MODULE CODE

- BSS000- 6

TOPIC

- REPORT ON GLOBALISATION AND ITS

EFFECTS ON COMPANIES MARKETING STARTEGIES

NAME

- BASKAR JANARDHANAN

STUDENT ID NUMBER

- 0919674

TABLE OF CONTENTS

EXECUTIVE SUMMARY AIMS AND OBJECTIVES INTRODUCTION RESEARCH TECHNIQUES AND QUESTIONS LITERATURE REVIEW IS GLOBALISATION A PHENOMENON GLOBALISATION EFFECTS ON COMPANIES MAKETING STRATEGY DISCUSSION SYSTAMATIC APPROACH TO TACKLE GLOBALISATION CONCLSUION RECOMMENDATION REFERENCES

3 4 5 7 8 15 20 25 32 34 35 38

EXECUTIVE SUMMARY
Globalisation, in the last few decades played a significant role in almost all the economies of the world. Due to which it had even played a very crucial role in the business world, while formulating a marketing strategy for the company. Henceforth, the purpose of this report is to understand the globalisation factors, and then its effects on the companys marketing strategies. This paper then highlights the proceedings which led to globalisation across the globe. It specifically analyses the effects it could have while formulating marketing strategy for a company. The case study gradually goes on and discusses about these following factors... Is globalisation considered as a phenomenon Globalisation effects on companies marketing strategies Systematic approaches to tackle the setbacks.

After considering all the arguments made by the theorist and practitioners on whether globalisation is good or bad and the effects it might have in companies marketing strategies. A careful contemplation of all the aspects which are involved in the subject matter has been analysed. In the conclusion of the report a set of recommendations and guidelines are provided to tackle and formulate a plan for the companies accordingly, to be the finest in the business world.

AIMS AND OBJECTIVES

The aim of this report is to understand and critically examine the factors of globalisation, and the effects it could have in the business world. Extensive reports have been taken into account for analysing, to make this study more purposeful. The purpose of this paper is to be acquainted with knowledge about globalisation, global marketing strategies etc... The aim is to analyse and exhibit the various factors of globalisation The merits and de-merits it can bring to the business world in general. Thorough understanding of how a business should tackle globalisation and become successful in their field. From these vital factors of examination, the objective is to learn the importance of globalisation and apply relevantly in the business world to compete alongside with the competitors and become successful in running the business.

INTRODUCTION
The word globalisation seems has taken over the core part of the business world in the last two decades. It allowed the world to re-shape itself in all the forms. The technological advancements which happened during this period were one of the major contributors or driving factors for globalisation. It has been widely argued that globalisation can bring lot of changes in an economy; many researchers argue that its a source, which can be used to connect various economies, social behaviours, culture, technology etc. In marketing terms, it largely helped in international trade between two countries, consumers tend to get the same products all across the globe, and this is mainly due to globalisation. In short globalisation, symbolize both opportunity as well as challenges for any country or business in general. According to studies conducted by Steven.M.Worth (2010) states that its an opportunity, which needs to be utilised properly by developing economies, where the markets tend to grow enormously. Many markets across the world would tend to get the same services and benefits for the same products which is been served across the globe. On the other hand, its even considered as challenge because; the local producers and manufacturers would always face stiff challenge from the global players.

Many theorists argue that there needs to be global structure, to do a trade between the countries. However, in a global arena the main objective for any business is to grow, in spite of the fierce competition. Hence, having global structure for a business was not considered to be always a best option. As a marketer, its even interesting to know about the important facet of globalisation. Many global companies are trying harder to navigate different markets with different strategies which in turn brought a lot of new ideas to the business and management in general. There has been arguments in favour and against for globalisation from the business world. This is mainly because; the focus is shifted to strategic level rather than conceptual level. Global strategic alliance should be spot on in order to become successful. According to studies conducted by Maurice (2010) reveals that globalisation has created certain imbalances in the economy. Its mainly due to the global shift, which tends to happen, due to large number of emerging markets. On the other hand, marketers to an extent started appreciating the globalisation factor, as it will provide them an opportunity to exhibit different global strategies. It indeed gave a chance for the business world to develop an international presence in a market. Many companies started identifying the drivers for the globalisation and they started analysing the plans to navigate those problems. Companys purposes were enlightened and values were set to be more global. Due to these factors, the vision of the business never changed according to the circumstance. They utilised the drivers of the globalisation to their benefits, which enabled lot of companies to do extremely well in different geographical regions. International marketing standards changed according to the requirements of the markets. Companies started approaching each market differently. The market segments were classified according to the geographical regions. The strategies of the companies were changing according to the necessities. Even though many firms adapt directly a global strategy, but even they should plan accordingly to take some local flavours in order to be successful. Matusitz Jonathan (2010).

Globalisation had shown some potential places to do the business. For ex, service sectors and manufacturing sectors had a fair share of advantage in globalisation. They started sourcing their business to other parts of the world. British Telecom (BT) customer services operation is handled in parts of India. In the same manner major electronic raw materials are produced in china. These wouldnt have happened without the factors of globalisation. This even gave an opportunity to open the markets for the developing nations such as china, India and Brazil etc... These markets are becoming major contributors for the world economy. Henceforth, its very important to understand the effects of globalisation in general and more importantly the consequences it might have in companys global marketing strategies. The purpose of this paper is to explore globalisation and bring in the best international marketing strategies which will lead to success, sustainability against the competitors in this competitive world.

RESEARCH TECHNIQUES AND QUESTIONS

A proper research should necessarily have a proper technique to be successful. In the same manner, the research technique followed in this paper is purely based on secondary research. All the information has been taken extensively from journals, books, news paper articles and web links. Henceforth, this makes the report writer as well the reader to assess and follow the materials if and when required. The research is done quite systematically; all the journal articles were chosen after thorough examination and investigation from the academic researchers.

RESEARCH QUESTIONS
Any research paper requires a proper planning to identify the desired outcomes. A systematic flow of information is so vital in the report. Otherwise, the information would

be scattered. Henceforth, to gain the knowledge of the subject matter, the contents have been thoroughly explored through these following questionnaires.... What is globalisation? A valid interpretation of the term globalisation Is globalisation considered as inevitable Approaches of the companys marketing strategies towards globalisation Globalisation effects on companies marketing strategies. What are the areas needs to be exploited by the companies under these circumstances to be globally successful? These questions formulate a part of the report. These entire questions have been thoroughly investigated through a basis of academic literature review, in order to get the insight about the ideas of academic researchers and practitioners. And then a valid interpretation had been made to get the best possible outcomes for the findings.

