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A. Breakfast: A bowl of Cereal with cold milk with a glass of juice
Lunch: A chicken BBQ sandwich with salad and a bottle of soda
My daily breakfast cereal as it reads on the box has been manufactured in United States. I have it with milk. A glass of Orange juice by Tropicana is part of my breakfast, also manufactured in United States.
For lunch, I had a chicken barbeque sandwich with tomatoes, salad leaves, ketchup and mustard and a bottle of soda.
B. Cereal, milk and carton of juice: Purchased at Wal-Mart
Lunch contents (Sandwich and soda): Cafeteria at work
C. 20 years back the chain of events would have been different and half the things would not have been travelling half the world to reach us. However things have changed drastically over the past decade or so. In this day and age of globalization the chain of events that have unfolded include diminishing of borders, addition of knowledge, enhanced customer buying power and flexible and easy movement from one region to another. Chain of events have a timeline of more than a century which has unfolded and added to the ease of customers in the resultant borderless culture.
The term Global Marketing refers to marketing on a universal meter, integrating the profitable aspects of all of the International operational divergences, resemblances and prospects inclusively, hence meeting the comprehensive goals.
International or global marketing can be evaluated on numerous grounds and factors, some of which include economies of scale in production and distribution, a decline in marketing costs, authority or control and its span, uniformity of brand imaging, being able to generate productive ideas proficiently, consistency in marketing strategies, contribution towards instituting associations beyond the political grounds and many more.
Internet Marketing has broken the barriers of closed borders in the true sense. Keeping the concept of the much practiced e-marketing trend in consideration, here are two of the many benefits global marketing offers;
Interactivity majorly benefits the international marketing by facilitating the dialog between the Company and the Customer. It provides a one-to-one platform to communicate and interact, which would benefit the Company at large by constantly monitoring and improvising their services based on Customer Feedback, hence working on improving sales by being more vibrant and responsive. The Company needs to make sure that the Customer is heard. Inconsistency in doing so may result in a decline on the trust the Customer may have developed for the Brand.
Immediacy is a factor that is most attractive to just anyone who is a part of the busy world today. It would be preferred by not just a Business Man with tough schedules to cater, but also a routine housewife. Thanks to Internet marketing services proving an all time available, immediate impact, anyone can have access to market information regardless of the geographical location or time differences. E- marketing fastens the Customer’s process of reviewing, selecting and finally purchasing, and the Company can review the Customers’ feedback to decide upon raising the advertising spend to gain in on immediate leads. The Company needs to realize the importance of Customer trust and would have to take strict measures to ensure qualitative administrative procedures to avoid differences in product placement.
Globalization has had a prominent impact on almost all regions of the economic world. It has completely revamped the dynamics which probe the Businesses and Individuals to Invest. The impact of global marketing would deepen in terms of economy and global investing with the expansion in world economy. Advertising online via various options available for digital marketing has changed the outlook of world economy as we witness the rise in productivity and the costs going low at the same time.
With global marketing having positive effects on the economical world, one cannot ignore the negative impact its operations may have.
Brain Drain was the much feared phenomenon which has had in the past and even today quite a negative impact on the investments put in. Developing nations at large have suffered major downfalls when most of their productive and talented individuals are bought by market competitors with a substantially larger stipend and a multitude of opportunity offers. This results in hard efforts made by Investors to win the deal by pulling out from resources available, ultimately contributing to the decline in the nation’s economy.
Peak Commodities; Much of the food products, for instance grains of sorts are rising with time, with the increase in production levels. That such items would lose value as time progresses is a valid concern for the Market. As far as the analysts have predicted, a raise in production of such commodities would mean to invest into resources which may not be able to produce gains that are expected with respect to the trends being followed in the traditional marketplace resulting in a loss in profit.
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4. Think Globally, Act Locally.
The world becoming a global village is a cliché. Internet has lessened the distances and differences too for many of us; a great idea which we may not have enough resources to execute can be communicated to organizations who work for such causes on a huge scale, and can be reached out across the globe with a few mouse clicks. To me, the much heard phrase “Think Globally, Act Locally” means to do our part by contributing to the maximum of our abilities and make a difference any way we can. We can as little as think big and share the idea across when it comes to making a difference, though the practical is not complete till we act, make an effort, and participate to work out and contribute to making the world a better place.
Through my research on Global Marketing along with its positive and negative impacts and benefits, I have learnt about some of the important factors which contribute to the success of International Markets. I am not sure how it will change the way I would choose to buy products in the future, but I shall definitely be conscious and would prefer to shop smart and invest in goods that are productive in many ways.