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Discuss the concept of Global Marketing for Irish Business. - Leaving Cert Business - Question C - 2005
Question C
Discuss the concept of Global Marketing for Irish Business.
Worked Solution & Example Answer:Discuss the concept of Global Marketing for Irish Business. - Leaving Cert Business - Question C - 2005
Step 1
Global Marketing Overview
Answer
Global marketing involves selling a single product across various markets worldwide. This approach focuses on the similarities among markets due to globalization, which encourages businesses to identify global market opportunities. Companies need to perform market research and develop strategies to cater to diverse consumer needs while standardizing their products.
Step 2
Market Research and Development
Answer
Conducting thorough market research is vital for understanding consumer preferences in different regions. Businesses must analyze local demand, regulatory requirements, and competitive landscapes. Savings can be achieved in production and marketing through a clear understanding of these factors.
Step 3
Importance of Global Business Examples
Answer
Companies like Ford and Microsoft illustrate successful global marketing. They leverage global supply chains to manage production and distribution efficiently. Adopting best practices from global players helps Irish businesses navigate complexities in international markets.
Step 4
Challenges and Considerations
Answer
Global marketing requires a nuanced approach. Factors such as cultural differences and local regulations necessitate a tailored strategy. For instance, while Coca-Cola maintains a consistent brand image worldwide, it also adapts its products and marketing strategies to local tastes and preferences.
Step 5