Developing the Global Marketing Concept
- Posted by:
- Fri, 22-04-2016
Global marketing means marketing to target markets throughout the world and it’s an imperative for almost every business. When we talk about globalization language comes into our path, because to communicate accordingly it is all that takes is to know all about language of that area.
To flourish your business all over the world online professional language translation service agency are helping every company to do better communication by providing services like Thai brochures translation services. Managers have to recognize and react to international opportunities as well as the foreign competition, which is found in almost every industry.
In addition marketing executive have to understand how customers and suppliers networks operate worldwide. The world global refers to the balanced mobility, competition, social business and intellectual reins. Global vision means being aware of threats and foreign competitors in all market and effectively using international distribution networks.
About 85% of all US exports are made by 250 companies, all totaled there are only 2500 companies export their goods on regular basis. Most small and medium size firms are non participant of global trade in marketing.
Many companies find a steady opportunity for growth in foreign market. However American fast food companies have found its growth market at international basis. Some marketers have become more saturated in the United States.
Despite all the attributes of global trades there are millions of people are losing their jobs to companies who hire the people of other countries to operate at much lower cost, because they can pay them to work on the much lower rate.
A multinational corporation is a company that is heavily engaged in an international trade. For example 80% of coco cola operating earnings come from abroad. The company now makes more money in Japan than in the United States.
Coco cola is the true multinational; it sells in almost every country in the world. Usually Multinational Corporation is enormous which sales larger than the gross domestic products of most countries of the world.
Large multinational corporations have many advantages over other companies
- They can overcome trade problems.
- Side step the regular problem
- They can shift cause from one plant to another.
- Save in labor cost.
- Tap new technologies from around the world.
Global marketing standardization
Global marketing standardization presumes at the market throughout the world are becoming more and more alike and that globally standardized products can be sold as same way all over the world. Some markets and products like MacDonald Pepsi and coco cola do seem to set global market standardization concept and does show a high tech products are also likely to be market as globally in a standardized manner.
Most firms try to identify yet minimize needed product modifications from country to country. Advertising usually differs in each market; an example of global standardization is coco cola. However coco cola has discovered need to allow local managers to adjust the product mix in order compete local brands. For example in Spain it is used heavily as a mixer even for vine and is advertise in such way, in Italy coco cola is easily drunk with meals in the place of vine or cappuccino.
The external environment
Cultures form the basis for the family, education, religious and social class systems. Culture significantly influences the marketing mix without understanding a countries culture, a company has a little chance to effectively penetrate in the market.
Society is the fastest individuality often very liquidized for marketers or personal care products and fashion clothing. With each consumer striving to be unique, fashion can change consistently.
Language and Etiquette
Important aspect to consider is the meaning and significance of language and slang terms, difficulties in translation, adequate and negotiation procedures. The translation issue is now being resolved by online certified language translation services agency who helps you to translate advertising tools to attract more audience towards your product like through Thai Brochures translation services, you can easily translate brochures for your company. Differences in cultures may expose marketing opportunities. In Japanese culture a traveler must buy gifts and souvenirs for family, friends and business associates.
Notion of time
In some cultures being few minute late meeting is actable where as another culture it s really unprofessional or disrespectful. Also in some cultures time spend getting to know acquaintance is in a waste of time but considered necessary in order to trust the person with whom you are dealing. Some of the tips about notion of time are
- Know appropriate arrival time.
- Understand the line between the work time and social time.
- Study the rules of the waiting game.
- Lear to reinterpret, doing nothing.
- Ask about acceptable consequences.
- Are people on clock time or event time?
Economic and technological development
In general complex and sophisticated industries and higher family incomes are found in developed countries and more basic industries and lower incomes are found in less developed nations. The five stages of economic growth and technological development are traditional, preindustrial, takeoff, industrializing and fully industrial.
The traditional society is largely agricultural with the social structural and value system that provide little opportunity for upward mobility. It is costume bound and economy typically operated the system level because it primitive or no technology.
Preindustrial society is characterized by economic and social change and the emergence of rising middle class with and entrepreneur spirit. Nationalism may also emerge hindering the entrance of multinational corporations.
Take off economy
The take off economy is the prepared transition from the developing to a developed nation and a new industry arises and in generally healthy social and political climate emerges.
The industrializing society is characterized by the technology spread to most sectors of the economy, a large middle class arises and the demands for luxuries and services grow.
Fully industrialized society
It is an exporter of manufactured products, many of which are based on advanced technology. The wealth of industrialized nations creates tremendous market potential.
The lesson of globalization would help you to lead your product to the world’s market. online certified language translation service agency is helping you in that regard by translating your language into another, which makes you more and more communicative to the world.