Why is global marketing often referred to as without boundaries, and how do international sales strategies differ from regular marketing?
The standard definition of marketing is the process of planning and executing the conception pricing, promotion and distribution of ideas, goods and services. This creates exchanges that satisfy individual and organizational goals.
Global marketing focuses on market opportunities and threats around the world. The scope of activities shifts to markets outside an organization's home country. For an example, see our recent article on Bombardier's international sales.
So why would a successful company like Bombardier look to global markets?
First, the multinational benefits from access to new markets like fast-growing China, India and Russia. Generally less-expensive resources also become available.
But perhaps more important is the inescapable fact that company survival depends on global marketing. Otherwise, competitors that access lower-cost resources in foreign lands will drive a strictly domestic company out of business.
The standard tools in global marketing remain the same: product, price, place and promotion. However, e-commerce and the internet are in prime position to communicate multinational products and services via the worldwide web.
