topic 8 dq1

.docx

School

Grand Canyon University *

*We aren’t endorsed by this school

Course

MKT450

Subject

Marketing

Date

Jan 9, 2024

Type

docx

Pages

1

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. Globalization, in the context of marketing, refers to the process of expanding business operations and marketing strategies beyond domestic borders to reach international markets. It involves adapting marketing efforts to cater to the needs and preferences of diverse cultures and markets around the world. One benefit of globalization for organizations focused on local and global growth, as mentioned in the "Global Environment for Marketing" resource, is the access to a larger customer base. By expanding into international markets, organizations can tap into new customer segments, increasing their potential customer pool and revenue opportunities (GCU Academics, 2018) This allows for greater market penetration and growth potential. Another benefit of globalization is the potential for economies of scale. As organizations expand globally, they can benefit from increased production volumes, which can lead to lower production costs per unit. This can result in improved profit margins and cost competitiveness, enabling organizations to offer more competitive pricing to customers in both local and global markets. In summary, globalization in marketing opens up opportunities for organizations focused on local and global growth. It provides access to a larger customer base and the potential for economies of scale, leading to increased revenue and cost competitiveness.
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