LITERATURE REVIEW
International marketing strategies are not unique to all the countries. It will change according to necessities of the nation, industries, and companies that operate within those boundaries. In order to have an appropriate mix to succeed in international trade, organisation marketing strategies should be spot on. In an era of globalisation companies need to focus more on the strategic level of business, as it will enable the business to be so successful. However, the process to formulate plan should be dealt by all levels of the management. A company might expect a dynamic approach or

change in customers behaviour which will lead to several changes in the marketing strategy in a short span of time. The company and the way they operate across the borders should be global, but the approach and the thinking should be local, this is widely called as dual strategy. According Poyner and Giles (2008), all the companies should have common guidelines to plot a route to have a potential place in a specific market. That includes understanding and having a clear and simpler vision for the business. Empowering the local ownership contained by the brand structure. The most important and complex thing is the level of understanding about the purchasing equation. The organisation should look to pierce similar market conditions. Segmenting the markets under the economic conditions will largely help to succeed further growth of the company. Adopting a business structure and having a process mapping would largely enable the business to grow promptly. However, according to hwy-chang moon and min-young kim (2008), global strategy and a common guidelines will promote the product function of that company rather than to have specific market. They indeed supported the idea of dual strategy, as every company should allow the local ownership to have a firm base in whatever business they carry out. The previous case studies have briefly explained about the importance of having delicate marketing strategies to be successful in all the corners of the world. However, most often or not companies might still have good process mapping and had their fair share of success in the corporate world. Still they would not have the same success when the venture into different markets. According to Turner, Colin; Gardiner, Paul D. (2007), certain companies might use a very aggressive strategy with the financial resources they have got to rapidly improve their positioning in the countries they venture into. However, due to lack of knowledge about the prevailing economic conditions and market and consumer behaviour, they would fail to have the same amount of penetration and market share they had in the home country. And later on the organisation would re-organise themselves to form a formidable group to re- venture into the countries where they failed to be successful.

The process which leads to the global expansion of the business is absolutely predominance of the nature of the business the organisations carry out. Normally, the business they carry out would enable them to spread their reach all across the globe. The sectors which often do these things are manufacturing, finance and service sectors. Most often or not all these sectors would always have adopted a strategy of having a local ownership or any tie-up with the organisation which carries the business in the respective countries. There are certain companies which failed miserably using the tactic of using the financial powers they had to venture into the market. However, on saying that according studies conducted by Michael j.baker (1985), states that financial powers can be used to an extent where they can avoid the substitutes for the same product in the country and it will enable the company to directly compete with the competitor. He even argues that technological advancements would always have a fair edge over the others if its been used appropriately Globalisation to an extent as given a way to liberalize the companys strategies quite easily. Although it provided the way to have an upper hand, Michael porter suggests that (1986), argues that companies cannot set a global strategy as it would not be feasible to get the same outcome in different geographical areas. He even states that apart from marketing strategies, functions like sales, which is very crucial, and then manufacturing, logistics, procurement etc...should have an equal share, while analyzing the progress, which would enable the company to grow enormously in all levels of the business. This even shows the importance of a value chain in a business which carries across the globe. This should be adapted by the organisation rather having their own. However, in general globalisation of market opportunities has increased with the continued de-regulation of certain sectors, such as financial services where the traditional barriers have been broken down. (International marketing strategy) Isobel doole and Robin Lowe. Global strategies page 192 A company which often adapts a global strategic approach normally does not allow any distinction between the foreign and local market opportunities, they normally have the similar approach towards serving a market, and then they gradually develop their skills

to compete with the other global companies which are operating in the same region. This, system of approach traditionally works in certain sectors of the business where the risk is very low or easily predictable. Here, organisation would take time to settle into the new economic conditions which prevails in that geographical region. In spite of recurring problems still lot of companies would apply this methodology to grow as a global company. However, there have been many arguments in and against this approach. Many researchers suggested that for an organisation to be competitive in the world market, firms must shift their prominence from a local custom-made product to a much more global product which will reach among the customers even in different regions in the world. And he even suggested that products should be at the advanced level in view of technology, it should be reliable and more importantly it should be priced at the minimum. In short, approach of a company towards a product should have right balance between the global standardisation factor as well as the custom made local flavour. However, to execute it in accordance to the plans is a daunting task. Firms may have to decentralize the entire system in order have a win-win situation. There could be lot of problems both relating to professional ethics as well as cultural problems. This could be considered one of the major setbacks for globalisation. Globalisation always has a lot of challenges for the business responsibilities. Studies conducted by Andreas Georg Scherer, Guido Palazzo, and Dirk Matten (2009) reveal that globalisation may be a process of shifting the corporate responsibilities from one side of the business orientation to other side. The factors which includes within that responsibilities may be, service sectors (customer relationship) etc... However, the objective from the corporate point of view is to standardise the service as simpler as possible. In order to enable the firm to look bigger in terms of corporate perspective it will in turn show a success in corporate houses. This is where globalisation played huge part. If the corporate responsibilities are shifted, then obviously company or the firm will get a global reach among the customers and clients according to the business it carries. This

move would take the firm to the next level and it would give an advantage over other competitors in the same product line. Especially, if the firm wants have a presence in most of the geographical areas across the globe and to compete with the substitutes in respective region. Globalisation in general does have lot of criticism against it. The case study which was conducted by Ibrahim and Harvard (2008) suggests that globalisation would expose the countrys economic restraints; this might have a very adverse effect on the countrys economic state. This will then lead to a potential conflict among the domestic markets. He even states that the growth variables would not be stable as the process of sustainability would be no longer predictable. On the other hand studies which was conducted by Gardels Nathan (2007) argues that globalization trend is worrying because the developed countries would take this as a chance to protect themselves in a series economic crisis, he even points out certain sectors such as healthcare etc .. It would not reach the common man in all the geographical areas. In contrary to the two previous case studies Mcelgunn Jim suggests (2003) suggests that globalization would lead to a big challenge for those countries, where there major marketer would be US or any European countries. This is a very advantageous because they get the access to the new products which are being used by these developing economies. And more importantly this will make this country very robust. This will even create probability of having a great multi-cultural society within that economy. The major criticism the globalization brings is the gap it creates between the rich and the poor economies. To an extent there are some critics who slams that it benefits the rich and does a small bit for the poor. But Dollar David and Kraay Aart (2002) argue that globalization has promoted economic equality and it helped to reduce the poverty in the developing economies. They argue that economic inequalities are not linked to globalization. The article addresses the claims that were put forward by that antiglobalization movement. Early in the 19th century there were some free trade agreements between the countries which wanted to have the products and goods of different regions. However, later on the

