Respond to Global Marketing
Global Marketing
Explain the concept of marketing management topic selected for your paper (Textbook a good source).
The international marketplace has endless opportunities for the right investor who is willing to contribute the work necessary for success. Every country is different in terms on how they allow foreign investors to establish business practices within their boundaries. It is understood that some countries are easier to initiates business practices with than others. Politics can contribute an enormous amount on if an organization is able to practice business in certain countries. Russia and North Korea leaders have recently met with United States President Donald Trump to ease tensions between the lands. When political tensions rise between countries, it only makes it that much harder for the everyday investor to enter a potential prosperous marketplace. Mutual business profit opportunities could be the reason why two disputing countries may come to a truce or alliance.
Global marketing is essential for any organization that wants to maximize their profits. For a business to stay locally branded is only limiting their selves from potential opportunities that could lead to overseas expansion. Enlarge the place of your tent, and let the curtains of your habitations be stretched out; do not hold back; lengthen your cords and strengthen your stakes (Isaiah 54:2). Internationalization involves customizing marketing strategies for different regions of the world according to cultural regional and national differences to service specific target markets (Vignali, 2001). Organizations like McDonalds and Apple have reached an international notoriety plateau. These names are known throughout the world and each of these businesses has contributed a specific global marketing plan to appeal to the area of the world they are establishing locations. McDonalds customized menu options to appeal to foreign regions traditional dishes such as Poutine in Canada and a McCurry Pan in India (Cordoza, 2017). Global marketing leads need to develop a global marketing plan that looks at its consumer as if they were a single entity. In order to achieve this, the marketing team should research different regions of the globe and understand what are the customs and traditions of each region. Organizations must also ask in evaluating a marketing plan if the plan is realistic? Are the Sales goals, expense budgets, and milestone dates realistic? And has a frank and honest self-critique been conducted to raise possible concerns and objections (Kotler, Keller, 2016)? Once an organization thoroughly understands the foreign market they wish to enter and they receive the approval from the government to establish business practices; then the expansion opportunities are endless.
Examine a least 1 practical application/example for your topic.
Although a great deal of research has focused on global marketing strategy development and implementation, little research has focused on the global marketing managers charged with the responsibilities of developing and implementing such strategy (Griffith, Hoppner, 2013). Organizations who have made the decision to enter a foreign market now must find the dedicated global marketing manager to oversee the global marketing strategy. Organizations must find an individual who knows the foreign market well enough to generate a niche strategy that appeals to the local populous and is morally conscious of the regions customs and traditions. The study completed by Griffith and Hoppner determined that a list of soft skill and attributes can directly contribute to the success of a global marketing manager. The study concluded that global marketing managers would benefit greatly by obtaining the soft skills of tacit knowledge, experience, intuition, self-confidence, flexibility, prioritization of problems, working under pressure and ambiguity of tolerance (Griffith, Hoppner, 2013). Global marketing managers need to understand flexibility and prioritization are going to be key contributors to their success. Foreign markets are in different time zones and the global marketing manager must adjust his schedule to accommodate the foreign market they aspire to enter. A missed timeline could potentially cause the organization to lose the opportunity of expansion. Prioritizations of work are essential to ensuring all deadlines and authorizations are met both by the participating governments and business partners/investors involved.
Formulate a question about your topic that your classmates will respond to.
Your organization has decided receive suggestions from employees on what foreign markets to expand their business practices. What country would you suggest entering for a new business venture? What list of soft skills would you suggest the organization seek when interviewing/hiring a dedicated global marketing manager for the new venture?
References:
David A Griffith, Jessica J. Hoppner (2013). “Global marketing managers: Improving global
marketing strategy through soft skill development”, International Marketing Review, 30(1), pgs. 21-41, retrieved from https://doi-org.ezproxy.liberty.edu/10.1108/02651331311298555
Kotler, P.T., Killer, K.L. (2016). Marketing Management – Custom 15th Edition. Upper Saddle
River, New Jersey: Pearson Inc., pg. 55
Cordoza, R., (2017). Eat This, Not That! 25 Craziest McDonald’s Menu Items from around the
World; retrieved from https://www.eatthis.com/mcdonalds-food-around-the-world/
Vignali, C., (2001). McDonald’s: “Think global, act local” – the marketing mix”, British
Food Journal, Vol. 103 Issue: 2, Pgs. 97-111, retrieved from https://doi.org/10.1108/00070700110383154
