Understanding of global marketplaces

With faster communication, transportation and financial flows, the world is rapidly shrinking. Product and services developed in one country are finding enthusiastic acceptance in others. A German businessman may wear an Italian suit to meet an English friend at a Japanese restaurant who later returns home to drink Russian vodka and watch an American movie on a Korean TV. More and more countries are becoming increasingly multicultural. Companies need to be able to cross boundaries within and outside their country. Companies today no longer afford to pay attention only to their domestic market, regardless of its size. Today almost every firm large or small faces international marketing issues. Many industries are global industries, and firms that operate globally achieve lower cost and higher brand awareness. At the same time, global marketing is risky because of variable exchange rates, unstable governments, tariffs and trade barriers, and several other factors. Given the potential gains and risks of international marketing, companies need a systemic way to make their global marketing decisions. So this paper discusses the major decisions in marketers make in going well. Like what factors should a company review before deciding to go abroad, how can companies evaluate and select specific foreign markets to enter, What are the major ways of entering a foreign market etc.