topic 8 dq1

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Grand Canyon University *

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MKT450

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Marketing

Date

Jan 9, 2024

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docx

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Review the "Global Environment for Marketing" topic Resource. In your own words, explain the concept of globalization as it relates to marketing. Describe two benefits of globalization for an organization focused on both local and global growth. Support your ideas by citing the topic Resources. In replies to peers, provide feedback on the benefits they provided and include additional benefits that have not already been discussed. According to the resource, “Global Environment for Marketing,” the concept of globalization related to marketing refers to the interconnectedness of markets and the increasing integration of economies worldwide. It involves the extension of a company's marketing and business activities beyond its domestic boundaries to reach international markets. The two benefits of globalization for an organization focused both on local and global growth includes market diversification and a decrease in the cost of manufacturing. First, it enables income source diversification, reducing reliance on a single domestic market and providing a buffer against economic fluctuations. By spreading operations across different regions, companies can withstand downturns in one market by relying on the stability and growth of others (Fairman, 2023). Entering new or developing international markets presents opportunities for premium pricing strategies. Another benefit includes decreasing the cost of manufacturing, allowing companies to offer goods at more affordable prices to consumers. This reduction in the average cost of goods contributes to an overall improvement in the standard of living (Alam, 2023). As companies leverage global resources and markets, they often benefit from cost efficiencies, such as lower labor and production expenses. These savings are then passed on to consumers through competitive pricing strategies. As a result, a broader segment of the population gains access to a variety of goods and services that may have been otherwise out of reach.

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