BOOK CHAPTER 1

“INTRODUCTION TO THE GLOBAL MARKET””

Supporting lecturer:
Mr. Dr. Eko Handayanto, Drs. M.M.

Arranged by:
1. Nadia Ulya (202010160311362)
2. Rochmah Khoirunnisa (202010160311378)
3. Refandi Mahardika Pratama (202010160311623)

MANAGEMENT PROGRAM
FACULTY OF ECONOMICS AND BUSINESS
MUHAMMADIYAH UNIVERSITY MALANG
2023
 INTRODUCTION TO THE GLOBAL MARKET
1
Chapter 1

Abstract

Effective global marketing is needed in today's world, where everything is connected

quickly. Companies that have high adaptability will be superior and able to survive in global
competition. In the end, a superior company will result in rapid growth and increased
revenue. To achieve this goal, companies use various methods, one of which is using a
product / market growth matrix. The matrix includes market penetration, market
development, product development, diversification. Competitive advantage becomes a
weapon to expand the market, with a competitive advantage the company will be able to
increase revenue. However, a good strategy and a competitive advantage in one country may
not necessarily apply to other countries. This causes a manager to also compare and contrast a
country's marketing strategy using a global marketing strategy (GMS). GMS requires
companies to analyze other countries that will be the target market or location for establishing
a new company. The analysis carried out includes social and cultural conditions, economic
conditions, and politics of the destination country.
Some companies that are successful in international business are :Walmart; Amazons;
State Grids; China National Petroleum; Sinopec Group. These five companies are the top five
companies in the world in 2022. This success certainly indicates that they have a good global
marketing strategy. To achieve this success, the company will go through several stages
before competing in the world market. Moving from a company with an Ethnocentric
Orientation to a Geocentric one will face various complex problems. The wider the scope of
the company, the more complex the problems that will be faced. This high complexity is
influenced by several factors that strengthen and weaken. One example is the development of
technology and information systems that make relations between countries easier.
Introduction

In today's interconnected world, there is a need for effective global marketing (Suhairi
et al., 2023). As it is an important aspect of modern business, companies will aim to expand
their reach beyond the domestic market and take advantage of new opportunities around the
world (Dhea Nita Syafina Rambe & Nuri Aslami, 2022). In-depth understanding of local
market dynamics, consumer behavior and preferences. This involves adapting the use of
marketing strategies to suit the cultural norms and preferences of different target markets
while maintaining a consistent brand identity across all markets (Bunyamin, 2021).

To succeed in carrying out global marketing, a business must be proactive in understanding

and adapting to local market conditions or what is commonly called the domestic
market(Muhammad Syahbudi, 2021). This includes carrying out extensive research,
developing cross-cultural competence, and building relationships with local partners and
stakeholders(Dunujung, 2022). Additionally, global marketing requires a multi-channel
approach, leveraging multiple marketing channels, including traditional advertising, digital
marketing, social media, and content marketing, to reach and engage with target audiences
worldwide.(Dr. Hartini et al., 2022).

Ultimately, successful global marketing can help businesses achieve their growth and revenue
targets by entering new markets and expanding their customer base. However, achieving this
success requires careful planning, research and execution to address unique marketing
challenges in a global context.

In this chapter, we will explore more about global marketing and provide practical insights
and strategies for businesses looking to expand their operations internationally. Using the
product/market growth matrix to explain the various ways a company can expand its market
globally, Describe how companies in a global industry pursue competitive advantage,
Compare and contrast one country's marketing strategy using a global marketing strategy
(GMS), Identify top companies in the Global 500 ranking, Describes the stages companies go
through as their management orientation evolves from domestic and ethnocentric to global
and geocentric,
Uses the product/market growth matrix to describe the different ways a company can expand
its market globally(Dr. Hartini et al., 2022). In this case companies need to consider their
strengths and weaknesses, as well as suitability with global market conditions(Irwan
Fathurrochman et al., 2021). In addition, companies must also identify risks and opportunities
in expanding global markets, as well as allocate appropriate resources to achieve their goals.

Describes how companies in the global industry pursue competitive advantage, in this case
companies in the global industry have many ways to pursue competitive advantage,
depending on the business strategy they choose and the market conditions they are
facing(Saraswati & Maudi Aulia, 2023). Companies in global industries need to constantly
adapt their strategies to maintain their competitive advantage(Elsa Rosita, 2022). This can
include continuous innovation, operational improvement, brand image development, or
increased focus on a particular market(Supriyantony et al., 2021).

