The Wiley Blackwell Encyclopedia of Consumption and Consumer Studies

Global Markets

P. S. RAJU

University of Louisville, USA

DOI: 10.1002/9781118989463.wbeccs136

The term “global markets” refers to the notion that companies have to increasingly look to international markets, beyond their traditional comfort zone, for growth and profitability. Theodore Levitt argued that standardization of many aspects of marketing was the cornerstone of globalization (Levitt, 1983). However, researchers mostly agree that globalization in marketing today requires a judicious combination of both standardization and adaptation to local conditions to market effectively. A broad term, “global markets” is the subject of numerous books in global marketing management. Generally, these include discussions of various aspects of global marketing such as the global environment (economic, financial, cultural, political, and legal), marketing research and segmentation in global markets, global market entry strategies (exporting, licensing, contract manufacturing, joint ventures, etc.), marketing strategies for each element of the marketing mix (namely product, price, communication, and distribution/logistics), and other aspects of general management in global markets.

Future growth for many companies that traditionally have worked in developed economies can often be found in the “emerging economies,” such as China, India, and Brazil, which represent opportunities in many sectors – from fast food, to automobiles, to technology. In these areas, the political climate has shifted ...