Analyze the Opportunities and Challenges That Firms Practice Global Marketing

Nowadays, the global market becomes more and more competitive. The multinational companies must be able to develop a good international marketing strategy in order to compete in the global market. Different countries will have different political, economic, socio cultural, technological, environment and legal and regulatory system. These factors can influence the firm’s decision to conduct business globally by using standardize or differentiate strategy. The cultural differences will also impact the product strategies as every people in different countries may have difference beliefs, values, religions, and culture. Thus, it is important for a firm to choose a right marketing strategy in different foreign markets.

Introducing a new product or service into a foreign market is a significant business achievement. As a matter of fact, there are a few things that companies have to face when it comes to globalization. This essay will deal with luxury products, and more particularly with high-end jewellery from the French brand Cartier. These products will be launched within the Chinese market, as it is close to become the largest luxury market in the world. In order to make this project as successful as possible, this essay will be divided into two parts. On the one hand, we will be analysing the marketing environment of the Chinese market by identifying major market opportunities. Also, the selection of a suitable target market for

The world offers significant business opportunities for every company, however, opportunities are accompanied by significant challenges for managers. Managing global operations across diverse cultures and markets represents a big challenge and opportunity for companies. To compete in the global market and be successful, companies must learn the strategies, policies, norms and technology necessary to conduct international business. The opportunities for global expansion are numerous, and attaining success is a matter of developing the right strategy to win local markets and its consumers.

Companies with a strong desire for the growth, race to build a strong competitive position in the market by taking advantage of the global market that is opened up to the foreign companies closed previously. The rapid growth of the technology is shrinking the geographical boundaries and the global economy is expanding faster than it can expand. The expansion of the world economy is offering companies many attractive opportunities that come with the domestic as well as global threats. Companies in industries that have a higher competitive threats have a desire to come up with a strategy to enter the foreign market and expand the business (MH Education, n, d)

The global economy has become more competitive and ambitious as companies of all extent pursue to bolster and broaden beyond domestic borders. The Internet and knowledge technology are among circumstance that have made it achievable for smaller firms to endeavour toward foreign markets.

Doing business internationally had become easier, nowadays business is acknowledged to be international and there is a general expectation that this will continue for the foreseeable future. Before a company makes a decision to expand into foreign markets, careful considerations must be given to some keys factors such as the political and economic environment, costs, benefits and risks. The economic environment can alter from one country to another, this is why they are often divided into three different categories. The more developed, the less developed and the emerging economies.

When a firm decides to go international with their business they must face many competitive decisions. Two of the most important decisions a company will face are the pressures for cost reduction and pressures for local responsiveness. The pressure of cost reduction forces a firm to lower their value of the cost of creation. Firms can outsource to places where costs of their products are much cheaper or they can mass-produce a standardized product in one location. A firm must have the feeling of local representation. Every country has its own way of life. If a company does not adhere to each country’s differences in traditional business practices, distribution channels, and the demands

Global marketing management first involves the same elements as any type of marketing management and then must take into account the different requirements of the global marketplace, the different opportunities, and the pitfalls that must be avoided in this developing arena. Deciding what works and what does not and seeing to it that the company follows what works is the job of the marketing manager. While the purpose of marketing is the same in the global marketplace as in the domestic market, namely to decide what the customer wants and then to provide it, the task can be more complicated in the global market because the manager will not be as familiar with that market, because that market is not one market at all but many markets in

Developing a business opportunity or introducing a new product into the global market place is a risky business at the best of times. Strong and precise business strategies along with extensive market research are the keys for developing a successful global enterprise. This essay will cover the core fundamentals required to best enter the global market while minimizing the risks. Core fundamental include, indentifying potential markets, product competition, risks involved, future growth potential, entry strategy and costs involved to enter the market place.

← which remaining overseas market should be avoided because competitors (domestic and foreign) are already well established? - help to determine whether market should be included/not because of their potential competitive reaction. Also include entering a market n prevent others entering the market, entering the market where competition already exist-confronting them and entering market where competition doesnt exist. The latter strategy designed to build market share and gain experience by attacking competitive markets in other countries at a latter stage.

Global marketing is essential if a company competes in a global industry or one that is globalizing.

Companies can decide to go global or to enter international markets for various reasons, and these different objectives at the time of entry that enable the business to produce different strategies and the performance goals, and even forms of market participation.

Czinkota et al. (2014) concisely define international marketing as the “process of planning and conducting transactions across national borders to create exchanges that satisfy the

As trade increases hyper-competition grows forcing organizations to go global. By a company going global it requires them to rethink strategy and reform (Ananthram and Pearson, 2008). Global organizational structure is the way a company aims to merge local preferences with global strategy. The definition of global strategy is “strategic choices that have the characteristics of being globally uniform or integrated,” (Yip et al., 1997) such as standardization of products, uniform marketing, and competitive moves, but all globally (Townsend et al., 2004; Zou and Cavusgil, 2002; Bayraktar and Ndubisi, 2014). Global strategic strategy is a way to adjust to globalization. Globalization is “the economic and social process by which economies and communities grow inextricably interdependent “(Jhirad et al., 2009). The recent financial crisis (Das, 2010), large amount of poverty, and climate change are all problems that show how the world is globally connected because all countries impact each other (Jhirad et al., 2009).

Worldwide Marketing: this type focuses on marketing development, opportunities of global marketing, resources around the world and objective is to achieve target competitive advantage.