Comparing and contrasting a country's marketing strategy using a global marketing strategy
(GMS), includes a country's marketing strategy that has differences and similarities in its
approach to promoting products or services in different markets. In choosing the right
marketing strategy, companies need to consider their internal and external factors, including
business goals, available resources, and the global market environment.(Pusporini Pusporini
et al., 2022). Companies also need to conduct market research and understand the
characteristics of local and global markets in order to be able to develop effective and
efficient marketing strategies.

Identify companies in the top ranking of the Global 500, see belowAdam Hayes, (2021)
thatThe Global 500 ranking itself is a list of the top companies in the world compiled
annually by Fortune magazine. The companies on this list are sorted by their gross income. In
identifying the companies in the top Global 500 rankings, it is important to remember that
this ranking may change annually depending on the gross income of these companies. Which
can be accessed by viewingfortune official website, (2023).

Describes the stages a company goes through when its management orientation develops
from domestic and ethnocentric to global and geocentric, in the process of management
orientation from domestic and ethnocentric to global and geocentric involving several
important stages(Rika Promalessy, 2021a). Each stage in this process presents different
challenges and opportunities for the company, and management must be able to cope with the
changes that occur to achieve success in the international market.

Discussing the driving and constraining forces that may affect today's global integration,
today's global integration is influenced by several driving and constraining forces that impact
the ability of companies and countries to participate in the global economy(Azzahra Putri
Annisa et al., 2022). Therefore, in building better global integration, it is important to
understand and overcome the existing inhibiting factors, while leveraging the available
driving forces(Anni Zuhro Syafrida Hasibuan & Nuri Aslami, 2021). This will enable
companies and countries to engage in the global economy more effectively and sustainably.

This book will discuss (a) using the product / market growth matrix to explain the
various ways that a company can expand its market globally, (b) describe how companies in a
global industry pursue competitive advantage, (c) compare and contrast one marketing
strategy a country using a global marketing strategy (GMS), (d) identify companies in the top
ranking of the Global 500, (e) describe the stages a company goes through as its management
orientation evolves from domestic and ethnocentric to global and geocentric, and (f) discuss
the strengths drivers as well as constraints that may affect today's global integration. With the
aim of broadening the understanding of global marketing strategy,
Literature Review

International marketing is defined as marketing that spans one or more countries.

Globalization is the marketing activities of multinational corporations that do business in
different parts of the world in many countries, using global marketing tactics, global markets
and global products and standards.(Rambe & Aslami, 2022)International trade is the exchange
of goods and services between residents of a country and residents of other countries based
on mutual agreements. The relevant population can be between individuals (people and
individuals) or between individuals and the government of one country and the government
of another. Global marketing can achieve one or more of four main categories of potential
globalization benefits. Reduce costs, improve product and program quality, increase customer
preference, and increase competitive advantage.(Masaaki Kotabe, 2020)An important aspect
in making global strategic decisions is the ability to think globally: the ability to understand
international markets by considering sources of supply and demand, as well as effective
management and marketing methods. Global marketing looks at the world as a whole as the
target market. International marketing describes the activities of a company operating in one
country and developing methods of marketing similar products in another country.(Wajdi,
2013)However, a successful global marketing strategy must be able to be developed and
evaluated in the broader context of the company's overall strategy and not solely based on
customer marketing considerations. This requires the allocation of resources between
countries, markets and product segments, the integration of purchasing and production
functions, management systems and logistics into a global marketing strategy.(P., 2020)
In this case, for a global company means a shared goal of global reach and capability
that extends beyond every country. The dictionary or marketing defines global marketing as
the obligation to act on world markets.(Saeed Samiee, 2019)Global marketing is becoming
very fierce competition also based on investment in special products and developing high-
priced products for market niches is also important for companies. However, no differences
in performance critical areas were observed between companies that value global
standardization and other companies.(Alone, 2020)To ensure that marketing activities are not
carried out in vain, it is necessary to exercise selective control over the distribution of
resources between countries, markets and product segments, for the integration of purchasing
and production functions, administration and logistics systems into global marketing. The
difficulty in global marketing is how to effectively manage relationships involving cross-
cultural ties and different organizational/management philosophies so that the commitments
made can be intertwined as planned.(Speier, 2022).

