance cash flow and grow your business . For example, if you are a maker of sun tan lotion that is only usually bought in hot, summer months, marketing to a new country with opposite seasons may be the chance to double your sales.
Globalization of production and distribution (essential components of the marketing mix) may help your company minimize costs and lower your bottom line. For example, Nike is a predominately U.S. company with an “all-American” brand, but their products are assembled in foreign countries to save big on costs. These business practices remain steady, although controversial for exploiting workers in developing countries and taking away jobs from developed ones.
Lastly, remember that the threat of competition now exists on a worldwide scale. If your company isn’t taking advantage of the opportunity out there, your existing competition will. You may also experience the threat of foreign competitors entering your domestic market.
