Social Media Metrics

The characteristics of the global marketplace are diverse and international marketing approaches differ around the world. Companies need to adopt a strong rationale for grouping countries into segments. Multinational and global corporations are different, as the former operate in a number of countries and make adjustments to their production and marketing practices in each country at a highly relative cost (Levitt, 1983). Global corporations, on the other hand, operate with staunch loyalty at a relatively low cost for standardization. Coca-Cola and PepsiCo have standardized their products globally according to the regional and ethnic preferences of consumers. The most effective world competitors integrate quality and trust attributes into their cost structure. Such companies compete on the basis of an appropriate price value for quality, trust, and delivery systems. These values are considered by the companies with reference to the product design, function, and changing consumer preferences, like fashion. Multinational retailing firms develop a strong information base about the business environment in a marketplace and put efforts into adapting to the given consumer preferences and retail environment, in order to put in place a gradual penetration process across the marketplace. However, global retailing firms attempt to acquire customers for economic reasons of lower prices by standardizing their marketing operations.