countries couldnt fulfill the basic needs for their own necessities; hence the process of having these agreements was not considered to be successful. Certain countries used their power and resources to maximum level to attain whatever they needed. Its therefore considered to be the most perilous action, and it was seriously condemned by lot of developing countries during those periods. In the recent years, globalization has become one of the central issues. The way it developed, and the way it perceives things are quite different to what they exactly are. Instead of free trade agreements, countries started to venture into those countries, where there is a lot of requirement for the services which are not offered to the public. They normally cater to the needs of the people and then accordingly will change the strategy to have a place in that market. Thus enabling the organization to grow enormously, this will in turn be called as a global company in the near future. The obstacle for certain parts of the country is there geographical location. Places like costal china, southern parts of India were considered to be one of the major routes for trade once upon a time. However, in recent years due to lack of control, misguided policies from the government have proved to affected these places. But few studies show that due to the effect of globalization these places are becoming popular in terms of trade, culture etc and these places attract lot of foreign direct investments which provides boost to the economy of respective countries. International marketing strategies are no different to what marketing involves. It might be a combination of mixed strategies such as marketing mix, pricing etc... However based on that assumption its not possible to drive a conclusion. The organisation which constantly changes its strategies and approaches according the consumer needs in the given geographical region would succeed. There might be one or more approaches for the organisation to follow. According to the prevailing condition of the respective countries they can choose their own path. In case of distribution channels companies can sign a contract with an agent, who then takes care of all the responsibilities like promotion, logistics etc. In some other cases there are certain companies who will use their global appeal and resources to have their own channels of value chain for their companies.

The study conducted by Devi Prasad karuppur and C.M. Sashi (1995) did have two different contrasting points , they claim and recommend that standardising the global marketing strategies based on the technological advancements which are available would lead similarities in the preference for the customers across the globe. Whereas other researchers claim that a global company with huge reputation applies lot of approaches like multi-domestic approach, intermediately approach etc, and this leads into different level of standardisation. Henceforth, they claim that adopting different level standardisation would need to be investigated properly before it goes out of control. With relevance to the global standardisation and the pros and cons related to that, it evokes a lot of criticism among the researchers which would dramatically change or affect the international marketers. In keeping in mind Ryans Jr., John K (1999) presented the key factors which might come into spotlight once the global economy becomes flat and those include industry concentration, greater focus for the supply chain, the importance of marketing, the growth rate of the emerging markets etc... And even he thinks that if the marketing needs to be more viable a regular assessment is a must to analyze the progress. According to the studies conducted by Blythe Jim and Zimmerman Alan (1985) states that global strategies should be seen as a procedure of identifying a right mix for the market positions in the given geographical areas. He even argues that it should be assisting the firm to build a global strength against the local strengths. He laid emphasis on having a direct competition with the market leaders in the local region. This would give a possibility for them to understand their own strengths and defence. The process for the firms which needs a high share in a global market should be able to locate an appropriate segment which normally exists globally. Globalisation proactively helped the business to re-shape itself as never before. The markets were wide open to venture into. This open policy was utilised successfully by many companies who wish to extend their business in many folds. The global marketing scale has always has two forms, one accelerated reactivity phase of globalisation and then the de-accelerated reactivity phase of globalisation Caselione John (2003). However, the author feels that de-accelerated phase of globalisation is always a

transition period where the economy base shifts from one base to another. Most certainly that is what is seems to be happening now. He argues that accelerated period of growth is the time when organisation shows lots of sales and profits, and there would be much lesser restriction on government taxes etc. Its quite opposite in de-accelerated growth period. There are certain companies who relentlessly work on gathering information about the priorities they want to set before starting up their operations. Murphy Chris (2009) states that organisation which manages the information system priorities and appropriate spending for information technology will promptly succeed in their business. However, he argues that consumer application tools are also so vital in order to meet the requirements of different people from different part of the world. For any organisation to become globally acclaimed initial stage of progress is to understand the selection of market according to the prevailing marketing conditions in the countries. They should gradually increase the market share within each country. The entire organisation might not be very big in terms of resources such as human capital or financial resources. However, there method for adapting or venturing into a new market development should be so effective which will have a very positive effect on their company. There have been different approaches for introducing a product into the market. But the conventional approach is to test the products in the domestic market before introducing that to the global consumers. But some companies might be a player in the domestic market; they will not use the same strategy. And in certain scenarios companies would be born global, if thats the case even they will not follow the same approach. International marketing strategy should be based on various factors. The organisation should take lot of measures to understand the economy they venture into, and then should start comparing the benefits and drawback which would enable the organisation to grow appropriately.

IS GLOBALISATION A PHENOMENON?
Almost all the countries in this world have had their fair share of involvement in being globalised. However many theorist suggests that globalisation is just a phenomenon, where no one can stop being globalised. There has been many theories against that,

according to studies conducted shi wei (2010), argues that globalisation triggered a rapid evolution in the respective economies, which enabled the business to progress. However, it depends on the countries where a substantial prominence has been placed to invite the foreign direct investments. Emerging markets will always pave way to globalisation. There are Certain countries which has seen globalisation as an opportunity to improve their economy and standard of living. Most reliable pattern of growth has been trade and this as surprisingly been the driver of world growth in the last three decades. As a marketer, the emphasis should be given on the global strategies which would lead the business to next level. There could be a number of market oriented failures a firm can face, but this should not lead them down to improvise their standards. As argued by Alexander Chris, Warwick Ken (2007), this in fact gave the confidence to the marketers to invest in different economic zones or region. This was possible just because of globalisation. Many organisations would have desired to become a global company in a global market place; however they face lot of challenges than ever before. The studies which were conducted by Steve Tappin and Andrew Cave (2009) reveal that to become a global player and to succeed, there should be global mindset. They even argue that growth rates of emerging markets might not be consistent and can be prone to sudden economic crisis. Furthermore, if we look into the emerging markets such as china and India, especially India, where the growth rate was less than 5% in the mid 90s.The country started liberalising and privatising in the early 90s. But since then country economy growth always seems to be peaking. According to the government sources it will stay anywhere in between 7.5% to 8.5% for the next decade. This figure should be same even for china may be there could be a little variation from the predicted figures. This certainly happened because of globalisation, if this was not the case country like India would not be an emerging market by now. Marketers should understand the fact that, the prevalence of the population which is available in these two countries are need to be catered properly otherwise there are lot of possibilities they might end up not using this human capital properly, whatever it

