Global marketing or international marketing is an act of trading products or
services outside the domestic country or in the foreign market. It identifies
the needs, wants and desire of foreign customers and performs marketing
activities to fulfill their needs. The main objective of international
marketing is to expand market share and increase the brand value globally.
Significance Or Importance Of International Marketing
The roles and importance of international marketing can be highlighted as
follows:
1. To Promote Free Trade
International marketing helps to promote free trade by bringing different
nations together. It promotes cooperation by establishing business relation.
2. To Increase Market Share
International marketing helps the business firms to sell their products and
services globally. So, it provides the opportunity to expand business
worldwide. Therefore, global marketing is important to increase market share.
3. Helps Industrial Growth
By entering global market, firms increase their production capacity that helps
to generate employment opportunity in the country. It promotes maximum
utilization of natural, human, technical and financial resources that helps to
increase industrial and economic development of the country.
4. To Promote Innovation
Companies produce products or services as per the needs, wants, desire and
expectation of global customers. New production technology and marketing
strategies are developed to fulfill customers' needs. So, it promotes
innovation in the field of business.
5. To Gain Competitive Advantage
Another role or importance of international marketing is that a firm can gain
competitive advantage over other rivals in the market because it helps to
improve brand image, value and goodwill of the company.
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6. Increased Brand Reputation
International marketing helps to increase the brand reputation because global
brands have higher perceive value than locally produced products.
7. Foreign Exchange Earnings
International marketing is important to earn foreign currency that helps to
improve the foreign exchange reserves of the nation.
