Global Marketing

Global Marketing represents a different philosophy. It involves a focus on the similarities between markets around the world and attempts to develop and implement common product, place and promotion strategies and plans in those various markets.

Suggested approach to global marketing.

• Identify all important areas of similarity and all areas of difference between markets, based on market research in various markets, to clarify the degree of globalization that is appropriate and to assist in gaining commitment within the company towards the concept of global marketing.
• Delegate some decision-making to local management. Aim for a balance between centralized and decentralized decision-making. Include local management in the strategy planning process, partly to ensure recognition of local markets and partly to ensure local commitment to final plans.
• Clarify which elements of the marketing mix are essential in achieving the goals or objectives of the global plan. It may be appropriate to allow some degree of local modification to other elements of the mix. Such an approach will encourage innovation at the local level, and successful innovations in some markets may be transferable to other markets.
• Obtain adequate feedback from local management to enable common problems, for which global response is appropriate, to be identified, and to enable information about isolated problems and solutions to be disseminated throughout the company.
• Consider developing a strong international culture, partly through rotation of key (potential and existing) management personnel between head office and local or subsidiary operations; thus, avoiding the development of a bureaucratic, centralized ‘head office’ syndrome.