could be in terms of service sector, manufacturing or health etc. The companys values and purposes should be global, which will enable them to compete against any robust economies. In the near future there could be lot of things which can be unpredictable the companies should always need to re-assess their strategies according to the prevailing marketing condition. Companies should understand that, it is quite impossible for any products to become global in a short span of time. However, to become a global player they require a significant amount of research and more importantly the reflecting time should be much lesser than the competitors. Harnish Verne (2010) argues that dominating a particular area of business would lead that company to become expertise. In spite of having global exposure still certain products lack attraction from the consumers. Henceforth, having a firm base for a particular product is so crucial. In order to have a sustainable and consistent growth in any country, companies strategies should be spot on. According to studies conducted by Alex et al., (2010) suggests that the main purpose for the strategy formation within in company is to change the perspective or its competitive positions. In a phase of globalisation, companies might go through a period where there tends to be lot of transition both internally as well as externally. There are lot of small organisations, which are trying to globalise their business operations much earlier in their product life-cycle, which seems to be a major concern. They usually use the term BORN GLOBAL. However, if we scrutinize their products or their business, its easily understood that its not best in quality wise. There has been lot of research being done to investigate the so called BORN GLOBAL companies. And almost all the researchers found that they failed considerably in the international business standards. This is largely due to lack of exposure to the international markets as they tend to use the same strategies and approach what they used in their local market. There are lot of contributing factors included, before a company actually takes a step to forward and to invest their money in different countries. According to studies, certain companies become global player very shortly. It is mainly due to their swift understanding of the customer necessities. They will start anticipating the continuous business environmental change. In certain cases, internal management within that

company will project the future changes and they will identify and deduce the possibly of the risk factors. As a result of these factors, it will enable the company to plan and coordinate itself accordingly for future requirements. Therefore, its so vital that information search is very important before commencing the work; otherwise it will lead the management to take the deviations very frequently. According to studies conducted by Arun Kumar (2010), states that globalisation can be seen as two fold opportunities for any countries, firstly serving the demands of the people and secondly using the same human capital for further growth. The reason for globalisation actually started because, certain companies wanted for smart business expansion, which enabled them to invest their capital and resources abroad. Any countries which provide that opportunity with human capital and less potential financial implications would always be favourable. In short, GREAT OPPURTUNITIES always comes along with GREAT CHALLENGES. The management with in that company should always provide with all the appropriate investments that will enable the work force to change their decisions appropriately. One of the foremost methods in international marketing strategy is not planning for a task, but changing according to the convenience to the consumers and the clients. It has widely accepted that, frequent changes are expected in different geographical regions, but the companys decision should be adaptable and it should be ready for any changes, which will enable the top-level management to re-assess their decision according to the requirements... The researchers have analysed that there are certain mechanisms involved for empowering the globalisation factor in an organisation. Company policy should be expanded which will give hope for them to look into broader perspectives. The influence of certain major force is broadly required for them to establish a stronghold in the countries they wanted to venture into. Even they should understand the cost involved in revamping the company for the cause of globalisation. Jacoby Wade, Sophie Meuneir (2010) This mechanism can be followed especially in countries where the domestic market is much unsophisticated. Because, most often the goods and services may be the same, however the way in which it is delivered is quite different. In some case this can pose a

very major threat, because in developed countries the same kind of product and services cannot be accepted. So this amplifies the fact that strategy should be more focussed and planned accordingly to different countries. Apparently, international market has become a route to have an understanding for the imbalance between the major customer related markets. One of the major reasons for the organisations to initially build up international markets is because to breed new market opportunities in that region, which will enable them to boost sales, remove the existing competitors of the same product line. Through this methodology, they would make the customers and the clients to feel satisfied. These concepts play very huge role in international markets. According to Dilip Das (2010) states that globalisation facilitated in bringing down the national barriers and more importantly it helped in integrating the economies and society. However, there have been several arguments against it. They insist that there has been a shift in global economy from west to east. Although, few studies indicate that there was some transition, but still its not conclusive enough to prove it. Most certainly, there was an economic slowdown in the last three years, where the western countries across the globe got affected. Its easily understood that globalisation evoke because, certain countries started emerging and they opened up their markets which enabled the developed economies to venture into their markets. There has been always a huge conflict between academic researchers, practitioners and marketers. They admit that planned economies around the world are less efficient than the market economies Czinkota Michael and Ronkainen Ilka (2003). They suggest that even governments around the world are proactively encouraging the economy which is purely based on market based economy; this is less risky than the other option. The interesting fact is anti-globalisation movements are against it and the government which runs in those geographical areas are supporting this approach. He even argues that international marketing is mainly a link which allows the marketers and their international constituents. The efforts which are put forward to adapt to a situation is very important as this would lead any firm or organisation to next level.

There have been many theories which have come across for discussion about the global marketing strategy. However, none of these were not so specific. According to the study which was conducted by the Zou Shamoing and Cavusill.s.Tammer (2002) states that global marketing strategy has always had three major perspectives, which are standardisation, co-ordination and integration. The author amplifies the fact that all these three were left to the decision makers inside the management of a firm rather than letting it to the marketers to decide. This led to the uncertainty overall in the researchers mind to know whether global strategy would pave way to the overall implication of global marketing. In contrast, studies conducted by Sheehan Kathy (2007), illustrates the fact that standardisation is not just the only option, as the trends would be keep changing according to the geographical areas. Even emphasizes the fact that marketers should understand about the pace and direction of the market, in order to have a clear idea to take a future divergence from the original plan or layout.

Source: nsw.gov.au

WORLD IS FLAT

There are certain aspects of globalisation, which are truly inevitable where there is a constant links in between the countries, market, people etc... As described in the above picture the outer part of the world is truly globalised. However, the inner part would be always left behind. Same like cultural iceberg, where the tip of an ice berg seems to be more active and carries day-to-day activities in a country or a region. However, the bottom of an iceberg carries the real culture which is very difficult to replicate. (GEERT HOFSTEDE CULTURAL ICEBERG)

GLOBALISATION EFFECTS ON COMPANYS MARKETING STARTEGIES.

An era before globalisation, companys focussed more on strengthening their resources in the domestic market. However, globalisation factor affected the companys marketing strategy. Companys started re-focussing their strategies accordingly to the customer requirements. According to study conducted by Takanori Osaki (2008) reveals that there are lot of factors involved in formulating a global strategy. These can be described as micro and macro factors. He argues that companies should use a strategy where it will de-centralize the planning. In his case study he explains about the Japanese mobile companies and the strategies they used to penetrate the market. However, after a certain period of time they couldnt handle the pressure of globalisation factors. Their strategies need to be re-planned but even that was not assisting them to enhance their position globally.

