How to Understand Marketing Management in the era of Globalization?

Believe it or not much has been transformed after globalization.  As smartphones become most handy, accessing weather to online food orders, there's a lot of convenience. 

Additionally, the manner in which every business manages online and sells its products through online is also a magic.

It is like all businesses are interlinked and interdependent. 

But first let's see what are the benefits of marketing globalization:

1. What is globalization?


"The process by which businesses or other organizations develop international influence or start operating on an international scale."

The term 'globalization' includes access to free information,  technology,  and goods among countries and consumers. 

The world is now connected.

2. Benefits of globalization

- An exchange of culture, food, entertainment,  music, art, goods and services apart from technology transfer are some of the key areas of benefits.

- Growth in employment,  opportunities for expat workforce and scope for technology advancements.

- Reduced poverty levels - According to World Bank, poverty has declined by 35% since 1990.

- New markets have emerged as it has expanded global hiring process and employment and recruitment process are easily accessed.

3. Marketing Management

The era of globalization has also introduced many new  phases in the marketing management. 

Such as - business associated with multiple countries for marketing its products and overcoming the cross channel barriers etc.,

Marketing is all about marketing a product with various strategies that has 4Ps.

Product - Place - Price - Promotion

Making sales and revenue is also important as it determines the success of marketing.

The arena of marketing has expanded massively across the globe irrespective of global competition,  marketing policies and advantages. 

What does marketers need?

When developing a marketing strategy, marketers need an approach for marketing programs.

Let's take the marketing program of Coca Cola.

The international reputed brand uses different formulas and markets its brand.

Recently, the company launched a product under the title ' diet coke'.

The soft drink is available across many nations and is being promoted with brand awareness while customizing marketing strategies to increase sales and establish markets.

When it comes to market globalization,  there are few aspects which include - knowing audience and understanding target audience is an important aspect.

Marketing campaigns work differently from country to country and what works for one may not work for another.

When reaching for global markets, it becomes necessary to take into consideration,  the culture, language, market and channels.

Conclusion

There are many new ways, methods, strategies and market innovation that works in marketing management.  However, these have to be worked through many key areas of market research.