Product/market growth matrix (Product/Market Growth Matrix) is an analytical model

used to assist companies in determining their business growth strategy(Aisiyah & Rukmana,
2023). From this analysis the company can determine the right strategy to expand its business
such as market development, product development, related diversification, or unrelated
diversification. The product/market growth matrix is an important tool for companies to
develop long-term business plans and increase their business competitiveness in the global
market.(Edy Fradinata, 2021).

Discussion

A. Uses the product/market growth matrix to describe the different ways a company
can expand its market globally.

Product/market growth matrix, also known as the Ansoff Matrix(Weiwei, 2021). Based
onCorporate Finance Institute (2021)strategic tools that businesses can use to expand their
operations and enter new markets. This matrix offers four different strategies companies can
use to grow their business, and each strategy presents unique opportunities and challenges for
companies seeking to expand globally.(Loredana, 2021).In this article, we will explore each
strategy in more detail and provide recent examples of companies that have successfully used
them to expand globally.

1. Market Penetration
Market penetration involves increasing the sale of more products in the market in the
current market. This strategy focuses on attracting new customers or retaining existing ones
through tactics such as promotions, improved customer service or targeted advertising
campaigns(Azzahra et al., 2021).Companies can use advertising and other marketing tactics
to increase sales to their existing customers or attract new customers(Rachmawati et alna.,
2021).For example, a company can increase its market share in its domestic market by
running targeted advertising campaigns, offering promotions, or improving customer
service(Fakhriyyah et al., 2021).
 2. Market Development
Market development involves introducing existing products into new
markets(Kinanthi Haksari, 2022). This strategy can help companies expand their customer
base and increase revenue(Azzahra et al., 2021b).Companies can use market research to
identify new markets and develop strategies for entering them and companies can enter new
countries or regions by setting up distribution channels or partnering with local businesses.
(Iqbal et al., 2022)

3. Product Development
Product development involves creating new products for existing markets(Septiani et
al., 2022). This strategy can help companies attract new customers or increase revenue from
existing ones. This can be done by developing new versions of existing products or launching
new product lines in response to customer requests(Kahfi et al., 2022).

4. Diversification
Diversification involves creating new products for new markets(Indrawan et al.,
2022).This strategy can help companies reduce their dependence on one product or market
and spread the risk(Cao et al., 2021). In a journal written byAgustin & Setiawan, (2021) thata
company can achieve this by diversifying into new industries or entirely new product lines to
broaden its offerings and enter new markets or by product development.

By analyzing their current market and product offerings and identifying growth
opportunities, companies can choose one or more of the four strategies outlined in this matrix
to expand their business. Recent examples from companies such as Coca-Cola, Amazon,
Apple, and Tesla demonstrate the effectiveness of this strategy and its potential to help
companies succeed in global markets. Which can be accessed on the official website(Amazon
India, 2022; Apple, 2022; Coca-Cola, 2022; Tesla, 2022).

The latest example of a company successfully using this strategy to expand globally is Coca
Cola, quoted from the official website(Coca - Cola Company, 2023).Coca-Cola is one of the
global companies that has successfully used the product/market growth matrix in its
worldwide expansion(Hess, 2021)Here's how Coca-Cola uses this matrix:
  Market Penetration: Coca-Cola uses this strategy by expanding its product reach
in existing markets(Xiang, 2022). Companies invest in marketing campaigns to
increase brand awareness and expand distribution channels to reach more
customers(Bradley Pallister, 2022). For example, in developing countries, Coca-
Cola is expanding its product access by selling drinks in smaller and more
affordable packages(LR Said, 2022)
 Market Development: Coca-Cola has introduced its products to new markets
around the world(Jenni Tarigan, 2021)Companies use this strategy by bringing
their products to countries where they were not previously available(Cinthya,
2021). To reach this new market, Coca-Cola adapted its products to local tastes
and culture. In Japan, for example, Coca-Cola launched a green tea drink because
it is more popular in that country than fizzy drinks(Irra Christiyanti Dewi et al.,
2022).
 Product Development: Coca-Cola uses this strategy by introducing new products
in existing markets(SM Riad Shams et al., 2021)The company continues to
develop and introduce new variants of their soft drinks to attract new customers
and expand their market share. For example, Coca-Cola launched fruit-flavored
soft drinks and diet drinks to meet increasingly diverse customer demands.
 Diversification: Coca-Cola has diversified their business to reduce their
dependence on soft drinks(Dr. Dian Sudiantini S.Pd.M.Pd, 2022). The company
has expanded its product portfolio by introducing non-soda drinks such as mineral
water and energy drinks(dr, 2023)By diversifying, Coca-Cola was able to reach
new markets and expand its business beyond soft drinks(Zenal Aripin, 2021).

