{"id":435,"date":"2015-09-01T17:53:01","date_gmt":"2015-09-01T17:53:01","guid":{"rendered":"https:\/\/courses.candelalearning.com\/waymakerintromarketing1xmaster\/?post_type=chapter&p=435"},"modified":"2024-05-15T16:10:36","modified_gmt":"2024-05-15T16:10:36","slug":"outcome-approaches-to-global-competition","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/waymakerintromarketingxmasterfall2016\/chapter\/outcome-approaches-to-global-competition\/","title":{"raw":"Outcome: Approaches to Global Competition","rendered":"Outcome: Approaches to Global Competition"},"content":{"raw":"

What you'll learn to do: describe common approaches used by organizations to compete successfully on a global scale<\/h2>\r\nMost of the basic principles for effective marketing apply equally well to domestic and global marketing activity. However, globalization introduces a number of challenges that are unique to operating simultaneously in different countries and global markets. What is the best way to enter a\u00a0global market? When should you adjust a product's features to customize it to consumer needs in a different global market? How do you manage the costs and complexities of product promotion when it must take place in different locations, with\u00a0different languages, cultural sensitivities and consumer expectations? What considerations should go into product pricing, when a good is offered in different markets using different currencies and exchange rates?\r\n\r\nWhile this next section doesn't attempt to answer all of these questions definitively, it explains common strategies and approaches used by multinational corporations and their marketing teams to navigate these and many other challenges posed by global marketing.\r\n\r\nThe specific things you\u2019ll learn in this section include:\r\n