Impact Of Globalisation On Marketing

In this report I am going to define the meaning of Globalisation and assess the impact of globalisation on the way the business operate.

Today, firms have to deal with a global marketplace; marketers have no other choice. Participation in global marketing has begun to shift from a mere “option” to an imperative. The world is becoming more homogeneous. Distinctions between national markets

Globalisation is the internationalization of trade and often forces businesses to adopt new strategies for operations to suit different cultures and economies. The often easily saturated domestic market has triggered many large

Globalization, defined as “a process that aims to expand business operations on a worldwide level, and was precipitated by the facilitation of global communications due to technological advancements, and socioeconomic, political and environmental developments” has been around for ages. However, it is a force that is becoming increasing more relevant in today’s world. In layman’s terms, globalism is the merging or “melting” of individual perspectives and markets into a more global market. As of recently, society has been obsessed with studying globalization. However, the conversation is rarely economical. Globalization is typically looked at as a social or cultural force that is shaping and connecting the world. This is scene in clothing styles, human travel, and popular culture that has become increasingly similar across nations. That sentiment isn’t wrong-globalization does have a cultural side, but many people are missing the economic impacts that this new world is facing. In fact, the economic implications of globalization and how governments legislate to control them leads to significant opportunity, but also huge threat globally.

The article is divided into four parts. First part focuses on the traditional perspective on international marketing strategies focusing on the dichotomy between standardization and adaptation. The second part examines key assumptions underlying the philosophy of global standardization. The third part focuses on the constraints to implementation of global standardization. The last part of the article concludes on the bases of its review that a more general approach is suitable which incorporates various degrees of standardization or adaptation strategies. It is an important article as it concludes that an effective global marketing strategy does not guarantee the marketing of standardized products and global brands worldwide. It might work for some companies but cannot work for all.

Each country is a different market, with its own language, buying habits, ways of living, mores, business methods, marketing traditions, and laws. So instead of trying to organize new agencies with American personnel, most U.S. agencies purchase a majority. However, U.S agencies are not locked into the differences, because through global marketing, all of people’s needs around the world will be same toward U.S products sold abroad. Global consumer culture also depends upon global media to create a sense of global identify and memory without which any cultural identity is incomplete (Smith 1991).

The approaches to global marketing have revolved over the decades. The following trends have been observed:

The continued accelerating pace of change in globalization is forcing an entirely new level of emphasis on individualized, highly targeted marketing across the many regions and countries of the world. Global marketing today must contend with a wider array of constraints, both economic and cultural, that as ever been the case in the past (Gupta, 2003). These constraints fuel a high level of creativity and focus on how to overcome cultural and economic constraints through rapid product development lifecycles, exceptional levels of supply chain integration (Wu, 2011) and greater focus on relationship market over just selling with a transaction mindset alone (Hansen, 2008). The pros and cons of globalization of form the foundation of today's highly competitive global marketing arena, forcing many companies to be more focused on the strategic and long-range over the tactical while compensation for a rapidly changing cultural mix of factors (Osland, 2003). The pros and cons of globalization are evaluated and the unique factors of global marketing also analyzed.

The importance of international marketing increased in the last years in a context in which market saturation and competition broke out within different branches. The analysis of foreign markets became more important for enterprises, because of the increasing internationalization of the business activity. While at the beginning of the internationalization, standardization and differentiation just considered domestic markets, today market segmentation is taken on global extent because of intensified individualisation of behaviour 's demand of the consumers. It can happen, that consumers of different countries due to increased mobility, assimilation of demographic structure and better communication and information technologies, show more

As cost of transportation and communication becomes reduced, corporations are no-longer constricted by borders. Innovation of technology has created a worldwide web making distance and geography no longer relevant for economic purposes. In today’s world, when conditions are right, it is just as easy to do business with someone across the globe as it is with someone across your street. Globalization has opened the doors to economic freedom, and economic freedom became the trigger for international free trade and overall economic expansion. It allows for personal choices and prosperity. On a day to day basis, consumers are no longer limited to local products, they have the choice to choose from a myriad of brands and selections imported from

The phenomenon globalisation can be thought of as an integration of economies, industries, markets and cultures. Globalisation is the connectedness of our world. Advanced and modern communications have made it possible for national and regional economies to combine with one another and trade freely. Globalisation is particularly common amongst capital markets and commodity markets. This phenomenon can be known as a great deal of things as globalisation can be seen as more than just “a way of doing business” but can viewed as a process, a process that allows our world to communicate and trade products.

In today’s world of constant change and technological advancements, it is imperative that marketers stay up to date and ready to tackle and challenges. Companies are battling neck to neck in order to make sure the products they offer are available and in the consumers mind. Not only do they have to be concerned about the local target audience. Now the reach is worldwide and the target audience can be a eclectic mix of races and cultures that demand the same product in many different ways. So the challenge faced by marketers is how to satisfy that audience. Looking a various examples, it is clear that while this is an attainable goal, it is not easy. Marketers can

As quoted by Koffi Annan- "We must ensure that the global market is embedded in broadly shared values and practices that reflect global social needs, and that all the world's people share the benefits of globalization", Globalization has made a huge revolution in today's world. Now-a-days, no business is limited to a single country/continent. Companies no more shy away from exploring different countries and culture, they are adapting to different challenging situations to increase their presence felt on the global map. This attitude leads to a high competition among the national firms trying to bring out their markets into the world. Different techno cultural differences lead to multiple need of tackling the situations whilst globalization.

The world now has taken a complete shift to globalization. The rise of the globalization has come about because of the acceptance of the free trade and the many regional associations which are promoting trade across the national boundaries. The shift has provided new growth opportunities for companies who can now make profits beyond imagination. One great example which has benefited from globalization is Coca Cola. The foreign markets can provide a great opportunity for the companies than the local markets. There are different levels of internationalization of the businesses. The internationalization of the business creates new complexities for the businesses and hence they

Globalisation is a new trend in the development of the world economy. This means the world economy is being integrated, like the economic policies and systems in various countries are gradually becoming the same. With the development of the globalisation that brings many changes in the world economy, also changed our lifestyle. Meanwhile, the globalisation has also brought the weaknesses and benefit according to the globalisation debate. Due to the wide range of issues covered by globalization-related issues, this article will discuss the shifts of the globalisation, weaknesses and benefits of the globalisation.