The key factors that let them down were their global marketing strategies. The framework they used was not the best. And more importantly they were not able to finetune to the technical advancements that was changing the perception of mobile phones in the customers mind. The organisation structure was so weak. The management was not too sure about the strategies they were adopting to pierce the market. Business model was so fragile. They were using more traditional methods, compare to their competitors. Likewise, there are lot of companies who couldnt understand the market situation properly, and they miserably failed both locally as well as globally. The company should focus on all the micro factors involved while carrying a business. Internal organisation structure should be efficient enough to sustain any essential needs. The international marketing planning process is also so important because the planning process comes as medium of both micro and macro factors. In addition to all these factors company should even focus on cost involved in all the business operations. The drivers for globalisation should be taken into account, the customer. Requirements and technology should always be in the forefront of the business The global marketing strategies should be reviewed very frequently because the global market position would change quite dramatically in a period of 5 years. Since late, 2007 there has been a huge economic crisis in the western world especially in US. This

largely affected the world economy. According to study conducted by Alarcon Camille (2008) reveals that PepsiCo a leading soft drink manufacturer is investing $1.2bn to revamp its global strategy, due to the economic slowdown. This decision comes down as soon as one of its global competitors Coca Cola announced about their review of their global strategies due to economic slowdown. Both these companies would be planning according to the customer needs and they have set a target period of 5 years to completely revamp their strategies. Bokala Jemima (2008) When an organisation is revamping their strategies, lot of factors should be taken into consideration this will allow them to perfectly plan for the future. There are certain fundamental practices a company should follow before it actually changes the global marketing strategies. To an extent situational analysis plays a very vital role in formulating the plans. Because through this company develops a clear understanding of each and individual markets and accordingly they can adjust their strategies. One of the major difficulties or dilemma for any company is to how far they can standardise the strategies in order to be successful in different markets. Many companies would develop an effective global implementation strategy in their business operations. However, in certain cases there are lot of possibilities that it might not provide them with the same outcomes. Building a global presence would always enable the company to penetrate into the market perfectly. However there are lot of challenges involved while building a global presence. One of the foremost difficulties is managing dissimilar markets and culture. Reacting appropriately and accurately to the competitors. And more importantly increasing their global appeal by building a strong and reliable global brand. Reaching the global consumers properly in terms of quality, needs and price. Despite the growth of global brands in different markets which is inevitable, they cant be always successful. Wal-Mart withdrew their operations form south-Korea and Germany because they were facing huge financial losses which cannot be bear by the management. (International marketing strategy) Isobel doole and Robin Lowe. Global strategies page 2009. This is mainly because they couldnt compete with the

local competitors who were very dominant and they were always much better at catering to the local needs. Many organisations should look for opportunities which are available and then they should capitalize that market through appropriate methods of penetration. And this is where the strategic part of a business comes into picture. Where most of the decisions are taken by the top-level management but this is closely monitored by all the other levels in the management. As a marketer, the focus should be given to understand the basic essentials of the customer requirements in each region and formulate a plan accordingly rather than re-assessing it frequently. The strategy needs to be ascertained very frequently especially if a company is focussing on manufacturing sector. At some stage in an international development, the focus would be more on increasing a significant commitment for an individual markets or geographical regions. This is mainly because to attain more business, to have advantage over their opponents, which will enable the company to defend itself from its competitors. There have been vibrant changes in the global market place, which enabled the marketers to re-think their strategies. This has increased the opportunities for standardising the market strategy across the globe. According to studies conducted by David Griffith (2010) states that the complexities of a market strategy should not be over simplified, as this would lead in-effectiveness of the market. So there should a multi-level approach to simplify and broader the market segmentation. And more importantly the subject of segmentation has received lot of attention due to globalisation factors. The aspect of global marketing strategies always depends on the globalisation. The broader the globalisation affects, narrow the marketers should be thinking. Because, this would enable them to have lesser options and it will allow them to focus in the appropriate place and segments in different regions. In each and every market the similarities and differences should be noted accurately. This will enable the company to plan accordingly to the needs of the customers. However, there are certain elements of a market where research is very crucial. Otherwise, the marketers cant understand the needs of the consumers. There are

certain companies which will not re-assess the marketing strategies instead they will revise it according to the global environment. This would largely enable them to move a step further when compare to their competitors. (Robert Lester 2008) Many researchers argue that still there is no proper interpretation for standardisation. Likewise, there are lot of differences on the benefits of standardisation. Even some argue that standardisation might not be an appropriate strategy. Nanda.K.Viswanath , Peter Dickson (2007). Standardisation factors would have a direct impact in the companys marketing strategies. However, emphasis should be given more on marketing strategies which relates to the old school of marketing, where all the concepts of marketing mix should have an equal importance, while selling a new product in relatively new place. Most often success in the international market is assessed based on the demand for the product and more importantly the satisfaction level of the customers. The more the number of competitors fewer the product differentiations would be. Henceforth, as a marketer is always important to strike a right balance between the product and the service. This is because a company can face a same situation in any different geographical regions while segmenting the market. Product can be same with different raw-materials whereas service will differ according to the brands and companies. A study conducted by Kenneth Rogoff (2006) states that the progression might not need to be smooth or linear, but there should be controlled path of development. Thus enabling the products to reach to all the zones in the same market. Its quite remarkable what globalisation has done to the developing countries. However, still doubt arises in the minds of marketers of substantially to re-design their strategy. As a marketer its very important to formulate plan, which will enable to penetrate the market in stages. Measuring the market is so essential; it will identify the needs of a product in a specific place. If the measurement of the market place is so perfect, then its not required for the company to frequently re-assess their plans. Most certainly, all the companies which are succeeding in the market would give much emphasis to strategic level of business. Therefore, its so vital that company can plan strategy in a way it should promote the

product in a specific region and more importantly it should be able to make profits in a considerable amount of time. According to Meredith et al... (2007) argues that needs of the consumers should be easily identified by a marketer, which will then allow them to constantly progress in that market through various product line. They can use their financial powers to build their strategies in favourable conditions. Because foreign direct investments acts as an essential source of finance for the emerging nations to improve their economy growth. Even there are lot of possibilities that product will certainly became success as consumers in those markets would have benefitted from the products which was manufactured by these companies. However, as a marketer its very essential to know the importance of marketing a product in a specific region. The effects it could have to the company would be really adverse. If the place is not spot on to promote a product, then it would have and huge impact on the reputation and goodwill among the consumers and the competitors.

