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Jan 9, 2024
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Review the "Global Environment for Marketing" topic Resource. In your own words, explain the concept of
globalization
as it relates to marketing. Describe two benefits of globalization for an organization focused on both local and global growth. Support your ideas by citing the topic Resources. In replies to peers, provide feedback on the benefits they provided and include additional benefits that have not already been discussed.
After watching the "Global Environment for Marketing", the concept of globalization as it relates to marketing refers to the interconnectedness and integration of markets. Najoua Bennani (2018) explains, "In emerging countries like Morroco, people are still getting used to digital marketing and e-commerce". To me, this means that there is a process by which businesses and other organizations develop international influences. Technologically speaking, Morroco is a country that is behind and is starting to be fully familiarized with the internet. Therefore, they are not able to access a diverse pool of resources, including talent, technology, and materials.
Globalization enables organizations to optimize production efficiency through economies of scale, reducing per-unit production costs for goods or services. This increased efficiency enhances overall profitability, making products more competitive in local and global markets. Companies can leverage global sourcing of materials and components, often securing cost advantages in the process. Additionally, outsourcing certain functions to regions with lower labor costs contributes to overall cost savings. These cost efficiencies translate into competitive pricing strategies, making products appealing to consumers worldwide.
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