Impact of globalisation on marketing strategies
Globalisation is the integration of the worlds economy through mass consumption of mainly Western culture, technology and trade due to advances in telecommunications and transport developments.
The impacts of globalisation include:
Low trade barriers
Low transport costs
Increasing role of TNCs
Internet
Increased telecommunications technology
As a consequence of globalisation, the liberalisation of world trade has meant the economy operates on a global scale. This has resulted in increased international trade and communications to move products between countries. The global economy is networked, for example, a consumer can purchase shorts in Italy and shirts from Hong Kong via the internet using electronic cards. As a result, marketing strategies have been significantly influenced by globalisation. Marketing strategies include market segmentation, differentiation and position if product/service, products, price, promotion, place, people, processes and physical evidence, e-marketing and global marketing. Global marketing, e-marketing, place, price and promotion are discussed below.
The global marketing strategy has been significantly impacted by globalisation. The integration of the worlds economy and the breaking down of trade barriers has made it possible for businesses to market their products globally. It opens up a broader market of people with the disposable income to purchase goods and services. When entering an overseas market, a business may need to modify their existing marketing strategy to satisfy the needs and wants of overseas consumers. For example, a business may adopt a customised approach which requires the marketing plan to be customised according to the economic, political and socio-cultural characteristics of the target country. McDonalds is an example of a business which has successfully achieved this. Despite its standardised name, logo and production methods, there are local variations. For example, McDonalds sell beer in France
The impacts of globalisation include:
Low trade barriers
Low transport costs
Increasing role of TNCs
Internet
Increased telecommunications technology
As a consequence of globalisation, the liberalisation of world trade has meant the economy operates on a global scale. This has resulted in increased international trade and communications to move products between countries. The global economy is networked, for example, a consumer can purchase shorts in Italy and shirts from Hong Kong via the internet using electronic cards. As a result, marketing strategies have been significantly influenced by globalisation. Marketing strategies include market segmentation, differentiation and position if product/service, products, price, promotion, place, people, processes and physical evidence, e-marketing and global marketing. Global marketing, e-marketing, place, price and promotion are discussed below.
The global marketing strategy has been significantly impacted by globalisation. The integration of the worlds economy and the breaking down of trade barriers has made it possible for businesses to market their products globally. It opens up a broader market of people with the disposable income to purchase goods and services. When entering an overseas market, a business may need to modify their existing marketing strategy to satisfy the needs and wants of overseas consumers. For example, a business may adopt a customised approach which requires the marketing plan to be customised according to the economic, political and socio-cultural characteristics of the target country. McDonalds is an example of a business which has successfully achieved this. Despite its standardised name, logo and production methods, there are local variations. For example, McDonalds sell beer in France