Question

Go into detail about the scope and purpose of a global marketing strategy

Answer 1

Today, international marketing also known as global marketing has earned a great deal of scope. On the international market, no business can survive until they do not have an internal marketing plan. Today's marketing strategies are not limited to staying confined within a country's borders, thanks to globalization. The world is instead like an open market for marketers and they can enter whatever market they want. In other words, the international marketing scope has grown wildly from what it was in the past.

Importing a brand's products works the same way it does for a whole country. Businesses buy up the products so they can resell it to potential inland customer base they've gathered with a lot of hard work and going through tough times. But most of the time, companies take assistance from imports for their own use – creating and improving their own line of production. They do so when they are pretty sure they can achieve their goal by using the product, or can be helpful in putting up a unique solution.

Exporting is similar for a brand as it is for a country in terms of concept. Companies export their finished products to international markets or to other franchises in far-off markets where they can sell their products to their locations to generate huge revenue. Not only that, even semi-finalized products are being exported to get an extra boost for the treasury of the brand. This export-generated revenue is then used to pay the cost of imports, to cover development costs as well as to mature profits. Imports and exports both help to expand enterprise reach.

Joint Venture is for a reasonable time the name of a collaborative association of two brands. This association then gives birth to a new company which works individually and pursues other goals than parent companies. This new firm operates under both the "venturing" brands banner and the profit and loss division takes place in a certain ratio between the two.

Joint venture most of the time comes into being when a local company is of great interest to an investor out of the game field or sometimes the case can go quite the opposite.