Marketing is the soul of business and no business or company can prosper without proper marketing strategies. Marketing strategies are of innumerable types but the strategy of ‘think global act local’ is possibly the main chant of each and every business organisation. Marketing can be multilayered but you need to arrange those layers strategically to get the most out of it. The process of marketing and promotion is no doubt costly and what is the need of expensive marketing if it does not yield fruitful result. Strategies may it be of war or marketing requires a lot of planning and cool thinking.
Strategies are made in order to gain most out of least therefore; it needs lot of care and planned implementation. The global market is the king of marketing strategies. One must think globally and implement those strategies in local markets. This process helps any business organisation to gain the most. Thinking ‘globally’ is nothing but to grasp the big picture of marketing strategies. If you are able to grasp the market of marketing then nothing can stop you from prospering.
The local market is the best place to proper for any business. At the time of birth the local market raises every business organisation; therefore, the local market is always a potential field of profit for the companies. Global business like import and export may work to some extent in favour of a company but can never outshine the profit that is gained from the local market. Moreover, if you want to establish a new stream of business under the same brand name then there is nothing better than the local market and that is where the idea of ‘think global act local’ comes.
The local market always welcomes the new product under the same brand name if they are satisfied with the old product. It is one of the oldest strategies of the business that retention and satisfaction of old customers is better and acquiring new customers. Older customers are always synonymous to profits. It is difficult to capture the market globally unless you are a popular brand name in your local market. Moreover, marketing in local area is cheaper and it is cheapest if you already have an acceptance. Setting up manufacturing plants are cheaper than any other global market, therefore, you can easily earn bulk revenues here.
Marketing in local area is much easier as you already know the sensitivity of the place. Again, it will be helpful if you try to implement the global views in local market it will give you nothing but profit. Transport, manufacturing costs and other necessities are cheaper in local market than global one. So, the local market is appropriate for action and the global one is best for gaining knowledge on marketing strategies. Multi level marketing is the best way to prosper your business in the local market. Therefore, think global and act local to get the most.