Globalization and the Marketing Mix
Since its inception, globalization has transformed the landscape of the social, political, and economic climate inherent in society. It has shaped the path of various institutions by influencing decision-making processes and organizational principles, goals, objectives, and such, including educational institutions, political organizations, and in this case, the corporate industry. The foundations of globalization in business may be attributed to the concepts of open trade rooted on the necessity for corporate growth and development through corporal expansion. For these reasons, business organizations have become aware of their need to venture into the international landscape of corporate advancement and management, consequently leading to the increase on the development of multinational corporations.
The benefits and advantages of going global for business organizations constitute the increase of job opportunities consequently increasing the rate of employment all over the world, advancing economic growth and development of nations, improving the quality and increasing the quantity of goods and services received by consumers, widening the reach and coverage of business organizations and marketing, and so on. However, the integration of concepts from the idea of globalization to business processes and operations is not a simple or uncomplicated matter.
There are various issues and concerns that should be considered in order to ensure the success of multinational business entities. Culture and diversity are primary considerations and multinational corporations adapt various theories and business strategies in order to address these issues. Within this context, the remainder of this discussion shall focus on reviewing these theories implemented by multinational corporations, specifically the theories of standardization and adaptation as they apply to key strategic business decisions.
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In addition, the marketing mix implemented by McDonald’s in France shall be analyzed in order to determine the practical or technical dimensions of a “globalized” business entity identifying the impact of globalization in the process. Standardization and Adaptation As aforementioned, “globalized” business entities adapt various theories into the framework of business processes and operations in order to address the challenges and difficulties of globalization.
The theory of standardization and adaptation are among the various theories being applied by multinational corporations for this particular purpose. The theory of standardization is parallel to the concept of globalization. Globalization has influenced nations to open their doors and become part of the global village. Technological developments have made this possible by providing avenues for real-time communication and fast and efficient modes of transportation. In addition, the theory of cross-cultural similarities suggests that human needs and desires are standardized because of the common or shared nature or character inherent in man despite cultural differences. The results of globalization are traced to cultural amalgamation diminishing the discernible lines that separate them, and this result consequently lead to a unified worldview or perspective which may be considered as a global culture.
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Globalization and the Marketing Mix. (2018, Feb 03). Retrieved from https://phdessay.com/globalization-and-the-marketing-mix/
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