Whether The Basic Marketing Goals Are Relevant Within The Scope Of Global Marketing (Essay Sample)

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Personal Reflection
Topic Description
With the use of relevant examples, the discussion presented using slides explored the basic goals of marketing. The discussion explored whether the basic goals of marketing are relevant to global marketing. To set the stage for the discussion, the introduction emphasized that marketing is no longer perceived as the set of functions, principles, and laws that dictate solutions; rather, marketing is now a perspective improved by decision-making (Nash 124).
Contributions
With the discussion focused on the goals of marketing, particularly the exploration of whether the basic marketing goals are relevant within the scope of global marketing, I contributed by reviewing four major goals of marketing at the global level. Companies engage in global marketing to:
Identify and satisfy customer needs and wants
Identify new markets and sell products at international markets
Create value for customers by improving benefits or reducing product or service prices
Effectively compete with fierce international rivals in major international markets
As part of my contribution in the discussion, I used several sources to come up with five business goals of marketing, namely to create brand awareness, brand loyalty, to educate customers, talent recruitment, and for customer engagement.
In a bid to explore the topic further, I presented a review of marketing mix using the McDonalds Global Marketing mix. Being a multinational, the McDonalds example served to support the argument that the basic goals of marketing are relevant to global marketing. Depending on the preferences of people living in different locations, it was easy to show that McDonalds uses a different marketing mix element for certainty of competitiveness against its rivals. Using a different standardization in different places depending on factors such as culture and ideologies about class has proved to be a dependable strategy. For instance, McDonalds uses the standardizations “Free standing” and “I’m Loving It” for India and Philippines respectively (Mastacan 48). Standardization and brand name slogans have made the company products popular among consumers. In fact, slogans and standardization play an important role in building customer loyalty (Chang 23).
Other members were equally participative and posed important questions about expansion into new markets. One of the colleagues inquired whether a certain competitor identified as Khalid was a potential threat to Talabaat. A simple analysis of the companies’ marketing strategies indicated that firms must strategize and plan to use the Internet and other technologies to expand their market share. With the advent of internet marketing, it is certain that organizations that use technology resources have the potential to reach a wider audience and stand a better chance to expand their global market share (Johansson 274). Another student inquired whether Talabaat could possibly expand to Europe and North America in the near future. A review of the company expansion and growth trend in the global market revealed that it would definitely expand to these regions. Being an online-based firm that delivers foodstuffs, the company will eventually reach the European and American markets because the Internet penetration in these places is high at 58 and 88 percent respectively (Pomirleanu, Schibrowsky, and Peltier 170). These insights from questions posed during the session reaffirmed that the basic goals of marketing still apply in the case of multinationals.
Review of Materials Used
In preparation for the discussion, I reviewed several literature materials in an effort to familiarize with the discussion topic. The review showed that multinationals must strategize to counter challenges that arise from engaging in new business practices, diverse consumer preferences, and the coordination of global operations. The level of risk associated with venturing into new markets, especially with new products, must be reevaluated regularly to ensure that the business is not exposed to unmanageable risks (Swoboda, Foscht, and Maloles 407). Besides, multinationals must cultivate global growth by improving their use of technology in their marketing of products because technology, for instance the Internet, has proved to be a vital resource for tracking changes in the international market sphere (Olusoga 40). For guaranteed success in global markets, large companies must develop the experience curve advantage by continually monitoring and keeping track of the market (Pillania and Fetscherin 8).
To understand the global market penetration strategies used by international corporations, the sources showed that marketers must understand the cultural orientations and inclinations of the four major emerging markets: Brazil, Russia, China, and India. The penetration of three main products, hair care, beer, and carbonated drinks, are often influenced a...