The world is connected in a digital sense now more than ever. Opening up your business to a global market means opening up to billions of new customers. Marketing in the global economy presents new challenges that do not always come up in local marketing, but with the right preparation almost any business can take advantage of the potential in the global market. A Master of Business Administration (MBA) will include courses that prepare graduate students for marketing, global business and a combination of the two.
The Internet in International Marketing
Perhaps the best tool for your company’s marketing in the global economy is the internet. Whether you provide a service, a digital product or a physical product, everything about doing business today is tied to the internet in some way. The internet enables you to reach an exponentially greater audience than traditional media, through targeted ads, social media sites and search engine optimization. Understanding the ins and outs of the internet in international marketing is a vital component of expanding your global customer base.
Language, Culture and Perceptions
The use of language, colors, symbols and graphics is of great importance in marketing within our own culture. The same holds true for language and symbols used in marketing in the global economy. For marketing to be effective, it must stem from a careful study of perceptions in the target culture. In fact, careless international marketing can have the opposite of your intended effect if you do not invest the time up front to understand the nuances of the local language and culture. That is one reason marketing classes are included in an MBA program.
Local Regulations in International Marketing
Another consideration for marketing in the global economy is the differences in local regulations throughout your global marketing campaign. What is legal in one country might not be acceptable in another. Some countries have regulations on how pharmaceuticals can be advertised, while others have tight restrictions on comparing competing products within your advertising. In some countries you cannot offer certain types of incentives as product promotions because of local gambling laws. A thorough study of local regulations is essential before embarking on marketing campaigns in a global environment.
The considerations for marketing in the global economy can seem weighty, but the benefits to companies often outweigh the cost of studying and implementing effective international marketing strategies. If companies limit themselves only to the customers within their home country, they are limiting their growth. An MBA candidate with a background in global marketing can be a valuable asset to companies looking to expand to new markets overseas.
Learn more about UT Tyler’s online MBA with a Concentration in Marketing program.
Forbes: Five New Challenges for Tomorrow’s Global Marketing Leaders
SiteProNews: International Online Marketing — The Challenges of Operating in a Global Environment