DISCUSSION
The word globalisation always conjures up with global companies, and global task which is taken by any country in general. However, the focus needs to be given to the economy in general rather than any specific companies or organisation. The global marketing strategy is wide open to any form of business which is legal. If thats the case, then globalisation can be seen in many forms in the near future. Todays exigent economy allows globalisation to grow manifolds. However, companies should accept the fact that, globalisation has assisted them to promote their product in all parts of this world. Growth necessarily may not happen in all the areas, as there are lot of possibilities that it could happen in different parts too. It is indeed a time to understand that prosperity can easily overtake challenge. Many developing markets or economies are becoming more and stronger than ever before. The marketing strategies should be absolutely fine in order to have a win-win situation for any organisation. The expectation levels of consumers are changing according to their needs. Henceforth even marketers should change their strategies according to the prevailing marketing conditions. The segments should be drawn perfectly in order to target a specific market. There has been lot of views in support and against for globalisation. In the recent past, lot of trade barriers have been removed in many countries even that largely helped the companies to introduce their product in those economies. Even market factors are so essential while developing a strategy, because that would lead the company in the right direction. If a company pursue a global strategy then it will evoke lot of qualms in the management. Therefore, its always important that market plans should be based centrally, so that it will enable the firm to use wherever its applicable. According to studies conducted by Kaya Yanus (2010) investigates that fact that globalisation has allowed certain sectors to grow enormously in different regions in the world. As mentioned, earlier economic globalisation has influenced the marketers to plan a strategy especially for manufacturing and service sectors. This has got some positive effects, however its very early to predict the outcomes, but in general this has lead to several conceptions among the marketers to develop a well defined strategy.

The key points which can be discussed in order to derive the word globalisation are as follows. And most certainly all the organisations would have discussed about these marketing strategies before venturing into any countries for business purposes. Key points from literature report Local ownership Dual strategy Supply chain process Standardisation Adaptation Marketing mix Financial resources Segmentation of market in different geographical regions Technological innovations

Local ownership The local ownership is widely considered as the safer option for any new companies, as this would allow the organization to grow in many profound areas where they can attain their ownership easily. However, the there has been lot of talk between local vs. global. Because, in an emerging markets or economy so many areas were left without being catered properly. Global companies might always face an unknown challenge from the local market. In order to face that challenge companies need to always adopt a strategy which would enable them to penetrate into the market easily. One of the finest ways to do that is having a local ownership. The research studies prove that all the potential blocks would start well within the local regions. In Spite Company being global, they always end up having local ownership to strengthen their powers in the respective countries.

According to Isobel doole and robin Lowe (2008) international planning process is always different to local process. Apart from having the process, the organizations should even consider the substitutes in the geographical region. It becomes a continuous process; it will be reviewed quite frequently to have an easy understanding of the existing markets. The issues companies might face can be very complicated and it should be dealt with taking into consideration of all the perspectives. Dual strategy On any given geographical areas dual strategy is a must. This would always have fair advantage over the global competitors and the local. In simple words act global; think local. According to studies which was conducted by Heller Patrick, Dietrich and Snyder Richard (2009) proves that emerging markets always as two sets of consumers and they can be broadly classified into dependency and development. Dual strategy always allows the company to re-assess their strategies according to the prevailing marketing conditions. They can be dealt with distinct modes, which always would enable the company to exert essential needs of the consumers in that particular region. In all circumstances dual strategy might not be good approach, because it normally depends on the product which is being promoted by the company. The companies which normally operate for a very long time in a particular country, would by de-fault would have used the dual-strategy. However, it largely depends on the market size and market capitalization of that company in that market would give a clear picture about the future un-certainties. Supply chain process. One of the major attributes of any global company is the way they manage the value chains appropriately both internally as well as externally. There is been huge conflicts to know whether supply chain should be adapted or re-designed according to the companys requirement. The research in this area widely proves that it should be adapted to derive the best possible results. Globalization would lead many marketers thinking whether the process can be de-centralized in the existing business environment. Whatever the forms of business might be whether global or local an

efficient supply chain is a pre-requisite for any organization. The outcomes would be different where as the process of obtaining the essential results would be the same.

Standardization In a globalization practice, the approach towards a particular process should be so flat. Henceforth, re-searchers argue that standardizing certain techniques is so important and logical too. However, in view of standardizing the techniques certain organization goes so flat that they start standardizing to an extent that they wont even look into the difference of products. Its been generally agreed that there should be certain level of control towards the organization which takes a double stand in standardizing the techniques. According to the study which was conducted by Oliver, martinand Thomas (2009) states that standardization of a generic process globally would always enhance the performance of the company. However, he even argues that this might not be the case in all the conditions. As standardization would enable them to have a very strategic approach to the business in general. This could deplete the quality of the products in different region. And in certain case products will not be accepted by the consumers worldwide. The thought of standardization has received a very strong attention from the business world. However as mentioned earlier it has different interpretations according to the business pre-requisites. According to the companys performance the standardization views would be changing. And the most important factor for standardization is when the market capacity is more and there are only few global players who actually pierced the market. Standardization has two different ways of approach i.e., Differentiation and decision. These two approaches always play a vital role in global marketing strategies. Objectives of the companys decision are changing so as the standardizing methodology. Companies with same objectives or product line will be more easily standardized. Hence forth, companies would choose one global segment to pierce the market or else, they would plan strategies for individual countries. Standardization may not be good

approach for global strategy, but organizations should take this approach for the individual countries which they tend to operate.

