Global marketing Essay Example | Topics and Well Written Essays - 1500 words

Global marketing - Essay Example This marketing essay, therefore, aims to provide more insight on some of the key elements of global marketing such as the development of the global trade, as well as the growth of the world economy. Moreover, the essay critically assesses the interrelationship that exists between the aforementioned aspects of the global market. According to (Westerfield 2004, pg. 19) global marketing is wider than earlier presumed as it involves the processes of planning, producing, placing and promoting goods and services across international markets. Market globalization has majorly been proliferated by the advancement in information technology as well as the inroads made by the transport industry. In as much as organizations that deal with universal demands such as food and automobiles are some of the most notable institutions that have over time embraced market globalization, the current level of global competition often prompts countless establishments to venture into international markets. This is majorly because organizations that function domestically often face competition from other industry players who have opted to go international. Westerfield further asserts that it is imperative for the administrations of various organizations to be conclusive in carrying market analysis before beginning operations in fresh markets. This is majorly because some of the business approaches that are successful in an economy may not bring forth similar returns in a different market. Apart from making our daily activities more efficient, the advancements in both information technology and transport have opened various global economies to international trade. (Nanda 2011, pg. 108) reaffirms that the establishment of a free and liberal economy is by all standards the first step towards ensuring growth. In as much as the previous generations did not fully embrace it, the practice of international trade has been documented in various histories as demonstrated by the Trans-Atlantic trade