Global Product + Local Strategy = Winning Mantra
Tide, Hanes & Starbucks — Lessons from global market leaders
Globalization is defined as the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets.
The term has been in use since the early 20th century but came into popular use in the 1990s when the economies became increasingly global, and this globalization accelerated with the expansion of the Internet in the late 1990s.
However, as brands and companies go global, there is still a nuance that needs to be taken care of. This nuance lies in the diversity of the customer. An Indian consumer is drastically different than an American consumer or a Middle-eastern consumer.
While winning products usually work across geographies, the marketer’s job gets more and more challenging as you penetrate new international markets.
The R&D team’s job is done when the formula for a chocolate or a beverage or a toothpaste is perfected, but the marketing team needs to…
