An Overview of Global Marketing

An Overview of Global Marketing

When considering how to enter the international market and looking at global marketing as a whole, one must take into consideration the fact that the world as we know it is not as expansive as it once was since the development of technology that promotes faster digital communication as well as transportation and financial flows. However, with these advances in technology, we are now able to more accurately measure the benefits as well as the disadvantages to joining the global market. Cheryl Conner, a Forbes contributor as well as the CEO of SnappConner PR, states in her article1 on Forbes website that expanding your business and jumping into the international market will promote business growth, grant access to cheaper labor and resources, present new market opportunities from a vastly different customer base, and offer less vulnerability changes or specific events in certain regions in the world. Businesses that are ill prepared to make that jump will only set themselves for failure as uninformed decisions such as not being aware of the customs and business etiquette of the world market as well as each individual markets currency value fluctuations will have consequences not only for the businesses’ international scheme, but also affect their ability to keep their company afloat on their home turf. Foreign juggernauts can attack these companies home markets by offering better products at lower prices.

The global marketing trade has seen a significant increase over the past three decades as multinational corporations have doubled since 1990. The number of these corporations has grown to over 63,000 and of the largest 150 economies in the world, almost half of them stem from these multinational corporations. Entering the global market is not always the best idea for businesses however. Marcus Alexander and Harry Korine had a piece2 published in Harvard Business Review detailing the negative effects of the “race” to...