Global Market Research — A Key to Competitive Edge

Global marketing is defined by the Merriam Webster’s Dictionary as “the process of endorsing and offering manufactured things over a global market”. It really is used to talk about the advertising practice through which products are made and bought in different market segments for different causes. For example a fresh toothpaste manufacturer is promoted in the US as it has better taste and is definitely preferred by a large percentage of the world. The promoting practice after that focuses on gaining market share to achieve financial desired goals. Therefore there is no necessity to showcase toothpaste in the developing countries because in this country there is also a huge demand for it. The reason for this is that toothpaste will not be of any value to them and their only goal is to get major filled and save money.

Global marketing can be defined as the integration or harmonizing of domestic and global marketing practices to achieve financial goals. This practice has become very important to understand the competitive advantages of any kind of business in today’s global industry. The concept of global marketing can be not fresh; however with the passage of the time it has become crucial. With the associated with globalization, the companies own begun to promote their products in all the significant markets around the globe including Asia, Europe and Latin America.

The global marketing plans help to gain a competitive advantage within the competitors. For example marketing in Asia will help the companies to lessen their fixed costs like cost cost and labour cost. They also give attention to marketing many in various segments for the market like high expansion markets, lower middle school, students etc. By doing so they can attract a large number of customers out of these portions which will result in growth in their business. This is one of the major reasons for global market research for the betterment of an business.