International vs Traditional Marketing: Differences, Global Factors Impacting Management Decision Making, and Influence of Globalization

This critical reflective essay discusses the differences between international and traditional marketing, the impact of global factors on management decision making, and the opportunities and threats of globalization. The essay highlights the benefits of expanding business marketing across the globe, such as increasing profitability, sales, and market shares, and the challenges of operating in different cultures and languages. The essay also explores the impact of global factors on management decision making, including the need for transformational leadership and the importance of localizing products and services. Finally, the essay examines the opportunities and threats of globalization, such as increased competition and income inequality.

Critical Reflective
Essay

Contents
INTRODUTION...................................................................................................................................3
MAIN BODY........................................................................................................................................3
1. The meaning of traditional as opposed to international marketing: are there any
differences in practice?....................................................................................................................3
2. The impact of global factors on management decision making............................................4
3. What is the influence of globalisation: opportunities/threats?.............................................5
CONCLUSION.....................................................................................................................................6
REFERENCES......................................................................................................................................7

INTRODUTION
The international marketing is defined as the utility of advertising and marketing standards to
fulfil the various wants and needs of the customers throughout the countrywide border. It is
also known as global marketing. In simple words, international marketing is the adoption of
marketing activities in multiple nations. It also involves the marketing mix such as price,
place, promotion and product and also includes the customization in accordance with the
needs and wants of the people of various countries. The reason to expand the business in
international market is that it helps in increasing the sales of the company , high profit
opportunity as compared to traditional or domestic market and generation of large amount of
market shares(Ahmed and Huo, 2021).
.
The report includes the brief description about international and traditional marketing
and their differences, the impact of global factors on management decision making and the
influence of globalization in accordance with the opportunity and the threats.
MAIN BODY
1. The meaning of traditional as opposed to international marketing: are there any
differences in practice?
Local marketing gives much profit but international marketing is one of the breaded
concepts for me. But these benefits are limited for me. So I decided to grow my business in
the international marketing. When i studied the global market. The first thing I seen there are
the pros of it and after that the cons of the international market. According to me,
international market opens the door for the business. There are many benefits that
international market offered to me included the expansion of market. The international
market teaches me how to expand our business globally in order to increase the market share
and the sales of the company. The international markets open the new customer base to me
through which I have learned the different wants and needs of the different people in different
areas. Amplification of opportunity is the second pros that I countered in the international
market. In the procedure of exploring these opportunities, I stand to benefit more information
of the worldwide marketplace and my competition. This in turn, assists me to apprehend and
improve mine benefits. The next thing that I have learned is the difference between the
international as well as the traditional market. These markets are different from each other. I
have learned that traditional market operates its marketing activities within the national
boundaries whereas global marketing operates these activities in more than one
country(Bacha Simöes, 2022). The another difference that I have learned is that the domestic

market involves same language and culture and it is easy to operate but at the same time
global market involves different types of culture with different languages and operating
business globally is not an easy task. I faced many difficulties in understanding the
international market but my teachers and my seniors helped me in understanding the concept.
I have seen many practical examples and seen many videos regarding to the marketing which
helps me understanding the concept at a very great extent. I kept concentration to understand
it and the thing that I have searched while studying the international market is that the
business requires more funding and investment to expand the business globally when
compared to the traditional or domestic market.
2. The impact of global factors on management decision making
Furthermore, I have studied about the different global factors that influence the decision
making of the organization. Global factors affects the selection making and methods because
of manner it has created the want to, change in the leadership style, utilise global
diversification as a strategic option and decrease global exchange barriers. According to the
study global factors has extended get admission to facts and switch of values and morals and
beliefs. This has forced manager to extrude their patter of management from conventional
powers chosen transformational management. Employees now not offer “blind loyalty” to the
corporation and its management—loyalty is earned from managers’ rational selections and
actions. Internationalisation and transformational management can cause advanced overall
performance inside an intensely aggressive international environment. It is transformational
management a good way to facilitate powerful and green strategic implementation whilst
sources and competences are allotted appropriately. This wishes to be referred to with the aid
of using a corporation’s pinnacle control i.e. C-degree managers, managers, and the board of
directors(Bailey, 2021).
Customers can without problems get admission to facts and examine charges and high-
satisfactory of products and services presented globally Headquarters can now not dictate
what wishes to be performed on the grounds that customisation of services and products has
to be harmonised with standardisation approaches. . This has pressured corporations to be
aware of client wishes greater closely. As a result, corporations now localise their services
and products and decentralise and delegate choice making powers to neighbourhood centres.
This calls for making suitable internationalisation selections i.e. which overseas markets to
input; a way to input the chosen markets; and whilst and a way to go out unattractive markets.

