Global Marketing Strategies For a Globally ... - Venture Capital 104

Global Marketing Strategies For a Globally Competitive Business

Article by Kelly Brown

Global Marketing Strategies For A Globally Competitive Business

With increasing competition and the challenges of the recent global financial crisis, developing sound global marketing strategies will help your business thrive and grow. This is most especially true for those emerging business that are forced smack into an industry that is ruled by globally positioned companies. Hence, the challenge of establishing yourself in the global market becomes that much tougher.

It is therefore important to develop and master the basic global marketing strategies in order to succeed in your efforts.

Conducting Market Research

With a global economy, companies are constantly subjected to pressure of delivering quality products that meet the needs of individuals. Therefore, constant research is being conducted in order to survey the needs of potential customers and adjust their products? standards and features according to that. Market research indeed is one of the most reliable global marketing strategies there is that has enabled companies to respond to customer needs in terms of production.

During your market research, take note of all inputs and data you have gathered. This will enable you to create a standard within the company and also to meet the expectations of the global market, as a whole. Global marketing strategies such as market research is a perfect opportunity to tailor your services and products for a given market.

Advertising Aspect

Now that you have polished your product to reach a certain market standard, advertising is another critical marketing activity to look into. Advertising, when done properly, is one of the most effective global marketing strategies as it is able to communicate to the global market the potentials of your product. As much as possible, you need to tie up local and global agencies in order to evoke not only material but also the individual needs of consumers.

Pricing of Products

Pricing is one marketing strategy that must be approached on a local and global perspective. Certain agencies help control and standardize pricing for certain products. Despite of global standards, however, there are certain factors that determine a given product?s price that cannot be subjected by global pricing activity. Therefore, you need to assess whether you are willing to cut costs or look for cheaper materials in order to compensate for a lower pricing. Or do you need to exceed pricing standards for a better quality product? Another consideration to make when it comes to global marketing strategies in relation to pricing is competition. You need to determine whether it ruins your market share or not.

Global Positioning

Positioning your products globally is probably the toughest of all global marketing strategies. With the pressures of competition and quality standards, you need to keep up with your competitors. You need to master the act of balancing between catering to a global market and being sensitive enough to the needs of individual markets. Hence, globally positioning your products involves time and constant study to be able to perfect.

Selling Your Product

As a global company, you need to be able to create various channels that will cater to the individual calls for order by your customers. This will ensure that all customer requests are being paid attention to. As the final stage in your global marketing strategies, finding several distribution channels to make your products more accessible to consumers will seal your efforts to establishing global marketing dominance.

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