Question

Reflect on 3 key lessons you learnt from global marketing

Answer 1

1. Global expansion of business will need a solid global marketing strategy : With the advent of globalisation and the rapid growth of technology, Global marketing has taken on new meaning and significance in the success of any business. As more and more businesses join the competitive world economy, they overlook the need for a clear and precise global marketing strategy that can allow them to expand across international borders and reach consumers worldwide. New features or upgrades can be marketed right away making new products and services known to prospective customers. Customers are also impressed by global brands allowing businesses to charge premiums for their products and increase their revenues, which is why Global marketing therefore is an important investment that a firm should make when they consider expanding/increasing their sales and customer base.

2. Global marketing can help create a competitive advantage in the world economy - Brand image is paramount for any good business and this image needs to be marketed to any and all prospective customer bases. A firm that has a good global marketing strategy can gain market share over its competitors who do not. Companies can use various marketing techniques suited for different consumers around the world to ensure their brand has universal appeal and is recognised and associated with their products/services. This can include appropriate translation of tag lines, selecting brand messages that do not mean something else in other languages, avoiding confusing marketing messages etc. as a way to help consumers find a common ground that make one brand more noticeable or appealing than another.

3. Global marketing strategy must include all latest technology as a way to share the marketing message with a maximum number of people. The various social media channels such as Twitter, youtube, instagram, facebook etc. are all effective marketing tools that allow marketing to go beyond domestic customers/borders without drastically increasing the marketing budget. These along with latest websites, blogs, podcasts etc are all frequently used by businesses to attract more and more customer viewership with content around currently-relevant topics such as environment/social responsibility thereby raising customer awareness of the brand and business. Online marketing also reduces the carbon footprint associated with print/paper ads and this can lead to a more favourable impression of the business in the eyes of the customer. In the current climate where there are fewer customers likely to view billboards or sign-ages, a technology heavy global marketing strategy can reach and retain brand loyalty in customers via the Internet.