Adaptation There should be an effective strategy applied by the companies, in order to be successful in the market. According to studies conducted by Sema et al., (2007) states that if the market selection criteria were traditional in respect to the economies, and then most certainly companies will tend to use the adaptation strategy. However, the process for this should be well defined, because as a marketer the challenges would be too high. Every geographical region would be having different strategies, so identifying them is so vital. Lot of time should be spent on researching the market in order to compete well with both local and global competitors. In spite of receiving all the valid data, still companies might fall short, this mainly because of the value chain process that available in that particular region. In practice this methodology can look simpler; however the real difficulty is when the company starts really applying for business purposes. The higher the levels of products been placed, then it becomes simplified to approach from all the sides of a market. Especially when the firm is using the adaptation strategy, the market segments should be so clear. Then it would be much easier for the firm to directly target a particular group. Adaptation is technique which is used in certain sectors in a market to avoid direct competition. Marketing mix The access to the market has always proven that getting the right mix to a product line is so easy and viable. In planning for international marketing strategies, organization should understand the competence level of the customer in that particular region. A

study which was conducted by Kustin Richard Alan (2004) reveals that the perception towards particular products changes according to the countries its been marketed. However, even in domestic markets it tends to happen and this cannot be considered as global phenomenon. A marketer should understand the basic requirement of the products, and then set a new approach to his/her ideas. This will enable the plan to be so successful rather than having a pre-set idea about that product. Firms which operate globally should perceive the changes which take place in a global environment and they should be in a position to respond to the situation accordingly. In order to do this organization global strategies should be spot on. Having an appropriate marketing mix according to the prevailing marketing condition is a must. This will enhance the operational level of the business so rapidly. It is quite relevant that companies which operate well in the domestic markets may carry on the same momentum, even when they take their business globally. They would normally engage themselves in indentifying the right mix for their business before venturing into any countries. Financial Resources All the organization should understand the basic requirements for making their firms global. And one of the vital factors is finance that is required to carry themselves across the borders. In certain sectors such as manufacturing etc, lots of funds required for research and development. And most certainly firms would try to do a research that in the country where they want to venture into. However, due to lack of monitoring resources they might end up in not practicing that. This would largely effect in their business operations. A part of globalizations always depends on the financial resources too. According to the study conducted by Madhu, Rosa, Ruth Julie (2010) states that, the buying and selling activities for any business largely falls in the criteria of money. In fact, financial resources have become a major domain in any business sectors. In any global business strategies pricing a product becomes more complicated. When a

product been priced a marketer should understand both forms of factors i.e., internal and external factors. It to an extent plays a very important role in meeting the corporate objectives. Several researchers indicate that there lot of factors should be taken into consideration before a firm actually takes a decision on pricing. Organization should develop an appropriate strategic plan rather than a tactical pricing for a product. The organization should consider all the options for each country and then set a price accordingly. So largely its understandable that globalization has nothing to do with pricing techniques. The standards will not change according to the economic regions. It tends to remain the same in all geographical areas. There are certain products which are frequently purchased by the customers almost in all the countries, for those products in all international markets company needs to be very aware of having a dynamic approach. They have the freedom of changing the price according to the necessities. Segmentation of market in different geographical regions Segmentation of a market is so important whether it is global or local. Without a proper segmentation its quite impossible for a firm to position itself in a market. Firms should look into the market opportunities in order to segment the market. The classification of good market segmentation comes into picture when buyers of certain segments would seek the similar benefits and even they show a similar buying behavior of a product. (International marketing strategy) Isobel doole and Robin Lowe. Global strategies page 113 More importantly company should identify a segment which provides the infrastructure to build or support their products. Globalisation to an extent enabled that to happen quite considerably. Almost in all countries there has been some assistance given to global companies. Even the firms should analyse the fact that product what they manufacture should support the local needs. If not, its understandable that segmentation approach was not perfect. It is widely argued that segmentation approach would enable the marketers to understand and design the strategies for global customers. In short a comprehensive

approach is required for the segmentation process. If that is taken perfectly from the marketers, it will lead them success in promoting their product quite successfully. Technological innovations Demand protocol is changing from the customers point of view due to various technological advancements, henceforth its important to utilise marketing information systems quite effectively. The information or data can be collected accurately through web based systems and can be used to effectively to operate their business. With the growing amount of internet based applications, firms can collect the political, market, economical situations of a country quite quickly. This technical innovation with in a firm would enable them to compete globally with their competitors successfully.

DOES SYSTAMATIC APPROACH BY COMPANIES TO TACKLE GLOBALISATION WILL LEAD TO SUCCESS.

Many companies try to push hard to become global. However, they may fail in that process, if they dont react to the market properly. Henceforth, a clear vision for the future is important; this will allow the company to re-assess the techniques according to the prevailing marketing conditions. The strategies could be the same, but they should have a different approach in addressing the needs of the customers. Globalisation is a kind of inevitability, so company should formulate a plan to face the challenges. According to studies conducted by Marcur Alaxender and Harry Korine (2008) they have suggested that lot of missteps and misconceptions were taken by many leading firms, which made them to fail considerably in a global market. They even argue that before taking a step further, for a global move internal management of the company should understand their own limitations in order to come stronger when situation demands. By taking this move it will enable the company to potentially face any disastrous problems in the future. All globalisation strategies are not unsuccessful. However, the ones which are failed are mainly because of a disintegrating marketing strategy which is not quite visible both internally and externally. There are certain companies who could have done well; still they have always fallen back below the level of expectations. The vital point is to understand the factors that influence the globalisation especially in emerging markets

where there is a huge demand for the products. If a move is made by a company, just in order to create a rivalry in that region would not fetch any benefits to the company. This is where race for globalisation becomes more fatal. The marketing research based on the prevailing marketing conditions would enhance the growth of that product in that country. However, parallel approach may lead them to have a better alternative. In many ways systematic approach would provide a better result, provided of the information evolution is delivered better while carrying out a market research. According to studies conducted by Greenwald Bruce and Kahn Judd (2005) suggests that the term strategy is nothing but to understand and anticipate the moves of the competitors in a given domain to be successful. However, in order to attain the stage to be a competitor in a market with lot of barriers would enable them to enhance the opportunities for growth. In these places systematic approach might not have an edge, because most often or not the companys ideas should be spontaneous to face the competition. Many companies in general dream of becoming global brand in short span of time. Thats the reason they consider globalisation as quickest medium to achieve their target. However, to navigate all the blocks in between is a difficult task. To understand a market without proper planning would lead them in a wrong direction. Companies will not measure the market size and the growth level, proper marketing research wouldnt have taken place, and this will enable them to make improper decisions. Its therefore very important to know all the vital information before venturing into a market. In certain case even after planning there are lot of possibilities it could go wrong. So companies should even know the consequences and they should be in a position defend themselves from all odds. All the strategic views should be analysed and reviewed before its actually been put into practice. Before taking any final decision, the management within that company should think about all the possible outcomes from this decision. According to studies conducted by Andres et al., (2010) suggests that marketing strategies needs a valid interpretation from the organisation perspective. In order to have an in depth analysis for a market, especially for the small and medium sectors.

