International Marketing Strategy For The Global Market

Nowadays, the global market becomes more and more competitive. The multinational companies must be able to develop a good international marketing strategy in order to compete in the global market. Different countries will have different political, economic, socio cultural, technological, environment and legal and regulatory system. These factors can influence the firm’s decision to conduct business globally by using standardize or differentiate strategy. The cultural differences will also impact the product strategies as every people in different countries may have difference beliefs, values, religions, and culture. Thus, it is important for a firm to choose a right marketing strategy in different foreign markets. Culture is the main factors that will influence the firm’s decision to use standardize or differentiate strategy. People in different countries hold different cultures. They may have different values, beliefs, customs, practices and preferences for goods and services. Thus, understanding the cultural preferences of each country is important for a firm to operate successfully in a foreign market. The firm should design the goods and services that meet the needs of local people. For an example, KFC produce Halal food in Muslim country to meet the demand of Muslim customers. Nowadays, the development of information and communication technology is growing rapidly. Internet is an important resource that allows people acquire the information easily across the world.Show MoreRelatedInternational Marketing Strategy1738 Words   |  7 PagesMARKETING ESSAY In affluent societies, one observes a growing fragmentation of markets, buyers requesting more and more products adapted to their specific needs. How can we reconcile this fact with the objectives of global marketing that emphasises a strategy of standardisation of products and brands across the entire world? 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