The Global Marketing concept

AS1 – Portfolio
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Contents
Portfolio Entry 1: The Global Marketing concept...........................................................................3
Portfolio Entry 2: Review of emerging BRIC Markets...................................................................5
Portfolio Entry 3: Why Internationalise..........................................................................................7
Portfolio Entry 4: Market Expansion Strategies..............................................................................8
REFERENCES..............................................................................................................................11
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Portfolio Entry 1: The Global Marketing concept
1. Explain the Glocalisation Framework
Glocalization is based on the combination of “globalization” and “localization” that describe a
product as well as service (Al Badi, 2019). It can be distributed and developed globally but also
adjusted to accommodate users and consumer in local marketplace.
Global low-cost production and selling
The price of goods and services are decided according to prevailing market condition.
Sometimes, products are sold below low cost production. An effective price decision must bear
some relation to price/cost. This situation may occur due to demand recession in global
marketplace.
Global roll-out of concept
It is a type of strategy that could be a one-stop solution for all different challenges. It will
require pursuit of growth beyond boundaries. Companies are deciding the expansion at a go and
sequentially, it must ensure that product or service adaptability to the local markets.
Low complexity
The complexity means that information require to complete document within
organization. It include all essential organizational processes, structure, infrastructure, facilities,
tools, product and service. Glocalization lower the complexity of task by identifying and
prioritizing the non-essential operations.
Culturally close to consumer
Culture influences the values that existing potential consumers hold, the goals and
objectives. It is all about the perceive, categorize and reason about their business environment or
culture. When a consumer evaluates a product on display in physical store and also compares
with prices.
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Flexible response to local customer needs
Flexibility within an enterprise in context is rather complex concept to define as
incorporates several dimensions. Traditionally, Flexible response that will attract the local
customer and help to fulfil specific need and requirement as per their demand. Flexible response
tends to focus on the ability of entire enterprise to adjust business operation and function. While
adapting the ability in a reversible manner to handle the local consumer needs.
Regional and local market penetration
Market penetration refer to successful selling of different product as well as service
within specific marketplace (Banshwar, Sharma and Shrivastava, 2018). It can be measured by
sale volume of existing good as well as service, compare with total target market. Regional and
local market penetration are helping the business in term of growth and development. It involves
strategy to sell particular items and services within existing market and obtained higher market
share
2. What are benefits a company might achieve by adopting a think globally but act locally
strategy.
When an organization might achieve by adopting a think globally but act loyally strategy. Which
turn into consider to biggest driver for organization. Benefits within company include local
resources, low prices and effectively geographical location and others (Griffin and et.al., 2020).
Companies has been produced the large number of standardised item in single plant in order to
achieve the minimum efficient scale.
The term ‘think globally and act local refer to way in which company need to adapt their
brands to suit individual localized targeted audience. In this way, organization will make an
effective strategy to find right mix of global as well as local in all operations. It helps for
expansion the business into international level ensure that brand remains globally consistent.
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