Chapter 1 Summary: Warren J. Keegan: Global Marketing Management, 7th Edition
Introduction to Global Marketing
§ What is Global Marketing?
Global Marketing is the process of focusing the resources and objectives of a company on global marketing opportunities. It means widening the business horizons to encompass the world when scanning for opportunity and threat. This decision to entering new markets depends strongly on the company's resources, managerial mindset and the nature of opportunity and threat, which not every company is able to.
In the 1990s, the concept of the 4p's was outdated and there was a shift of the focus from the customer to the customer in the external environment. Then, the means of strategic Management for the integration of Marketing with other Management functions came up ad …show more content…
§ Driving and restraining forces affecting global integration and global marketing
The growth of the global economy has been shaped by the dynamic interplay of various driving and restraining forces.
"Technology is stateless"; Satellite dishes or the Internet are examples of technological factors which are underlying the emergence of a true global village.
Regional economic agreements
NAFTA, change of GATT to WTO, EU
Market Needs and Wants
Markets are created by marketing effort. For example for soft drinks instead of water
Transportation and Communication Improvements
Travel around the world within 48 hours; teleconferences, videoconferences,
Product Development Costs
Costs in pharmaceuticals industry can be covered only in the global marketplace.
Global competition forces companies to improve quality.
World Economic Trends
Economic growth has created market opportunities that provide a major incentive for companies to expand globally. This growth has reduced