International Marketing in the 21st Century
Career Path : Business
The world is changing rapidly, and nowhere is this more apparent than in marketing. International marketing was once a fairly specialized area. Today, however, marketing on a global level is increasingly the norm. There are, of course, still plenty of businesses that focus on their own limited geographical regions. Many companies, though, and especially web-based businesses are increasingly international in scope. Let’s look at some of the most notable trends in international marketing and how they apply to today’s businesses.
Growth of BRIC Nation Economies
The growth of economies such as China and India are a major factor in driving the new global economy. These two nations alone, which have populations in the billions, are poised to overtake the U.S. and other western economies in the near future. Some statistics already list China as having the world’s largest economy. The four nations known as BRIC – Brazil, Russia, India and China – together are, by some estimates, going to soon make up approximately half of the world’s economic activity. In addition to the BRIC nations, other countries in Asia, Africa, the Middle East and South America are also quickly growing.
The Global Reach of the Internet
Online marketing is another factor that is also driving changes in international marketing. To some extent, this overlaps with the growth of emerging economies, as populations in BRIC and other nations are also coming online. The internet, however, is a phenomenon that is making borders between nations less important. Global commerce is now possible not only for large corporations, but for even small online businesses. It is now a relatively simple matter to sell goods and services to people halfway across the world.
Opportunities Offered by Online Education
The reaches of the global economy extend to the realm of education. Not only is more and more business being conducted online, but it’s now perfectly respectable to take classes and even earn degrees online. An MBA is still a great investment when it comes to preparing for a career in business. For many students, an online MBA in marketing is the most convenient and economical way to study. Online education is truly global in that students don’t even have to be in the same country, much less city, as their fellow students and professors. There are quite a few online MBA programs offered by highly rated colleges and universities.
The Future of International Marketing
It’s hard to predict what the future will bring, but we can expect the current trends already discussed to continue accelerating. Between the newly emerging economies of the world and the unabated expansion of the internet, the world’s economies are becoming ever more connected. One positive aspect of this is that it levels the playing field, not only between nations but between larger and smaller businesses. More people today have access to resources such as online education and the ability to start their own businesses.