Marketing strategy
For companies to develop appropriate and successful marketing strategies and campaigns, they should understand various activities through developing a marketing plan to state the goals and objectives of the firm. The marketing plan should be consistent with the company’s local efforts and should be customized according to the firm’s regional knowledge. When a company decides to expand internationally, it has to understand its market as the context of working. Every region in the world has different behaviours, and norms and companies should understand how the appropriate marketing messages, how the individuals are contacted and appropriate products for a particular place. This requires companies to adopt global marketing strategies to develop successful marketing approaches.
A global marketing strategy refers to the strategy which encompasses nations from various regions across the globe. Global marketing strategies focus on coordinating the marketing efforts of a firm to market its products in these nations. The global market strategy does not need to necessarily cover all nations but must apply across various regions like Africa, the Middle East, Asia, North America, Latin America, Europe, Pacific and the Middle East. Global marketing strategies constitutes of different elements including uniform brand names, synchronized pricing, identical packaging, standardized advertising messages, similar products, peaceful sale campaigns and coordinated product launching. Companies expanding globally use two main global marketing strategies. These companies establish a strong and consistent brand culture which is familiar to consumers all over the world. Due to the increasing and expanding internet use brand structure has become part of brand culture because nowadays a company brand is required to reflect on company culture. Companies are required to market all over the world without consideration of borders. The proliferation of digital networks has made it difficult for brands to always adopt various strategies per nation. Due to internet organizations are required to develop a more unified marketing strategy.
International marketing requires global marketing mix, which allows the standardization of products and services. Product standardization refers to the uniformity of features of company services and products, styling and design. This allows a positive demand for consumers due to the product prevalence products and designs which positively influence consumer preferences and tastes. Product standardization makes companies yield more, and consistent quality products increased advantage of investing in machine tools, specialized technology, parts and components. Use of similar global brands is used as a global marketing strategy. Global brands are brands well-identified and known all over a region. Maintaining a similar global brand in global marketing will help in establishing financial equity.