Global Marketing In The Era Of Internet Access
Global Marketing In The Era Of Internet Access
Over the last 40 years there has been a substantial transfer from domestic to global marketing on the part of both small and large business concerns. The consistent advancement of the Internet and technology take the shift in even more profound areas of our lives.
Although the global banking crisis has placed a bright spotlight on the interdependency of our global financial markets, the average working person is far less aware of the important shift in global marketing. Over the last 40 years there has been a substantial transfer from domestic to Global Marketing, on the part of both small and large business concerns. The consistent advancement of the Internet and technology take the shift in even more profound areas of our lives.
Trade barriers and tariffs have long been used by countries to protect their sovereignty and economic power. Foreign car companies have found interesting ways to circumvent these barriers through strategic alliances and manufacturing, distribution and of course global marketing methods. Toyota slowly developed the strength of its brand for many decades before making decisions to establish production plants in the United States and other countries.
That is not to say that global marketing came about as a direct response to trade barriers and tariffs; the goal of many companies is to expand their reach and distribution. Global marketing is sometimes considered the "point man" in a strategic move to increase brand recognition and product loyalty in foreign markets.
A global company is not always the end goal for many of the purveyors of international marketing. For many, boosting exports while remaining true to a domestic marketing agenda forces the issue. The necessity to improve the bottom line in a down economy incentivizes small and midsized companies to broaden their marketing perspectives. They may never seek to open a satellite manufacturing operation in another country but instead look forward to strategic partnerships in import and export.
While the world as "global village" moves closer to true interdependence through increasing Internet access, international branding takes on greater importance. The Internet has only made things easier for small and midsize companies to connect with each other as well as a broader audience. Worldwide media is no longer relegated to companies whose annual revenues rival that of nations. Smart marketing through the web has given the small entrepreneur major ammunition for the global marketing battle.
One major hurdle that national marketing firms have been able to overcome when transitioning to international marketing research is the availability of cultural data. Since marketing is actually intelligence gathering and assessment, the Internet has allowed unprecedented access to cultural marketing analysis. A small or midsize company can purchase comprehensive reports on targeted demographics and significant cultural differences and similarities for use in advertising and marketing.
Electronic distribution and wide availability has substantially reduced the cost of research. This substantial cost reduction allows more players to enter the field. The Internet has radically altered the global marketing landscape. Now a small company can produce variants of its product to fit particular global markets. They can more easily adjust prices and tailor their distribution based on available data. Creating culture sensitive advertising and branding allows for successful campaigns. These are the practical benefits provided by the Internet for a global marketing strategy.
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