Comparing and contrasting a country's marketing strategy using a global marketing strategy (GMS), includes a country's marketing strategy that has differences and similarities in its approach to promoting products or services in different markets. In choosing the right marketing strategy, companies need to consider their internal and external factors, including business goals, available resources, and the global market environment.(Pusporini Pusporini et al., 2022). Companies also need to conduct market research and understand the characteristics of local and global markets in order to be able to develop effective and efficient marketing strategies.
Identify companies in the top ranking of the Global 500, see belowAdam Hayes, (2021) thatThe Global 500 ranking itself is a list of the top companies in the world compiled annually by Fortune magazine. The companies on this list are sorted by their gross income. In identifying the companies in the top Global 500 rankings, it is important to remember that this ranking may change annually depending on the gross income of these companies. Which can be accessed by viewingfortune official website, (2023).
Describes the stages a company goes through when its management orientation develops from domestic and ethnocentric to global and geocentric, in the process of management orientation from domestic and ethnocentric to global and geocentric involving several important stages(Rika Promalessy, 2021a). Each stage in this process presents different challenges and opportunities for the company, and management must be able to cope with the changes that occur to achieve success in the international market.
Discussing the driving and constraining forces that may affect today's global integration, today's global integration is influenced by several driving and constraining forces that impact the ability of companies and countries to participate in the global economy(Azzahra Putri Annisa et al., 2022). Therefore, in building better global integration, it is important to understand and overcome the existing inhibiting factors, while leveraging the available driving forces(Anni Zuhro Syafrida Hasibuan & Nuri Aslami, 2021). This will enable companies and countries to engage in the global economy more effectively and sustainably.
This book will discuss (a) using the product / market growth matrix to explain the various ways that a company can expand its market globally, (b) describe how companies in a global industry pursue competitive advantage, (c) compare and contrast one marketing strategy a country using a global marketing strategy (GMS), (d) identify companies in the top ranking of the Global 500, (e) describe the stages a company goes through as its management orientation evolves from domestic and ethnocentric to global and geocentric, and (f) discuss the strengths drivers as well as constraints that may affect today's global integration. With the aim of broadening the understanding of global marketing strategy,
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Literature Review
International marketing is defined as marketing that spans one or more countries. Globalization is the marketing activities of multinational corporations that do business in different parts of the world in many countries, using global marketing tactics, global markets and global products and standards.(Rambe & Aslami, 2022)International trade is the exchange of goods and services between residents of a country and residents of other countries based on mutual agreements. The relevant population can be between individuals (people and individuals) or between individuals and the government of one country and the government of another.Â
Global marketing can achieve one or more of four main categories of potential globalization benefits. Reduce costs, improve product and program quality, increase customer preference, and increase competitive advantage.(Masaaki Kotabe, 2020)An important aspect in making global strategic decisions is the ability to think globally: the ability to understand international markets by considering sources of supply and demand, as well as effective management and marketing methods.
Global marketing looks at the world as a whole as the target market. International marketing describes the activities of a company operating in one country and developing methods of marketing similar products in another country.(Wajdi, 2013)However, a successful global marketing strategy must be able to be developed and evaluated in the broader context of the company's overall strategy and not solely based on customer marketing considerations. This requires the allocation of resources between countries, markets and product segments, the integration of purchasing and production functions, management systems and logistics into a global marketing strategy.(P., 2020)
In this case, for a global company means a shared goal of global reach and capability that extends beyond every country. The dictionary or marketing defines global marketing as the obligation to act on world markets.(Saeed Samiee, 2019)Global marketing is becoming very fierce competition also based on investment in special products and developing high-priced products for market niches is also important for companies. However, no differences in performance critical areas were observed between companies that value global standardization and other companies.
(Alone, 2020)To ensure that marketing activities are not carried out in vain, it is necessary to exercise selective control over the distribution of resources between countries, markets and product segments, for the integration of purchasing and production functions, administration and logistics systems into global marketing. The difficulty in global marketing is how to effectively manage relationships involving cross-cultural ties and different organizational/management philosophies so that the commitments made can be intertwined as planned.(Speier, 2022).
Product/market growth matrix (Product/Market Growth Matrix) is an analytical model used to assist companies in determining their business growth strategy(Aisiyah & Rukmana, 2023). From this analysis the company can determine the right strategy to expand its business such as market development, product development, related diversification, or unrelated diversification. The product/market growth matrix is an important tool for companies to develop long-term business plans and increase their business competitiveness in the global market.(Edy Fradinata, 2021).
