By M. Isi Eromosele

To build and enlarge market share globally, companies must become aware of the fundamental marketing challenges they would face in the nation states they are targeting. They could start by looking at global and local environments and addressing how marketing strategies have to be adapted to changes in the target environment. Subsequently, they would have to focus on the primary disciplines of market definition and market segmentation.

From these disciplines, they would transition into key areas such as market entry, market development, target marketing, brand management, product development, distribution channel management, customer relations management, advertising strategies and pricing. The main objective would be to establish a market-focus view that would enable the company to develop a marketing strategy which will be related to corporate and business unit levels.

Specifically, companies would need to:

• Look at the significance of two-sided information exchange between the company and global marketplaces in identifying new product requirements, changing competitive conditions, product positioning and strategic commitment
• Explore the use of existing as well as new resources in creating a competitive advantage
• Demonstrate how the entire organization would be affected by Strategic Marketing decisions
• Highlight how globalization and technology could impact the creation and execution of a global marketing strategy
• Present case scenarios to illustrate tactical plans for strategies in product development, distribution and channel management and brand equity management

In planning a global marketing strategy, unique techniques and programs would need to be developed on an international scale across many countries. Standardization of marketing programs would be necessary across several countries and the selection of the appropriate entry strategy into foreign markets has to be made on a timely basis. A global mindset needs to be established within the company in order to examine global opportunities and develop global strategies which leverage investment and experience across several countries simultaneously.

In the new global business paradigm, companies are no more restricted to doing business only in their country. As such, a great number of companies are establishing a global driven presence, which requires the development of matching global marketing strategy. The decision to expand into the international market requires companies to think about the sensitivities inherent in the new market environments. There could be distinctive business opportunities, limitations due to economic conditions or political and legal restrictions. Companies must be sensitive to the culture of their target nations, especially in communications. The company’s product offerings may have varied sets of appeal to consumers in respective countries. This would require adaptation of the marketing message.

Global expansion let companies spread the risk of poor market environments. A global company can reap profits from one market to offset losses in another. Operations can be shifted from one market to assist growth in another. Some companies have used their global operations to consolidate their organizational structures. To obtain the full benefits of a global marketing strategy, a high level of standardization is imperative, even as the company would need to cater to the individual needs of each market region or nation.

Most companies develop global marketing out of a desire to explore opportunities and expand their market share. For many companies, benefits include economies of scale, standardization of marketing and establishment of profitable global networks. However, others have discovered that global strategy was not meant for their organizations, prompting them to shift to regional marketing strategy.

M. Isi Eromosele is the President | Chief Executive Officer | Executive Creative Director of Oseme Group - Oseme Creative | Oseme Consulting | Oseme Finance

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