Marketing Strategies
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The Global Marketing is an opportunity for the organizations to expand their market share, diversify their product portfolio, generate more profits, remain competitive, and be able to respond to new challenges. Global marketing strategies engage in maximizing standardization, homogenization, similarities, synchronization and integration of marketing activities. However, organizations cannot always ensure that the success of a product or service in one country will achieve the same success in another country. In many cases the customization and adaptation can be key to successfully market the product or service into new markets from different cultures. In the XXI century, it is important to be global as well as local.
Customization involves creating marketing strategies for different regions of the world, taking into account differences in culture, habits, customs, religion, region, and nationality of the different target markets. And this process of mixing the global and local strategies is known as “Glocal” Marketing. It reflects the aspirations of pure global marketing strategies, while simultaneously recognizing the need for local adaptations of marketing activities (Holt, Quelch, & Taylor 2004).
Customization involves creating marketing strategies for different regions of the world, taking into account differences in culture, habits, customs, religion, region, and nationality of the different target markets. And this process of mixing the global and local strategies is known as “Glocal” Marketing. It reflects the aspirations of pure global marketing strategies, while simultaneously recognizing the need for local adaptations of marketing activities (Holt, Quelch, & Taylor 2004).
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When planning to go international, a company should know where it is now, where it wants to go, and how it might get there. Having set the objectives, marketers will develop the marketing strategies and activities which will allow the company to achieve those objectives. They will have to decide how to segment and target the international markets, how to position themselves, and how to efficiently manage their product portfolio, communications, distribution and pricing strategies.
Go to Marketing Mix for more detailed information on global marketing strategies and the adaptions of the four elements: product, price, place, and promotion.
Go to Marketing Mix for more detailed information on global marketing strategies and the adaptions of the four elements: product, price, place, and promotion.