Title: Marketing Strategies For Global Competitiveness Mkt 421 1256 Words Scored 98%

1210 words - 5 pages

ABSTRACTMost of the firms are eyeing at the global marketplace to improve their competitiveness. Considerable controversy has risen in recent years, concerning the most appropriate strategy in international markets. Deciding how to deal with the globalization of markets, poses tough issues and choices for managers and their firms. They must consider both - external environmental forces and internal organizational factors, before they arrive at an international marketing strategy.The growing integration of international markets as well as the growth of domestic competition on a worldwide scale implies adoption of a global perspective in planning marketing strategy. This paper will discuss the factors that enable the industry to globalize it will also discuss the concept of global competitiveness and studies the factors leading to global competitiveness. In this paper, ideas from available literature are integrated in a comprehensive conceptual framework in which strategies can be formulated. The paper, further presents a basis for developing international marketing strategies along with a comprehensive discussion on developing domestic and global competitiveness.IntroductionGlobalization can be defined generally as the growth of economic activity spanning politically defined national and regional boundaries. It finds expression in the increased movement across the boundaries of goods and services. Trade and investment, and often of people via migration. It is driven by the actions of individual economic factors -firms, banks, people - usually in the pursuit of profit and often spurred by the pressures of competition.According to Theodore Levitt (1983), new commercial reality - the emergence of global markets have come up because of advances in technology, communication, transport, etc. Those corporations geared to the new reality, benefit from enormous economies of scale in production, distribution, marketing and management. Bytranslating those benefits into reduced world prices they can decimate competitors that still live in the disabling grip of old assumptions about how the world works.An industry does not globalize on it's own and every industry cannot be a global one. There are certain drivers which determine the potential for industry globalization.Industry Globalization Drivers, there are four broad groups of industry globalization drivers - market, cost, Government and competition. Together, these four sets of drivers cover all the major critical industry conditions that affect the potential for globalization. Drivers are primarily uncontrollable by the worldwide business. Each industry has a level of globalization potential that is determined by these external drivers.Strategy for Global CompetitivenessThe research carried out in the past reveals that competitiveness depends upon internal as well as external factors. It also depends on the macro-environmental factors such as the policies of the home country Government (whether favoring...

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