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Essentials of Marketing 7th Edition

Essentials of Marketing (7th Edition)

Book Edition7th Edition
Author(s)Hair, Lamb
ISBN9780538478342
PublisherCengage Learning
SubjectBusiness
Chapter 5, End Of Chapter, REVIEW AND APPLICATIONS, Exercise 1.1
Page 180

Discuss the importance of global marketing.

 

Businesspeople who adopt a global vision are better able to identify global marketing opportunities, understand the nature of global networks, create effective global marketing strategies, and compete against foreign competition in domestic markets.

 

What is meant by "having a global vision"? Why is it important?

Explanation

Companies require a global vision not only to expand its operations overseas but also to remain competitive in the domestic market. A company's toughest domestic competition comes from a foreign company. That is why a company needs to stay competitive in all aspects of the business be it product development, technological advancement, market share, customer satisfaction, etc. 

Most of the successful businesses generate nearly 50% of their revenue from overseas activities. Businesses nowadays operate with a vision to expand their operations into multiple countries and offer products pertaining to the need of the market. 

Verified Answer

Global vision means having an understanding of international market opportunities and devising effective marketing strategies for careful assessment of potential threats from competitors. 

If a business wants to expand its operations and earn higher revenues, then it must have a global vision. A global vision is important to build a solid marketing strategy to enter the international market and on the other hand to tackle the competition in the market.

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