A global market is not limited to specific geographic locations but rather involves the exchange of good, services, and labour anywhere in the world.
A global firm
Operates in more than one country.
Gains marketing, production, R&D, and financial advantages not available to purely domestic competitors.
The global firm sees the world as one market.
Depending on the product, customers can be reached nearly anywhere in the world. In order to do so, global companies may rely on local distribution networks; but as they grow in particular markets, they may establish their own networks. Companies attempting to enter new markets tend to start with heavily populated urban centres, before moving out to surrounding regions.
Particular attention needs to be paid to the growing international online market, which vastly increases businesses’ access to customers worldwide
More than just a website, e-commerce ensures your business is always open for trade in the global marketplace.
Gov. defines e-commerce marketplace rules, allows 100% FDI in Indian market
Factors to consider
Global competition in the home market.
Stagnant or shrinking home market.
Foreign markets with more opportunity.
Expansion of customers to international markets.
Ways to enter global markets include:
McDonald’s practices ‘glocal’ marketing efforts. No, that’s not a typo. McDonald’s brings a local flavour, literally, to different countries with region-specific menu items.
Coca-Cola is a great example of a brand using international marketing efforts. Though a large corporation, Coca-Cola focuses on small community programs and invests a lot of time and money in small-scale charity efforts.
According to Interbrand, H&M is on track to increase new store openings by 10-15% a year. One of the secrets fuelling its global expansion strategy
Austrian company Red Bull does such a great job with global marketing that many Americans assume it’s a local brand.