GLOBAL MARKETING

Global marketing or international marketing is defined as an activity in which person sells its goods and services from one country to another subject to rules and regulations implied in that country.

In other words, international marketing is the marketing activity which is done abroad beyond any political implementations which is consists of operations and strategies to be followed.

International marketing helps countries for their economic needs and facilitates co-operation between them. It can be done by marketing mix that is price, product, promotion and place and further need customization of that particular product as per the needs of different nation.

OBJECTIVES OF INTERNATIONAL MARKETING

·        Global marketing is used for trading purposes which can give exposure of international brands and one can get to know large geographical area and make strategies accordingly.

·        Many nations like India love Mexican and chinese food which facilitates social and cultural exchange among nations.

·        It helps to provide better health and welfare to the people facing natural disaster.

·        It ensures technological developments and resources utilization at international level.

·        To provide assistance based on industrial growth helps nation to increase their chance to come in developing nations.

HOW TO ENTER THE GLOBAL MARKET

To enter global market one has to understand the potential resources and strategies one need to market on a large scale and attract  the  attention of the customers and businesses. Some of the methods to enter international marketing includes exporting, licensing, franchising, direct investment and joint venture.

EXPORTING

This is the best method to sell your products in another country which is also low at risk. Exporting can be cost effective as one will not need to invest in production facilities.

Also, one has to invest money in transportation which export the product to different nations, involvement of importer and the government of the nation product is exporting to.

LICENSING

It allows person to use international company to use their resources in the target country which is high in profit and require low investment for a specific period of time.

FRANCHISING

A franchising is a joint contract between a franchisor and a franchise in which it sells the right to use their name and its idea under an existing model and trademark.

JOINT VENTURE

A joint venture is a joint contract between two companies one from local international market and other from other nation which start manufacturing products with management and share control of the company.

It also provides the jointly-owned business to earn profits and can be shared equally to both the business person.

DIRECT INVESTMENT

Direct investment in global market requires large amount of cost to cover in technology, their premises and staff.

It can be done by establishing new venture or company to start manufacturing and production in global market.

OPPORTUNITIES IN GLOBAL MARKETING

There are many opportunities in international marketing which includes

·        Reaching more customers as one has large geographical area to do market search which can be done by selling products in international market.

·        Consumer has more variety to choose from as people get products as per their economic needs.

·        Increased communication as well as social and cultural exchange between different nations.

·        Rise of competition and innovative ideas emerge when local businessman export products in international market which focuses on innovation to reduce costs.