B. Describe how companies in a global industry pursue competitive advantage.

Companies achieve competitive advantage through innovative actions(Ernawati

Ernawati et al., 2022). They approach innovation in a broad sense, including new
technologies and new ways of doing things. They perceive a new basis for competing or find
a better way to compete with the old way(Maya, 2022)Innovation can be manifested in new
product designs, new production processes, new marketing approaches, or new ways of
conducting training(Gunawan et al., 2021)Some innovations create competitive advantage by
understanding entirely new market opportunities or by serving market segments that others
have neglected(Muhammad Ridlo Zarkasyi, 2021). When competitors are slow to respond,
such innovation generates a competitive advantage.(Michael E Porter, 1990)
In today's highly competitive business environment, companies in global industries
must pursue various strategies to gain competitive advantage(Dr. Miguna Astuti et al.,
2021)Competitive advantage allows a company to outperform its competitors, gain market
share and increase profits(Mashur Fadli et al., 2022)There are several ways a company can
pursue competitive advantage, including cost leadership, differentiation, and innovation:

 Cost Leadership Strategy

One common approach that companies take in a global industry is cost
leadership(Aldania & Niswah, 2021). In this strategy, the company aims to become a low-cost
producer in its industry. By keeping costs low, companies can offer lower prices to customers
while still maintaining profits(Sunarsi et al., 2021). This approach requires companies to have
efficient operations, strong supply chain management, and focus on reducing costs
continuously(Devi Rahma Dani, 2022)Companies that have successfully implemented a cost
leadership strategy according toSuaibatul Aslamiyah & Vembri Aulia Rahmi (2022).including
Walmart, Southwest Airlines, and Amazon.
According to(Anisa Raihan Fadhilah Fadhilah Zain et al., 2022)To implement a cost
leadership strategy, companies must focus on cost efficiency in all aspects of their business
operations. For example, a company might look for ways to reduce production costs, procure
raw materials, distribute products, or reduce overhead costs. Not only that, companies also
need to pay attention to the quality of the products or services produced(Alfarabi Rachma
Hazryas et al., 2022)Even though production costs must be lower than competitors, product
or service quality must be maintained or even improved so that consumers are satisfied with
the products offered.

 Strategy difference
Another approach that companies can take is differentiation. In this strategy, the
company seeks to differentiate its product or service from its competitors in a way that is
meaningful to customers(Dany Natakusuma, 2021).By offering unique features or benefits,
companies can charge higher prices and build customer loyalty(Nanda Annisa et al., 2021).
Exemplified in the book writtenDr. Daduk Merdika Mansur, (2023) bprominent companies
include Apple, Nike, and Tesla.
 The main advantage of the differentiation strategy is that the company can attract
more loyal customers and more easily avoid direct competition from competitors(Sopiah &
Etta Mamang Sangadj, 2022). In the long run, this strategy can help companies maintain a
larger market share and generate higher profits(Ernawati Ernawati et al., 2021)However, the
difference strategy also has risks. The costs of developing a differentiated product or service
can be prohibitive, and if a company cannot differentiate its products well enough, this
strategy can fail.(Mahrus Ali Mufadhol, 2021)Some examples of companies implementing a
differentiation strategy by web blog(sold, 2021) is Apple with its innovative products and
attractive designs, and Starbucks compliedMoh. Ainurrofiqin, 2021)with a unique customer
experience and better customer service.