Where they yet to know and understand critically certain terms such as localisation etc. If an objective of a company is not huge, then obviously the impact from the external market would be very less too. It is widely argued that a systematic approach to any form of business would lead to success. Although, this has been proven and accepted by the global management and marketing leaders. But, a systematic approach for marketing might not be a great idea to follow; this is mainly because the consumers tend to change their mindsets according to their needs. This would not allow a marketer to have a systematic plan for his products. The research techniques and methods should be spontaneous rather having a systematic approach.

CONCLUSION
The focus of the company should be broader; this will enable them to grow in any unpredictable markets around the world. However, marketing should delineate the customers, competitors and more importunately the consumer needs of a particular product. The most important thing as a marketer is to consider all the factors, which is vital for formulating a strategy in global markets. The marketing strategy should be planned, developed, analyzed and assessed with relating to the business strategies of the company, which would allow them categories it for the consumers. There should be through inspection on all the vital factors such as, marketing segments globally, proper co-ordination and control both internally as well as externally, there should be interrelation between management and the marketing team. Marketing takes day to learn. Unfortunately it takes a lifetime to master Kotler Even companies might be globally successful, but still they will re-assess themselves in order to compete in the market. As, a marketer its always important to understand the market before formulating the strategies. Normally in global marketing the focus will be on marketers or marketing team in the firm, but the emphasis should be given even to the management within that company. Even their thinking and mindset should be truly Philip

global. There should be metrics within the firm to assess themselves frequently. So, in order to be a successful global company, the strategies should be spot on and they should take less time to understand the market in comparison to the competitors. Globalisation is inevitable; the global shift would tend to happen even in the future. In the same manner global marketing strategies should not be same; it should vary according to the prevailing marketing conditions which would then enable the companies to be globally successful.

RECOMMENDATIONS
The existence of globalisation might not be visible, but the effects to the business in general are quite profound. As a marketer the emphasis should be given to understand the basic necessities of a particular product, which they pursue to sell in respective markets. Due to growing internationalisation, the important aspect for success in a market is to enhance and produce the global brands and products. Instead, the focus should be made on standardising the products and the respective brands worldwide. (LEVITT 1983). However, in doing so, company would face lot of difficulties and barriers to standardise the products. So in order to overcome these barriers marketing strategies should be spot on and it should provide the way for the company to plan successfully. To start off with, the companys approach should be exceptional. Because, most often they would deviate from the original set of plans. Later on, this could be major hindrance to the company in developing a strategy. While developing a global marketing strategy, always the major issue is to whether adapt or standardise the marketing mix. However in both the approaches there lie barriers. A company which overcomes these barriers would become a successful. According to studies conducted by Scholte, Jan Aart (2008) reveals that a precise understanding is required to enable the importance of

global marketing strategies. And in recent times, the word globalisation has always been an agenda for all the companies. International marketing strategies should have an adequate level of place in any organisation. When a company deploys a strategy which is quite irrelevant to their objectives then it would not attain the desired results. Moreover, there should always be a multi-tasking plan made available in the company which would enable them to have pre-set plans to tackle a problem. There are certain strategies which should be dealt appropriately. According to studies conducted by Sudekum Jens (2010) states that balancing the right competition between local and global competitors would enable the company to compete well in the respective markets. There should be some innovative methods to approach the market in all regions. The company should get perfect information about the local knowledge and their marketing strategies. According to studies conducted by White Erin and Jefferey (2003) suggest that localisation of product would be very vital to enhance the growth, whereas consumers response should be taken into consideration. One of the foremost factors is to know the market well under any circumstances, if a company is able to assess this, then control and coordination would be much simple both internally and externally. The aspect of globalisation started once the product started reaching to all sectors of people in different geographical regions. Henceforth, marketing strategies should be differentiated according to the marketing mix standards, if this happens then there are lot of possibilities that there would be an uniform image in the product quality. There should be urgency in having all the technical advancements which are available in the markets. This could enable them to compete with their competitors directly. According to studies conducted by Romer paul M (2010) states that globalisation would allow the companies to have an surge of ideas to enable the growth within the organisation. It will explore the possibilities of having possible mechanisms that would enhance the growth opportunities both for the products as well as the company. The localisation techniques would provide a compatible result to the company. It could even deviate from the original plan, but it will provide a chance to introduce new products into the market.

A company should approach a market in stages in order to avoid any misconception. Globalisation assisted in bringing all the international goods under one place. While considering a global strategy company should even focus on the current global environment which would have an impact on their business. However, in contrast the standards of industries are not the same and more importantly the consumers expectancy level for a product is quite huge, considering all these factors the company should take proper steps to deal with the product and the consumers. The market should be analyzed properly not only by the marketing team, but even by the top level management. All the companies would be having a different set of standards to ascertain a market. Whatever the ascertaining methods might be, but the criteria should be the same. This would enable the company to properly place themselves in a market. Market integration has become more and more significant. Competition would tend to increase, so companies should seek new source of plans to enhance their business plans. This would enable them to have a secured place in the market. As a marketer its so vital to analyse the relationship between the customers and clients in order to have a win-win situation. Henceforth, the researchers and practitioners believe that there should be an efficient integration between marketing and the management process. Its quite obvious that marketing strategies play a very important role, however the factors such as global impact, new product innovation would always make a marketer to think before any plans been made for a product. The most important thing as a marketer is to strategically think and approach a market whether its local or global. Most certainly the quality of the products would take the brand and company to next level. Even the market segmentation is so vital, because it would lead the marketers to know about the customers and to target them appropriately. The emphasis should be given more to the suppliers all along the value chain. One of the foremost aspects of a marketer is to understand the importance of product life-cycle, but even more importantly considering the factors of globalisation they should even think about the market life-cycle which is very crucial. Many researchers and practitioners believe that product can be easily standardised, however the deeper the marketing mix the difficult it takes to standardise. For ex,

functions like promotion, distribution, even pricing are very difficult to standardise. Most probably the company which used the best of its resources would come up with best desired results. Customer segments within the market should be analysed perfectly, which would enable the company to get the global competitive reach. Henceforth, emphasize should be given more on building a strategy locally to capitalize a market, if the local market is captured properly, company can start spreading their wing globally in order to become an global player.

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BOOKS
Isobel doole and Robin Lowe (2008) International marketing strategy. 5th ed. London: south-western ceneage learning. Pages 192.

WEBLINKS
Cultural dimensions. Available: geert-hofstede.international-business-center.com. Last accessed 23-08-10 Marketing Patterns. Available: philipkotler.com/news/html. Last accessed 01-09-2010 Global Issues: Available: globalissues.com/trade related. Last accessed 06-08-2010