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MKT450
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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.
Globalization in marketing really means the process of expanding a
company’s products and marketing strategies to reach a larger, global audience. This process really allows companies to get entered into new markets and build upon their brand awareness around the world throughout different nations. One thing however the businesses need to be aware of is how other countries take on the role of globalization in marketing. The video provided within our
class resources touched upon how countries such as morocco are still getting used to the whole idea of E-commerce and digital marketing. As we know, Morocco is not used to these new marketing techniques and still getting used to it, so it is important for businesses to adapt to these new cultures and go along with the
flow.
Two benefits of globalization for an organization focused on both local and global growth are local innovation with technology and economies of scale. Innovation wise, globalization can transfer of technology and knowledge across country borders. Businesses alike can then leverage this new technology and knowledge and use it to really up their local operations. This can really increase the
innovation of these businesses.
For economies of scale, as businesses expand globally, they can take advantage of economies of scale by producing items in large amounts which leads towards lower production costs and making them more affordable to those locals. This truly contributes to improved profit margins and all out benefits the consumer.
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