There exist numerous factors affecting the approach to marketing by a company when branding products across international markets. A major significant decision international organizations face choosing whether to standardize marketing across all nations or to devise individual country campaigns for every nation. The following are the strategic factors that business owners need to consider when making the decision mentioned above.
The need of the market and the effort needed for marketing is a strategic factor to be considered. Most international markets do not exist and hence need to be created by a marketing effort. Successful global marketing strategies depend on serving the universal need as well as performing the global function. A business addressing the widespread demand is eligible for global marketing.
Another strategy is technology. Technology is a powerful force that drives the globe towards a uniting commonality. Technology is universal, and there are no cultural limitations towards its use. After the development of technology, it gets to be available everywhere in the whole world. A business that can manage technology in one nation has the experience of using it in the rest of the globe.
Cost is another strategic factor where a business ought to invest for a more extended period of development for products. The enormous cost and the risk of developing new products such as pharmaceutical products need to be recovered in the global markets. It is because; no one national market is big enough to support such significant size investments (Douglas & Craig, 2010).
Of the three mentioned strategic factors, I feel that knowing the market needs and the effort needed for marketing poses the most significant risk for any business organization. A product may fail in the global as well as in the local markets if the product does not meet the needs of the customers.
Douglas, S. P., & Craig, C. S. (2010). Global marketing strategy: perspectives and approaches. Wiley International Encyclopedia of Marketing.
Hill, C.W., & Hult, G.T. (2018). Global Business Today
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