Global Marketing Strategy: Perspectives and Approaches

Abstract

Abstract Global marketing strategy involves formulating marketing strategy across a range of countries. A number of different approaches have been taken in studying global marketing strategy, including the transaction cost perspective, standardization/adaptation, configuration/coordination perspective, global integration perspective, and the evolutionary perspective. Typically, each focuses on different decisions or aspects of global marketing strategy and corresponds in many respects to differences in the experience of the firm in international markets. Depending on the degree of experience in international markets, the firm must deal with issues related to beginning operations in global markets, refining and developing global marketing strategy, or consolidating/integrating global strategy. In beginning global market operations, the firm needs to decide which international markets to enter and how they should be entered, as well as the timing and sequencing of international market entry. As the firm expands within international markets, attention shifts to deciding how far to tailor various elements of the marketing mix to local market characteristics. Attention is then required to coordinate and integrate marketing strategy across countries and regions. The design of global marketing strategy is thus a continually evolving and adaptive process requiring an ability to respond to new demand and competitive factors as well as changing global environmental conditions and pressures.