Global Marketing Essay Example | Topics and Well Written Essays - 2500 words

Global Marketing - Essay Example This research aims to evaluate and present globalization that has opened a plethora of opportunities for organizations and communities to trade across national and supranational boundaries. International marketing is the term coined for trade between the different international entities and is set to evolve into global marketing. Global marketing is an evolving concept with some similarities to international marketing in the advantages it provides in terms of marketing strategies, cost reductions, etc. However, it is also considered to be quite unlike international marketing in terms of the need for a holistic approach towards marketing. While international marketing focuses on standardization of marketing practices across the various national and supranational boundaries, global marketing is an evolution of the concept of international marketing that is holistic in its approach to trade and its marketing practices and tends to leverage both standardization and adaptation as the mark eting strategies based on the products and market segment. While international marketing concerns the contextual marketing of products and services, global marketing is the standardization of international marketing. With standardization, there are benefits like cost savings, uniform brand image and improved co-ordination, and with adaptation, organizations benefit from differences in user conditions, regulatory factors, consumer behaviours and customized marketing concepts. (website 1). Global marketing concept implements more or less the same marketing theories that apply to international marketing or even traditional marketing with the difference those organizations have to almost uniformly cater to different markets and customers. Three domains of knowledge: cross-cultural, country-regional and cross-border transactional knowledge is required for organizations to operate globally within a management orientation framework called EPRG (Ethnocentric, Polycentric, Regiocentric and G eocentric) framework as shown in Figure 1 below (Keegan, 2011). Figure 1: EPRG framework for global marketing. Source: (Keegan, 2011). Several determinants or driving forces of global marketing that differentiate it from international marketing are: technology, regional economic agreements, market demand, transportation and communication infrastructure, quality, product development cost, world economic trends, organizational abilities and transnational environments. However, there other factors that restrict global marketing: inability of organizations to create a culture conducive for global marketing and cross-border barriers (Keegan, 2011). Global marketing is a mix of adaptation and customization of international mar