Increasing charities are a sign of fundamental, structural flaws. Simplistic Ideology; Rhetoric versus Reality Free trade and free markets are essentially about making trade easier by allowing the market to balance needs, supply and demand. Within a nation, it can be a positive engine for development. With the Cold War over, politicians, economists and others have been promoting unfettered free trade and free market ideology, pushing it to an even wider international arena to facilitate international trade.
Share on Facebook Expanding into international markets is the logical next step for businesses that have exhausted potential in their home market. After conducting the obligatory due-diligence market analysis and concluding that profitable demand exists in international markets, you must select the most suitable marketing strategy for entering those markets.
International marketing strategies typically focus on the extent to which domestic marketing strategies can be effective overseas. Market Analysis In addition to quantifying market potential, your market analysis will likely delve into qualitative issues. Social factors are cultural and language issues that might impact your product or service offerings and your marketing communications strategy.
Legal traditions can affect a variety of issues, including the acceptability of advertising content and media availability.
Economic development is relevant in assessing such infrastructure issues as transportation and warehousing. Political factors focus on political stability and are tied to legal factors in terms of transparent and predictable sets of rules. The level of technology can impact issues such as marketing's dependency on Internet access.
Orientations Beginning in the s, companies began using an E. G approach to frame expansion into foreign markets: Ethnocentric orientations are appropriate when foreign markets share most if not all of the characteristics of the domestic market, such as a U.
The polycentric orientation of tailoring strategies to host countries is appropriate for dissimilar markets. Geocentric strategies are indifferent to the national origin of the strategies employed as long as they can apply to all markets. Global Homogenization InTheodore Levitt, marketing professor at Harvard Business School, observed that people all over the planet wanted and were buying the same things irrespective of cultural differences.
Levitt proposed designing products, services and marketing communications from the onset that would have global appeal to take advantage of what he foresaw as enormous savings from economies of scale.
Global homogenization may be viable for high-tech and new products, and for brands having global appeal. For instance, Apple's global marketing strategy is straightforward.
It is based on cutting-edge technology and design, simplicity of use and the Apple logo, Glocal Marketing Many major multinational corporations continue to successfully employ global marketing strategies.
Other companies garner success with "glocal" marketing. Glocal marketers "think global" regarding standardizing product or service features for economies of scale in the global arena, but "think local" regarding cultural sensitivities particularly in the area of marketing communications.
For instance, McDonald's harmonizes its global product and operating strategies to accommodate local dietary preferences, such as offering non-meat burgers in Indian because 40 percent of Indians are vegetarian.BibMe Free Bibliography & Citation Maker - MLA, APA, Chicago, Harvard.
Globalisation. Globalisation refers to the integration of markets in the global economy, leading to the increased interconnectedness of national economies. Markets where globalisation is particularly common include financial markets, such as capital markets, money and credit markets, and insurance markets, commodity markets, including markets for oil, coffee, tin, and gold, and product markets.
An international marketing strategy is the widening of local or domestic marketing strategy that is applicable beyond the home market’s frontiers while global marketing strategy refers to marketing activities towards a wide selection of foreign markets (Sevensson, ).
McDonald’s is looking to better harmonise its global brand building with its local activations in-stores as it steps up efforts to find the right marketing blend needed to reignite sales. Orange Bay Foods is an OSI Group company, established in The Global Business Strategy of McDonald and how it reached All the Corners of The World at Lesser Cost This report presents how McDonald’s has achieved enormous success, its best practices in the global food industry, international growth trends and effect on its operating income and number of increasing restaurants across the globe from their expansion in foreign countries.