 Innovation Strategy
Innovation is another way that companies in global industries can gain a competitive
advantage(Muhammad Haviel Nurachman, 2021)By introducing a new product, service or
business model, a company can disrupt its industry and create new market opportunities(Dr.
Apri Winge Adindo, 2021). Innovation requires companies to invest in research and
development, cultivate a culture of creativity and experimentation, and be willing to take
risks. Companies known for their innovation include Google, Uber, and Netflix(Zenal Aripin,
2021).

C. Comparing and contrasting a country's marketing strategy using a global marketing

strategy (GSM).

Global marketing involves a different approach but with the same functions as
domestic marketing, ranging from marketing research, demand analysis and policy
development to overall control of marketing efforts.(Dr. M. AnFirmansyah, 2017)The
introduction of the distribution of this approach must be able to be carried out correctly so
that it is in accordance with the capacity of the strategy carried out. On the other hand, a
global marketing strategy (GMS) is a marketing tactic that seeks to standardize marketing
activities across different countries and markets, focuses on economies of scale, maximizes
global brand awareness, and leverages global synergies.(Hollensen, 2019)In a standardized
marketing strategy, more emphasis is placed on global markets with homogeneous customer
characteristics (consumer homogeneity). This strategy emphasizes a company's ability to
market the same products and services worldwide using identical strategies at lower costs and
higher margins.(Simbolon, 2013)Global marketing strategy combines standardized and
customized elements to create effective marketing messages for international markets with
the aim of achieving efficiency, consistency and flexibility in the use of marketing resources
whereas country marketing strategy adapts product, price, promotion and distribution to
different local conditions and culture. in each country or region.(Richter, 2012)

In this case the level and method of controlling marketing communications in each
country also reflects local economic, cultural and political conditions, so that the balance
between voluntary controls through self-regulation and marketing controls has a major
influence on the level of marketing outreach that will be developed in the global market in the
future.(Rika Promalessy, 2021b)The characteristics described will have a difference and can
lead to the emergence of different marketing strategies between the two, both the focus and
the challenges faced.(Jamal Ma'mur Asmani, 2015)Various kinds of political, economic,
social, cultural and geographical conditions are important considerations for multinational
companies that market their products in one country.(Simbolon, 2013)Globalization and
market competition require all managers to be aware of the global environment. International
marketing refers to business activities that involve pricing, advertising and distribution of
goods (goods and services) to customers/consumers in more than one country for profit. This
industry is the largest producer of gross national product in industrialized countries and the
most important employer in industrialized and developing countries.(Rambe & Aslami,
2022)Therefore, the marketing strategy that is applied is an important concern, which must be
adapted to the state of the country.

D. Identify companies in the top Global 500 rankings.

The companies that are in the top ranking of the Global 500 exist because they have
the highest revenues among all the companies in the world and based on the total revenue of
a company it is called the Fortune Global 500.(money, 2000)Companies that feel superior
often try to compete to be part of the Fortune Global 500 at the top level. The Fortune Global
500 list not only provides information about publicly listed companies (whose shares are
listed), but also includes other companies that meet certain requirements and includes in
particular the publication of financial statements.(Kwiatkowski & Augustynowicz,
2015)Companies at the top of the Global 500 list achieve their position through a variety of
determinants that are used as a basis for identification.(Daniel Sarpong MBA, 2021)These
factors include: 1. Strong Brand Reputation: Companies with well-known and trusted brands
tend to be successful in the global market. 2. Effective management:Successful companies
often have an effective management team capable of navigating complex global markets,
identifying growth opportunities, and implementing strategies that lead to long-term success.
3. Innovative products or services: Companies that are able to offer innovative and desirable
products or services can gain a competitive advantage, 4. Successful marketing strategies:
Businesses that use successful marketing campaigns to connect with customers and build
brand loyalty can achieve long-term success . 5. Effective processes: companies with supply
chains, manufacturing processes, and efficient operations can produce high-quality products
or services at competitive prices. 6. Investment in research and development:

Companies that invest in R&D can stay at the forefront of innovation and stay
competitive in global markets. The Fortune Global 500 represents the 500 largest large
companies in the world, so the results reported indicate that company size can be considered
as a key factor in preparing a sustainability report.(Road & Kingdom, 2022)The Global 500 is
an annual ranking of the world's largest companies by revenue, compiled and published by
Fortune magazine on its official website. So that the latest rankings from 2022 are the top
companies in the top 500 Global rankings, which are started by: 1. Walmart; 2.Amazon; 3.
State Grid; 4. China National Petroleum; 5. Sinopec Group; 6. Sudi Aramco; 7. Apple;
8.Volkswagens; 9. Engineering; 10. CVS Health(Luce, 2022).

