Page 1 of 10
European Journal of Business &
Social Sciences
Available at https://ejbss.org/
ISSN: 2235-767X
Volume 07 Issue 03
March 2019
Available online: https://ejbss.org/ P a g e | 493
Marketing Challenges in Globalised Economic Scenario
MANISHA
Assistant Professor, Faculty of Commerce,
S.D. (PG) College, Panipat
ABSTRACT
International business relates to any situation where the production or distribution of goods or
services crosses country borders. Globalization- the shift toward a more interdependent and
integrated global economy- creates greater opportunities for international business.
Globalization is no longer an abstraction but a stark reality that virtually all firms, large and a
small, face. Firms that want to survive in the 21st century must confront this all encompassing
force that pervades every aspect of business. In a wide range of industries from automobiles
to food and clothing, firms face the pressures of global competition at home as well as in
international markets. Choosing not to participate in global markets is no longer an option. All
firms, regardless of their size, have to craft strategies in the broader context of world markets
to anticipate, respond and adapt to the changing configuration of these markets. Firms initially
entering international markets will be more concerned with learning about international
markets, selecting an appropriate arena to compete, and determining how to leverage core
competencies in international markets. Once in international markets, firms have to build their
position in these markets, establishing a strong local presence by developing new products
and adapting to local tastes and preferences. As the firm expands internationally, it will need
to move away from country-centered strategies and improve integration and coordination
across national markets, leveraging its competencies and skills to develop a leadership
position.
Key Words: Global marketing, Product strategy, Pricing strategy, product positioning,
Advertising, Sales and Distribution
Page 2 of 10
European Journal of Business &
Social Sciences
Available at https://ejbss.org/
ISSN: 2235-767X
Volume 07 Issue 03
March 2019
Available online: https://ejbss.org/ P a g e | 494
INTRODUCTION
In international marketing, marketing mix is different from country to country and the country
subsidiaries operate just as independent units. As a result, the firm fails to realise the
economies of scale possible through world scale operations. At this stage the firm realises that
although the world is not a homogenous market, the possibilities to identify the groups of
consumers across the globe with similar values, needs and behaviour patterns who can be
satisfied with a single standardised product and marketing mix. This is global marketing
strategy. Under this strategy, the world as a whole is viewed as the market and the firm
attempts to standardise as much of the company efforts as is practical on a worldwide basis.
Thus, the global marketing views an entire set of country markets as a unit, identifying groups
of prospective buyers with similar needs as a global market.
MEANING OF GLOBAL MARKETING
Global marketing refers to the buying or selling of goods and services beyond the boundaries
of a country. When a country crosses its national frontiers to market its products it is
indulging in international marketing.
KEY ISSUES IN GLOBAL MARKETING
Typically, marketing includes the following activities: -
Market research
Concept & idea generation
Product design
Prototype development & test marketing
Positioning
Choice of brand name
Selection of packaging material, size and labelling
Choice of advertising agency
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Page 3 of 10
European Journal of Business &
Social Sciences
Available at https://ejbss.org/
ISSN: 2235-767X
Volume 07 Issue 03
March 2019
Available online: https://ejbss.org/ P a g e | 495
Development of advertisement copy
Execution of advertisements
Recruitment and posting of sales force
Pricing
Sales Promotion
Selection and management of distribution channels.
Some of these activities are agreeable to a uniform global approach. Others involve a great
degree of customization.
PHASES
A global marketing strategy typically evolves over a period of time.
Decision to enter the market
The mode of entry
To expand across several markets, simultaneously or one at a time
Customization of the marketing mix or development of completely new products
In the final phase, global companies examine their product portfolio across countries,
strive for higher levels of coordination and integration and attempt to strike the right
balance between scale efficiencies and local customization.
ENTERING NEW MARKETS
While choosing new markets, MNCs need to consider several macro and micro factors.
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