Global Marketing Essay Example | Topics and Well Written Essays - 2500 words

spherical Marketing - Essay ExampleThis research aims to evaluate and present globalization that has opened a overplus of opportunities for organizations and communities to trade across national and supranational boundaries. International market is the term coined for trade between the divergent knowledge domainwideist entities and is set to evolve into global market. Global marketing is an evolving concept with some similarities to outside(a) marketing in the advantages it provides in terms of marketing strategies, cost reductions, etc. However, it is also considered to be quite contradictory foreign marketing in terms of the need for a holistic approach towards marketing. While international marketing focuses on standardization of marketing practices across the various national and supranational boundaries, global marketing is an evolution of the concept of international marketing that is holistic in its approach to trade and its marketing practices and tends to supple ment both standardization and edition as the marketing strategies based on the products and market segment. While international marketing concerns the contextual marketing of products and services, global marketing is the standardization of international marketing. With standardization, there are benefits give care cost savings, uniform brand image and improved co-ordination, and with adaptation, organizations benefit from differences in user conditions, regulatory factors, consumer behaviours and customized marketing concepts. (website 1). Global marketing concept implements more or less the same marketing theories that apply to international marketing or even traditional marketing with the difference those organizations have to almost uniformly bring home the bacon to different markets and customers. Three domains of knowledge cross-cultural, country-regional and cross-border transactional knowledge is required for organizations to operate globally within a focus orientation fr amework called EPRG (Ethnocentric, Polycentric, Regiocentric and Geocentric) framework as shown in Figure 1 below (Keegan, 2011). Figure 1 EPRG framework for global marketing. Source (Keegan, 2011). Several determinants or driving forces of global marketing that differentiate it from international marketing are technology, regional economic agreements, market demand, transportation and communication infrastructure, quality, product development cost, world economic trends, organizational abilities and transnational environments. However, there other factors that restrict global marketing inability of organizations to ca-ca a culture conducive for global marketing and cross-border barriers (Keegan, 2011). Global marketing is a mix of adaptation and customization of international mar