Companies moving onto the global scene are
conducting business around the world 24/7. Increased trade requires new
research to help understand the factors that make the difference. Research by Akkrawimut, et. al. (2011) of 154 Thailand jewelry exporters
helps define what makes some companies successful global marketers. Their
strategies can are used to encourage other executives to formulate their own
approaches.
Global marketing strategy is important for
reaching those customers most likely to purchase products. It can be defined as
the marketing activities a company uses to turn global through standardization
and integration (Cavusgil, et. al 2004). Focus shifts from domestic to a dynamic global
far-reaching approach.
Companies cannot engage in global marketing without
some capabilities. Teece et. al. (1997) defines these capabilities as the firm’s
ability to integrate, build, and reconfigure competencies (internal and
external) to address shifting market needs. The company will become more
complex and adjustable to address global marketing needs of varying countries.
Global marketing and company capacities should come
with a global marketing strategy. Global marketing strategy can be defined as
the role of strategic management in the integration and coordination of
marketing activities across international markets (Johansson, 2000). Executives
have the intelligence and ability to make good judgment out of truckloads of
information contained in each market.
Of course strategy is not likely to be successful
unless there is some experience in its formation and use. Foreign marketplace
experience can be conceptualized into knowledge and applied to solve problems
and weigh alternative options to achieve long-term objectives (Hsu and Arun,
2008). This formalization process may be seen as applied knowledge where
experience and theory work together to create transactional functionality.
The study found that global marketing strategy and
firm survival had an impact on the success of the company. The factors are executive
global vision, entrepreneurial culture, technology advancement and competitive
relationships. The full extent of these factors is moderated by technology
adaptation and international experience. In other words, when companies have a
sound global strategy and can create an entrepreneurial culture, adopt enhancing
technology and can use international experience they are likely to be more successful.
Akkrawimut, et. al. (2011). Dynamic
global marketing strategy and firm survival: evidence from exporting jewelry
businesses in Thailand. International
Journal of Business Strategy, 11 (2).
Cavusgil, S. et. al. (2004). The
framework of a global company: A conceptualization and preliminary validation. Industrial
Marketing Management,33(8):711-716.
Hsu, Chin-Chun. and Pereira,
Arun. 2008. Internationalization and Performance- The Moderating Effects of
Organizational Learning. OMEGA International Journal of Management Science, 36(2):
188-205.
Johansson, Johny K. 2000. Global
Marketing: foreign entry, local marketing & global management. Boston:
Irwin McGraw-Hill Companies Inc.
Teece, David J., G. Pisano and A.
Shuen. 1997. Dynamic Capabilities and Strategic Management. Strategic
Management Journal, 8(7): 509-533.
