WK 1 DB 1

      Week 1 Lecture
Global marketing is a term often heard in the workforce. Today companies need to be able to market their products/services not only on a local level but also internationally. This first week we will dive into looking at global marketing and the environment and trade environments.  Let’s start by first defining what marketing is. According to Keegan and Green (2020), “marketing can be defined as the activity, set of institutions, and the processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large” (sec 1.1). Now if we expand on this definition and look at what global marketing is, we would find that “global marketing is the act of focusing a product on the needs of potential buyers in other countries (Fleishman, 2019, para 3). One way of identifying global marketing is that “typically, a global marketing strategy requires a business to do new market research, identify countries where the business’s product might be successful, and then localize the brand to reflect the needs of those communities” (2019, para 3). Let’s expand on global marketing strategy (GMS). According to Keegan and Green (2020) there are two ways a company can address GMS. The first is in a single country marketing where the strategy targets two areas; choosing a target market and developing a marketing mix. The other strategy would be entirely focused on global marketing strategy in which the company has operations in major world markets (2020).  See Table 1-3 in our textbook for an example of the strategies for both the single country and the global marketing strategy.
Below is a video that explains more on what Global Marketing consists of:
What is Global Marketing?Links to an external site.
The second area we are focused on this week is the global economic environment. As you might imagine the economy plays a major role in marketing, especially on a global scale. According to  Rique and Sumeet Links to an external site.  (2019), “international marketing environment consists of global forces, such as economic, social, cultural, legal, and geographical and ecological forces, that affect international marketing decisions” (para 2). An interesting factor to consider when looking at the global economic environment is that it can be identified by three areas: global factors, domestic factors and organizational factors (2019). According to Rique and Sumeet the “global factors are the international uncontrollable environments. The domestic factors would include domestic uncontrollable environment and the organizational factors are the internal marketing environment” (2019, para 4).  Since we are focused on economic marketing environment it is important to understand both microeconomics and macroeconomics. “microeconomics solely focuses on  marketing environmental forces that determine the level of price, supply and demand in an economy” (2019, para 7).  Macroeconomics would be the “study of whole economy which includes the study of complete industry, not just of a specific company. This involves the phenomenon such as Gross National Product (GDP) and how changes in the economical factors such as national income, unemployment, growth rate and level of price affects it” (2019, para 8).
The third and last area we are focused on this first week is global marketing and trade environments. According to  Ortiz-Ospina, Beltekian & Roser (2018), “over the last two centuries trade has grown remarkably, completely transforming the global economy. Today about one fourth of the total global production is exported. Understanding this transformative process is important because trade has generated gains, but it has also had important distributional consequences” (para 2). Understanding the impact global trade has on economies it is understandable why global marketing would be essential. According to Conzalez Laya and Draper (2017), there are five core values that create a foundation for global trade to build on; “1. Growth and development,  2. Bottom line for consumers, 3. Bottom line for business, 4. How do you like them apples? And 5. Power in numbers” (para 4-15). It should be noted that number four is focused on “a world with no or minimal international guidelines for the standards countries use for public health and safety would be chaos for exporters and importers” (2017, para 13). 

References
Fleishman, H. (2019).  1 3 businesses with brilliant global marketing strategiesLinks to an external site. . https://blog.hubspot.com/marketing/global-marketing-and-international-business
Gonzalez, L. A., & Draper, P. (2017, July 5).  5 reasons not to give up on global trade Links to an external site. . https://www.weforum.org/agenda/2017/07/global-trade-can-be-inclusive/
Green, M. C., & Keegan, W. J. (2020). Global marketing (10th ed.). Pearson.
MBN Video Dictionary. (2019, March 3).  What is global marketingLinks to an external site.  [Video]. YouTube. https://youtu.be/e6hqkKPvjtk
Ortiz-Ospina, E., Beltekian, D., & Roser, M. (2018).  Trade and globalizationLinks to an external site. . https://ourworldindata.org/trade-and-globalization
Rique & Sumeet. (2019, Feb 9).  International marketing environment Links to an external site. . https://globalmarketingprofessor.com/international-marketing-environment/

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