These selections are taken to fulfil the needs of an unsure future. This is whilst the
corporation can flexibly adapt to converting wishes of customers—techniques have to be
revised and tailored accordingly. Making such global selections consequently contain
dangers. Handling dangers is a strategic trouble and it's far mentioned next(MUHARAM,
2021).
3. What is the influence of globalisation: opportunities/threats?
I have studied that globalization is the concept that refers to the way in which people
across the globe are more connected socially, economically and politically. Globalization in
business refers to change of business enterprises from company connected to single countries
to one that functions in various nations.
While I was deeply studying the globalization of business, I have find that there are different
benefits of globalization that influences the business and different threats leads to the
globalization(Semo, 2021).
Opportunities in context with globalization of business enterprises
Globalization gives industries a competitive advantage by permitting them to supply raw
materials wherever they are inexpensive. Globalization also delivers businesses with the
opportunity to take opportunity of lower labour costs in developing countries while investing
the technical experience and skill of additional developed economies. Different components
of a product could be created in different parts of the world as a result of globalisation.
Globalisation has long been used in the automotive industry, for example, where different
parts of a vehicle may be manufactured in different countries. Manufacturing costs are
reduced as a outcome of globalisation. I suggest that firms provide goods to customers at a
lower cost. The common cost of goods could be a key factor that adds to an increase in the
standard of living. Shoppers now have access to a broader range of goods. In some cases, this
may contribute to better health by encouraging a more varied and healthier diet; in others, it
may be blamed for an increase in unhealthy food consumption and diabetes(Wang and Xu,
2022).
.
Threats in context with globalization of business enterprises

There are many threats rather than its benefits. Any change has winners and losers,
and people who live in communities that were excited about jobs being outsourced elsewhere
usually suffer as a result. Effectively, this means that workers in the developed world must
compete for jobs with those in lower-cost markets; unions and workers are also unable to
defend against the threat of companies offering the option of lower pay or losing jobs to a
provider in a less-expensive labour market. The threat to the business after globalization is
disparity in income and inequality between educated and less educated members of the
employees.as a result, worker who is unskilled may be impacting by falling wages, which are
under consequences from globalization. Employment opportunities for children in poor
countries may intensify the negative effects of child labour and divert children from school.
In general, critics blame economic pressures for encouraging an environment that exploits
workers in countries that do not provide adequate protections(Younis and Elbanna, 2022).
CONCLUSION
From the above text, I have reach to a certain point that international market is a vast
topic which involves expanding of business marketing across the globe which helps in
increasing the overall profitability, sales of the business firm and the market shares of the
company. It helps in enhancing the living standard of the people and spread the risk of
business and earn foreign exchange. Traditional or global market is considered as the
performing of business activities within the national boundaries. There is much difference
between the international and traditional market. The report concluded that there are different
global factors which impact the business decision makings and influencing the business by
adopting globalization with both opportunities and the threats.

REFERENCES
Ahmed, A.D. and Huo, R., 2021. Volatility transmissions across international oil
market, commodity futures and stock markets: Empirical evidence from
China. Energy Economics, 93, p.104741.
Bacha Simöes, E., 2022. The size and market-to-book value in the hospitality
industry: international evidence. Anatolia, pp.1-17.
Bailey, R.C., 2021. Evaluation of International Market Opportunities: A Creation
Versus Discovery Perspective. In Academy of Management
Proceedings (Vol. 2021, No. 1, p. 12716). Briarcliff Manor, NY 10510:
Academy of Management.
MUHARAM, H., 2021. PEER REVIEW Dr. Harjum Muharam, SE., ME.: The Role of
Business Strategies and Financial Decisions in Preparing for International
Market Entry and Improving SMEs’ Performance: An Entrepreneurial
Finance Perspective.
Semo, E., 2021. 3. Empire and the International Market. In The History of Capitalism
in Mexico (pp. 49-66). University of Texas Press.
Wang, L. and Xu, T., 2022. Bidirectional Risk Spillovers between Exchange Rate of
Emerging Market Countries and International Crude Oil Price–Based on
Time-varing Copula-CoVaR. Computational Economics, 59(1), pp.383-414.
Younis, H. and Elbanna, S., 2022. How do SMEs decide on international market
entry? An empirical examination in the Middle East. Journal of International
Management, 28(1), p.100902.