Global marketing, also known as international marketing, is a concept where marketers try to reach the target audience across national boundaries. It is management where a company’s products and services are distributed and promoted throughout the world. Global marketing management is a very opportunistic concept if you are interested in marketing or management. However, to scale your understanding level, your academic guides may often ask you to prepare assignments based on such topics.
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Some of the important global marketing management aspects are-
Exporting Management
Since global marketing involves marketing the products to potential buyers in different countries, export management plays a crucial role in overseeing the export business. It is a management of companies to use either direct or indirect exporting techniques. Exporting business has low risk and very little impact on the operations.
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Licensing Management
Another management is the management of licensing in a global market. It takes place when a company, called the licensor, allows another foreign company to use its intellectual property. Normally these are short-term agreements and are considered intangible assets, like copyrights, patents, or trademarks. Those in the management of licensing can seek to expand the company’s brand awareness in a foreign market.
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Franchising Management
In global marketing, managing franchises is to extend an agreement between a parent company and an individual or firm from another country. This agreement allows the franchise owner to operate an establishment in the name of the parent company and use its resources for branding. Franchising is a commonly known type of global marketing especially for service-based companies, like hotels and restaurants. This type of management can be beneficial or making agreements for a company’s strong brand recognition in a different country.
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Foreign Direct Investment Management
Foreign direct investment is a type of global marketing where a company directly invests in a foreign company. It includes various types of investments, like building new facilities or purchasing stocks. Often, direct investment management serves as a long-term investment in a foreign market.
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Joint Venture Management
Management in a joint venture in global marketing seeks to involve a collaboration or partnership between two companies from two different countries. Both companies need to contribute assets, like products or intellectual properties, and their part of the venture. Management in a joint venture can be beneficial for companies who want to grow in a foreign market because they share the same business risks with different enterprises.
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To conclude, global marketing management may include different career options. But in every role, you are expected to learn about what is global marketing and its features. Market research is one of the critical aspects that you need to make to be successful in reaching the global markets.
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