In an increasingly competitive environment, it has become very valuable to expand abroad. Globalization is taking steps to generate foreign exchange income and reveal its potential. Of course, this is a challenging process because while dealing with a different culture, different market conditions and different rules, it also brings with it difficulties such as getting to know the customer, acquiring new business partners and investing. For this reason, companies need to do very good research in the globalization process and focus their energy and time at the right point.
New product development processes in international markets are broadly similar to those implemented in local markets. Its difference from local markets is that it involves more risky, costly and time-consuming work.
Standardizing the marketing mix in global markets provides cost savings to businesses, but the differences in consumer demands and needs, market competition conditions, marketing institutions, geographical conditions of countries, laws, technology, culture and many other environmental factors prevent global businesses from developing standard marketing mix.
A business that wants to operate in global markets must first determine its product strategy. Then, by making the necessary standardization in the product strategy it has determined, it chooses the desired market and determines its market share. The degree of product and promotion adaptation that a global business will make at market entry and after entry is affected by the characteristics of the business itself, the product, the industry, and the market.