Globalising with a local flair Essay Example | Topics and Well Written Essays - 1500 words

Globalising with a local flair - Essay Example â€Å"The globalisation of markets has certainly accelerated through almost universal acceptance of the democratic free enterprise model and new communication technologies, including satellites and the Internet† (Cateora 2005). However, many of these companies that are inexperienced in marketing overseas incorrectly assume that their products or services will be easily accepted in foreign markets. Even when remaining concentrated within a single country or when marketing their goods to countries individually, companies facing international competitors will fare better if they have a global perspective in mind. As mentioned by Cateora, all these companies are or will be affected by competitive activity in the global marketplace (2005). To illustrate this concept, Cateora relates the story of US-based General Electric Lighting, who dominated the US lighting market until its rival, Westinghouse, sold its operations to Philips Electronics of Holland. Philips was then able to come in to the US market to compete from a stronger marketing position. Based on the experiences of companies such as General Electric Lighting and others, all companies that operate in international marketing arenas should adopt a modified globalisation strategy that includes a wide range of standardized products, but remains open to small market-specific variations designed to satisfy consumer needs, wants and tastes in smaller regions.