Question

List three new and important concepts about global marketing you picked up from this course. Briefly explain the concept and why you think it is important to use this information in future marketing efforts. Give an example how you will incorporate this into your work.

Answer 1

answer-

the three concepts which are important about global marketing in this course are - Competitive advantage , Geocentric orientation and Product life cycle .

these concepts are very important concepts which helps marketers of global firm to make strategic marketing decisions to meet customers demand and increase brand awareness in global market.

Competitive advantage is the concept of global marketing in which an organization create a factor of differentiation in its products or services which its competitors do not have like new technology, low price, unique feature, design or color of product etc. this helps global companies in their marketing because customers want to purchase a product which is unique and exclusive in nature like Apple company or Rolex watches or BMW cars etc.

Geocentric Orientation is the global marketing concept in which organization focus on market segment not on locations on geographic level. they have products or services which can meet the demands or needs of its segment in every country like standardized products.

for example- Apple or Samsung lauches its phones in global market with same specs and design to meet need of its customer segment.

This is important in marketing efforts because of this we or other companies able to make a single marketing strategy for all locations in globe instead of making many marketing efforts and reduce time and cost of business.

Product life cycle is the concept which will never get old and is very important because marketers has to understand the stage of PLC and what strategies they have to take at what stage to increase the life of product. for example- we can use low price strategy at maturity stage of product when demand is saturated and not increasing then lowering the price will help customers to purchase products like.

Apple reduces prices of its Iphone 7 and 8 as they reach at maturity and new product iphone 11 is on the market.

these concepts help in my future work as marketing manager to make strategies related to lauching of new product or exist of unprofitable product, making pricing strategy, make products according to company's standards or market needs in local market in each country.this will also help me to choose method of communication for marketing like Online and social media or local Tv commercials to reach my target audience.