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Concept
Global marketing
Summary
Global marketing is defined as “marketing on a worldwide scale reconciling or taking global operational differences, similarities and opportunities in order to reach global objectives".
Global marketing is also a field of study in general business management that markets products, solutions and services to customers locally, nationally, and internationally.
International marketing is the application of marketing principles in more than one country, by companies overseas or across national borders. It is done through the export of a company's product into another location or entry through a joint venture with another firm within the country, or foreign direct investment into the country. International marketing is required for the development of the marketing mix for the country. International marketing includes the use of existing marketing strategies, mix and tools for export, relationship strategies such as localization, local product offerings, pricing, production and distribution with customized promotions, offers, website, social media and leadership.
Internationalization and international marketing is when the value of the company is "exported and there is inter-firm and firm learning, optimization, and efficiency in economies of scale and scope".
Evolution
The international marketplace was transformed by shifts in trading techniques, standards and practices. These changes were reinforced and retained by advanced technologies and evolving economic relationships amongst the companies and organizations involved in international trade. The traditional ethnocentric conceptual view of international marketing trade was counterbalanced by a global view of markets.
Domestic marketing consists of the marketing strategies used by a company to allow customers to purchase a product or service within a local market
Domestic marketing leads to familiarity with the extent of political risk, the quality of skilled human resources and natural resources, and the ramifications of existing and likely legislation in relevant areas such as safety, hygiene, employment, and ownership of capital.
Official source
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