Developing a successful global marketing strategy

Abstract

A strategy is a certain plan which integrates an organization’s major goals, decisions, policies, and sequence of action into a cohesive whole. It can be used at all levels in a company and can be related to any of the functional areas of management. Thereby there may be such strategies as production, financial, personnel, marketing and corporate strategies, for instance. However, when looking at marketing precisely then there may be product, pricing, promotion, distribution, marketing research, advertising, sales, etc. strategies. Strategy applies to effectiveness rather than efficiency and is the process of analyzing the environment and designing the fit between the company, its resources and goals and the environment. The strategic process refers to the way in which strategy is being formulated. We can distinguish several approaches. First of all, the rational approach which make use of such tools as the environment analysis and the portfolio models. The second approach concerns the flexible approach, which includes multiple scenario planning. The creation approach portrays the use of imagination in planning. The behavioral approach, however, reflects the power, personalities and politics. Lastly, the growth approach, which is based on small adjustments or changes to previously successful strategies. Nowadays markets have become truly global. If a company is still doing business only in its domestic market it is very likely to be surrounded by competitors from around the world. In my paper I portrayed what kinds of elements every company has to consider while entering a global arena and which of them should be included when formulating a global marketing strategy in order to achieve a satisfactory performance. In formulating the marketing strategy the company as well as the competitors who think to act globally should always consider the global marketplace. The global competition is so strong nowadays that companies must plan on having a significant market positions in all major developed-country markets. The common access to the information in these countries facilitate additional challenges to the company which seeks leadership in a global industry. Marketing should not take place alone but it should always be linked to the overall strategy of the company. International marketing is likewise linked to the global strategy. This linkage can not only make the global marketing more effective but also further improve global competitive advantage that the company already has or is able to develop over a short period of time. The aim of this paper is to get acquainted with the knowledge which a marketer needs to possess in order to enter a global market. Everyone has to realize that becoming global means not only being sensitive to and bearing in mind that there are many differences across cultures but also being in supervising global marketing activities in an increasingly competitive environment.