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Summary For Chapter 1

In chapter one, the document summarizes key concepts about global marketing. It discusses how global marketing involves creating value for customers worldwide and managing customer relationships to benefit the organization. Successful global marketers like Nestle, Coca-Cola, and Honda use the four Ps of the marketing mix to build global strategies. A company's value chain and activities are also designed to provide superior customer value globally. Effectiveness of a company's global marketing strategy can be improved by balancing standardized versus localized approaches and coordinating marketing initiatives in multiple countries. Business management perspectives on the world can range from ethnocentric to geocentric based on how global their view is. Lastly, both motivating and inhibiting factors dynamically interact to define the significance

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Farah Afiqah
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69 views2 pages

Summary For Chapter 1

In chapter one, the document summarizes key concepts about global marketing. It discusses how global marketing involves creating value for customers worldwide and managing customer relationships to benefit the organization. Successful global marketers like Nestle, Coca-Cola, and Honda use the four Ps of the marketing mix to build global strategies. A company's value chain and activities are also designed to provide superior customer value globally. Effectiveness of a company's global marketing strategy can be improved by balancing standardized versus localized approaches and coordinating marketing initiatives in multiple countries. Business management perspectives on the world can range from ethnocentric to geocentric based on how global their view is. Lastly, both motivating and inhibiting factors dynamically interact to define the significance

Uploaded by

Farah Afiqah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

SUMMARY FOR CHAPTER 1

In chapter one, i have learned that marketing is an organizational function and a set of processes
for creating, communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders. A business that practises global
marketing concentrates its efforts on the potential and risks associated with the worldwide market.
The four Ps of the marketing mix, which are used frequently by successful global marketers like Nestlé,
Coca-Cola, and Honda, are used to build global marketing strategies. The value chain of a company is
made up of marketing, R&D, production, and other operations; businesses design these activities to
provide superior customer value on a worldwide scale.

Besides that, global businesses continue to pursue competitive advantage while maintaining a
strategic focus. No matter whether a company just conducts business in its own nation or has a
presence in a number of countries throughout the world, the marketing mix, value chain, competitive
advantage, and focus are universal in their relevance. But, in a worldwide market, businesses that
ignore global prospects run the risk of being eclipsed by more powerful international rivals.

Next, the effectiveness of a company's global marketing strategy (GMS) can be improved globally.
The GMS addresses a number of problems. The nature of the marketing programme is the first thing
to consider in terms of striking a balance between a standard (extension) approach to the marketing
mix elements and a localised (adaptation) strategy that is sensitive to national or regional peculiarities.
The second is the concentration of marketing activity in a small number of countries or their dispersion
among several nations. Coordination of marketing initiatives is a possibility for businesses who engage
in worldwide marketing. Finally, a company's GMS addresses the question of involvement in the global
market.

Furthermore, Business management can be categorised as either ethnocentric, polycentric,


regiocentric, or geocentric based on how it views the world. These phrases represent increasing levels
of evolution or development. Both domestic and foreign businesses have an ethnocentric orientation;
by extending different components of the marketing mix, foreign businesses pursue marketing
opportunities outside the home market. At a multinational corporation, where country managers act
independently and modify the marketing mix, a polycentric worldview is prevalent. A regiocentric
attitude is evident when management decides to integrate and coordinate activities on a regional level.
Global and transnational company managers seek both extension and adaption tactics in international
markets and have a geocentric orientation.
Lastly is the dynamic interaction of several motivating and inhibiting factors defines the
significance of global marketing. The market's needs and wants, advances in technology,
transportation, and communication, product costs, quality, global economic trends, awareness of
opportunities to gain leverage through operating internationally, and innovation and entrepreneurship
are among the forces that are propelling the economy. Market disparities, management blindness,
organisational culture, and national regulations including nontariff obstacles are restraining factors
(NTBs).

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