topic 8 dq1

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School

Grand Canyon University *

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Course

MKT450

Subject

Marketing

Date

Jan 9, 2024

Type

docx

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1

Uploaded by sarahsprang142

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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. Globalization in marketing refers to the process of extending a company's products or services to international markets and adapting marketing strategies to cater to diverse global audiences. It involves breaking down geographical and cultural barriers to create a unified approach in reaching customers worldwide. 1. Increased Market Reach: Globalization allows businesses to access a larger customer base beyond their local markets. As mentioned in the topic of the "Global Environment for Marketing," companies can tap into emerging markets and diversify their customer portfolio. This can lead to increased sales and revenue streams. The ability to adapt marketing strategies to different cultural contexts, as discussed in the topic, is crucial for success in diverse markets (2018). 2. Economies of Scale: Global expansion often results in economies of scale, enabling organizations to produce goods or services more efficiently and cost- effectively. This is because larger production volumes can lead to lower per-unit production costs. As highlighted in the topic, companies can benefit from cost advantages and enhanced competitiveness by leveraging global resources and optimizing their supply chain (2018). Reference: GCU Academics - Business. (2018, November 16). V26 Najoua Bennani [Video]. YouTube. https://www.youtube.com/watch?v=olXfpfUNGJY
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