E. The Stages A Company Goes Through When Its Management Orientation Evolves
From Domestic And Ethnocentric To Global And Geocentric.

The more the company develops, the more likely the company will expand its market
share. From a domestic-focused company to a global company. In changing from a domestic
company to a global company, there are several stages that the company will go through,
including:

1. First Stage: Domestic and Ethnocentric Orientation

 Domestic companies are companies that only focus on the domestic
environment from both suppliers and competitors(Sihite, 2016a). Someone who
thinks that their home country is better and superior than other countries is someone
who has an ethnocentric orientation.(Green & Keegan, 2020b)Companies that adhere
to an ethnocentric orientation tend to ignore opportunities from abroad(Green &
Keegan, 2020b). Assuming that the country of origin is superior to other countries,
most companies when expanding abroad will not pay attention to local culture, which
means that all regulations follow the regulations of the head office.
2. Second Stage: Multinational and Polycentric Orientation
Multinational companies are companies that involve more than one country in
running their business(Dunning & Lundan, 2008)At this stage managers begin to
realize that other countries also have their own uniqueness. Polycentric orientation is
an assumption that other countries where the company does business have its own
differences and uniqueness from the country of origin(Green & Keegan, 2020b)In the
process of decision making and management processes are adapted to the geography
of the company running its business(Sihite, 2016)
3. Third Stage: Global and Geocentric Orientation
Global Companies are companies that make the global region a market(Sihite,
2016)At this stage the manager assumes that the whole world is a potential market,
therefore a manager must have an integrated strategy(Green & Keegan, 2020b).
Global orientation can be said to be Geocentric because it considers that world
markets have similarities and differences so that a global strategy will be created. At
this stage is the stage where the company has a very high complexity because of the
differences and similarities.

F. The Driving Forces And Restraining Forces Affecting Today's Global Integration.
The many differences and some similarities with other countries in conducting
international business make a manager must be precise in choosing a strategy. It is from these
differences that many countries carry out a strategy by working with other countries to
complement each other. There are also many other factors which, instead of strengthening
global integration, also weaken global integration.
Driving Force
 1) Multilateral Trade Agreement
One example of multilateral trade is the WTO. The World Trade Organization (WTO)
is the only body that regulates and oversees various issues or trading activities on
world markets (PRINCIPLES). With the existence of the WTO, it will certainly
strengthen integration because there are rules and bodies that protect world trade
activities so that each country does not hesitate to carry out cooperation.
2) Development of Technology and Information Systems
With less than 48 hours, one can circumnavigate the world by using a jet boat(Green
& Keegan, 2020)This indicates that technological developments have made human
activities easier, from transportation to communication.
3) Global Strategy
Global strategy is a design that has the goal of creating a competitive
advantage in the global market. By having a global strategy the company will be able
to compete well.(Green & Keegan, 2020).

Restraining Strength

1) National Control
Each country has control over what happens to its country(Green & Keegan, 2020a).
A rule made by a country sometimes hinders and complicates the process of company
activities to do international business.
2) Rejection Against Globalization
Some individuals and a country view globalization as a threat to themselves, so they
will close themselves off from the outside world. People with these assumptions are
often called Globaphobia(Green & Keegan, 2020).
Conclusion

Globalization is now familiar to every individual, where globalization triggers

companies to expand their business in the world market. With a wider market, of course,
income will also increase, but to achieve success in the world market one must be able to
overcome various obstacles both domestically and globally. One way that can be done to
expand the market is by analyzing the market matrix which contains how the company
penetrates the market, expands the market, expands the product, and diversifies the product.
This matrix will have an impact on the company to have a competitive advantage.

The Global Marketing Strategy (GMS) is a strategy that must be owned by every
business actor in the world market. GMS will improve the performance of companies around
the world. Moving from a company with an Ethnocentric Orientation to a Geocentric one will
face various complex problems. The wider the scope of the company, the more complex the
problems that will be faced. This high complexity is influenced by several factors that
strengthen and weaken. One example is the development of technology and information
systems that make relations between countries easier.
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