International Marketing: Balancing Global Vision with Local Action

This essay explores the concept of international marketing and the crucial balance between global strategy and local adaptation, often summarized as "Think Global, Act Local." It discusses how globalization and technological advancements have reshaped the international business landscape, allowing companies to expand globally while tailoring their approaches to meet the unique needs and preferences of individual markets. The essay emphasizes the importance of harmonizing interest rates, leveraging technological advancements, and adapting strategies to account for cultural and political differences. It highlights the need for multinational companies to avoid rigid strategies and instead focus on understanding local consumer behavior and expectations. The use of public relations firms for market entry and the localization of website content are also discussed as key tactics for successful international expansion. Ultimately, the essay argues that a flexible approach that combines a global vision with localized actions is essential for companies seeking to thrive in the international marketplace, with the understanding that Desklib provides resources for further study.

Running head: INTERNATIONAL MARKETING
International Marketing
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International marketing refers to the applying of the marketing principles that can help
in satisfying different kind of needs along with wants of the people who are living across that
of the national border (Papadopoulos and Heslop 2014). International marketing helps in
undertaking marketing activities in different nations. Globalization and technological changes
have changed the way of conducting of a business in the dramatic manner. This essay
discusses about the fact whether it is possible for the companies to think in the global manner
and act in a manner that is local.
A company that has an innovative product in the present age gets an opportunity to
lead the market in the global arena and recruit employees who can help in the generation of a
large amount of annual revenue. No country in the present age can stay isolated pertaining to
the economic activities and export to the other countries. The multinational companies should
adapt to the individual market within which they would operate. The harmonisation of the
interest rates play a significant role in the developing of international trade that can act as a
driver pertaining to globalization (De Mooij 2015). The advancement in the arena of
technology can help in decreasing meaning pertaining to the border among the various
countries. A large amount of multinational companies are taking advantage after the
exporting of the products along with services throughout the world. The national economies
are enmeshed in the global system pertaining to production along with exchange in the
present era. Global competition has increased among the international players that wants to
enter the new market with vigour (Morschett, Schramm-Klein and Zentes 2015).
The competing within global marketplace and the competition within the borders
pertaining to a single market are different from each other. Local differences give rise to this
kind of competition which is related to an individual market that can act like a boon or a bane
in relation to a business. The companies previously had to manufacture standardised products
within a single plant that can help them in achieving minimum efficient scale (Mathews et al.

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2016). The emergence of globalization helps them in distributing the manufacturing among
that of the smaller national plant having little cost penalty. This helps the multinational
companies in responding to the consumer preferences and not compromising the effect of
economic efficiency.
The “think global, act local” approach is made use of by the multinational companies
that helps the companies in the formulation of the vision and objectives in the global arena. It
also helps them in making adaptations pertaining to individual market on the basis of culture
along with specifications in relation to a specific market (Hauser et al. 2016). The setting of
the global vision can help in achieving the main objective in relation to a business- profit
maximisation. Strategy adopted by the multi-national companies for the achieving of global
vision should not be rigid as the markets differ on the basis of culture along with the political
system. These kinds of differences are reflected on that of consumer behaviour along with
expectation.
The multinational companies adopting the same kind of strategy for all kinds of
markets will be detrimental for the business. The local differences need to be taken into
account by a company for the expansion in the international market (Leimgruber 2018). This
can pave the way for consumer misunderstandings along with contradictions within the new
market. It will cause the company to fail if it does not modify the products on the basis of the
need of the local market. The approach of “think global, act local” is used by the multi-
national companies for planning of foreign market expansion that can help the company in
making market entry strategies.
The new market entrants should be able to tailor the strategies and modify the
products that can help them in gaining entry into that of the new market. The pricing model
along with distribution approach should be adopted that can help the companies in entering

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the market in the global platform. There should be resources pertaining to the local needs that
can help a company in its growth within the foreign market (Haley and Haley 2016). A
public relations firm can be taken recourse to by an organization that can help in generation
of awareness and paving the way within the new market. The public relations firm can help
an organization in the aspect of articulation and targeting of the messages to that of the right
audience. The companies should recycle home grown marketing after it enters into a new
market. The content on the website of a company should be localized and the cultural
differences should be incorporated that can help a company in the arena of international
expansion. In the event of international marketing, it is important that legal requirements of a
particular country are taken into account before expanding in a particular region. In the event
of international marketing, there should be a dedicated country team who have got consumer
insights and this can prove to be useful for a company for international expansion.
The countries in the present age cannot stay isolated from each other in relation to
economic activities along with export. Multinational company should take steps so that they
can adjust within the individual market in which they are operating. The interest rate should
be harmonised that can help in driving globalization. Advancements made in technology can
reduce the meaning of the aspect of border in the different countries. The strategy of a multi-
national company should not be rigid because the markets are different in terms of culture
and political system. Public Relations form can be used by an organization for the generation
of awareness pertaining to the new market. It can help an organization in spreading the right
message in the international platform that can be of great benefit for an organization. The
localization of the content within the website and taking into account the cultural differences
can be useful for a company in expanding in the international domain.

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References:
De Mooij, M., 2015. Cross-cultural research in international marketing: clearing up some of
the confusion. International Marketing Review, 32(6), pp.646-662.
Haley, U.C. and Haley, G.T., 2016. Think Local, Act Global: A Call to Recognize
Competing, Cultural Scripts. Management and Organization Review, 12(1), pp.205-216.
Hauser, O.P., Hendriks, A., Rand, D.G. and Nowak, M.A., 2016. Think global, act local:
Preserving the global commons. Scientific reports, 6, p.36079.
Leimgruber, W., 2018. Between global and local: marginality and marginal regions in the
context of globalization and deregulation. Routledge.
Mathews, S., Bianchi, C., Perks, K.J., Healy, M. and Wickramasekera, R., 2016. Internet
marketing capabilities and international market growth. International Business Review, 25(4),
pp.820-830.
Morschett, D., Schramm-Klein, H. and Zentes, J., 2015. Strategic international
management (pp. 978-3658078836). Springer.
Papadopoulos, N. and Heslop, L.A., 2014. Product-country images: Impact and role in
international marketing. Routledge.