Global marketing strategy, component of marketing strategy, global branding, Importance of branding

Global marketing strategy

Through marketing research, country-specific development, and the creation of an appropriate marketing mix composed of four areas, the goal of global marketing strategy is to identify global market opportunities and market potential.

• Product Strategy: Products are objects or materials that fulfill human desires. This plays a significant role in marketing strategy. Without a product, no marketing operations can be carried out. Product design, quality, variety, features, branding, packaging, service, warranty, and other elements are included in the product mix. Consideration should be given to product creation, standardization, grading, and other factors in this strategy. Only being visually appealing is ineffective; the product must also be of high quality. It cannot compete in the global market if not. Similar to this, the product's branding, packaging, and labeling are crucial factors in the market. The product's name or brand should be brief, appealing, and simple to remember, and the packaging should highlight the advantages of the product. Additionally, the packaging needs to be economical and appealing. Additionally, a final warranty should be provided to boost product demand.
• Place/ Distribution strategy: The key element of every marketing strategy is location. Place mix is the whole of the many actions required to deliver the product to the intended market. The primary components of the location mix are the channels of distribution and the activities involved in physical distribution. While order processing, warehousing, material handling, inventory management, and transportation are included in the physical distribution, distribution channels include agents, dealers, entire sellers, and retailers. Physical distribution needs to follow the right routes and be done in accordance with the nature of the product. As soon as an order is received, it should be processed, and the appropriate means of transportation should be used. A considerable amount of stock should be maintained. As a result, all of these tasks are carried out according to plan.
• Price strategy: Price is the sum that customers must pay for any goods or services. The exchange is measured by the price. Any item's price should be in line with the quantity of the good. Another crucial element of marketing strategy is price. The quantity of sales is directly impacted by the price of the goods. Sales increase when the price of goods is low, and sales decrease when the price of goods is high. Therefore, the cost of production should be kept as low as possible to reduce the price of the items. Since consumers pay for quality, the usefulness of the goods should be commensurate with their cost. If not, the products won't be well-known on the international market and won't be able to compete with alternatives. All of the factors influencing a product's pricing should be examined when determining it. Discounts, terms of the sale, price cost, production costs, the cost of substitute goods, etc. are all included in the pricing strategy.
• Promotion strategy: The marketing strategy's promotion strategy is another crucial element. The term "promotion mix" refers to all the actions and initiatives to be taken in order to improve overall selling quantity. Advertising, promotion, personal selling, exhibitions, free samples, etc. are all examples of this. The promotion of the task sale is imaginative and artistic. In the cutthroat market, success can be attained by raising the number of sales through sale marketing activities. Customers should be inspired to buy products by being convinced of their necessity. Otherwise, products of any quality cannot be removed from the warehouse. It is also claimed that people who are passive will not succeed while those who are energetic and dynamic will. Even when the products are bad, promotional activities can create demand for them.

Global branding

According to the phillipkotler," Branding is the name, term symbol or design or a combination or services of one seller or group of sellers and to differentiate them from those of competitors."

Producer offers a mark or sign to prove ownership of the items after purchase. The same mark or sign is referred to as a brand. To distinguish the items of any producing company or corporation, the product's branding is crucial. The product's feature is reflected in the branding. Customers and manufacturers alike experience ease in dealing with this. Branding a product refers to the coordinated actions of the brand name, brand mark, and trade mark. Global branding refers to brand recognition and access to global megamarkets. Customers see it as being the same brand. They are standardized, yet occasionally a product may be significantly altered to accommodate a regional circumstance.

Importance of it

Along with improving the company's reputation, product branding makes customers happy. It has greater significance because only high-quality products are awarded brand names. The following are some benefits of branding:

• Product identification: The client can quickly recognize branded goods. They can readily get any brand-name thing they desire. They don't get scared off from buying. There is no longer a chance to be duped. Therefore, the product needs to be labeled to safeguard the users.
• Price stability: The manufacturing business itself sets the product's pricing. The product's price does not change frequently. As a result, the cost of these goods doesn't change.
• Quality stability: Only high-quality products receive brand names from the manufacturers. Branded goods' quality does not deteriorate. If there is any quality variation, they will try a different brand.
• Time saving: The process of choosing branded goods is quick. Customers can place an immediate purchase order by indicating the brand of the goods they choose. Branded products include sufficient information, making product selection quick and time-saving.
• Prestige: The prestige of the buyer was increased through branded goods. Branded goods raise the social standing of consumers. Therefore, manufacturers give their products brand names to assist raise the dignity and status of their customers.