topic 8 dq1

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Grand Canyon University *

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MKT450

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Marketing

Date

Jan 9, 2024

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docx

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Uploaded by sarahsprang142

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. For marketing, globalization is the term used to describe how markets connect and how business operations are operated globally. In order to enable businesses to operate and market their goods and services globally, communication and cultural barriers must be removed. In an increasing globalized marketplace, businesses seek to go beyond geographic borders and customize their marketing strategies to fit various social, cultural, and economic contexts. Globalization provides many advantages for an organization that aims to grow both locally and internationally. First of all, it gives businesses access to a wider range of customers, allowing them to reach new markets and demographics, leading to higher revenue. Globalization also makes it easier for creative ideas and practices to be shared across geographical boundaries (Hosme, 2020). An organization can increase operational efficiency and competitiveness by applying successful strategies from one market to another. Second, globalization increases cultural diversity and improves a business's capacity to understand and adapt to the demands of the markets. Products can be customized to fit the tastes and habits of particular consumer segments by using cultural differences in marketing campaigns, which raises the likelihood of success in a variety of markets.

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