Global business
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Can you please answer the following questions in as much detail as possible so I can understand the concepts?
1. What is a global product or service? Can any product or service be marketed globally? Why or why not? How can you relate the 4ps of marketing to Customer Relations Management (CRM) in a global business environment?
2. How do you determine the elements of Capital budgeting in the global business arena? How do you use Capital Budgeting Analysis to determine the desirability of global projects?
3. What are the primary functions of the foreign exchange market? How do global companies use the foreign exchange market to hedge against foreign exchange risks?
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What is a global product or service?
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What is a global product or service? Can any product or service be marketed globally? Why or why not? How can you relate the 4ps of marketing to Customer Relations Management (CRM) in a global business environment?
A global product or service is one that can be sold to consumers all over the world with little or no modification and can satisfy the needs and wants of the global consumers located in different countries around the world. A global product or service has the potential to perform effectively in any market, irrespective of its location.
Even though 100% of all the products or services are not suitable for being marketed globally, many of the products/services available in the markets can be marketed globally via adopting appropriate marketing strategies and by making little modifications in the products and its features to meet the special requirements of different markets around the world.
4P's of marketing, ie, Price, Promotion, Place and Product differ in the global marketing in the sense that special considerations need to be observed in order to meet the "needs" and "wants" of global consumers in different countries around the world. The tactics, processes and plans in each of the marketing mix element needs to be adjusted in order to meet the peculiar cultural sensitivities, business practices, customs and trends in global markets which significantly differ from country to country. Further, the increasing focus on quality and Total consumer satisfaction and increasing awareness among the global consumers makes the task of global marketing even more complex.
Since the utmost target with respect to marketing mix is Total customer satisfaction, Customer Relationship Management (CRM) is an inherent part of all the marketing mix elements.For example, promotion strategies are designed as per the peculiar customer needs and wants as gathered by modern CRM tools. Similarly, modifications and new additions in product/service features are directly based on customer feedback, wants and preferences as generated via CRM tools. Even pricing decisions are now based on the information gathered via CRM tools. Therefore, we can say that CRM acts as an indicator for all the ...
Education
- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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