From the course: International Marketing Foundations

The dynamic global economy

From the course: International Marketing Foundations

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The dynamic global economy

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- Did you know that Coca-Cola gets almost two thirds of their sales from outside of the United States? When you look at big brands and companies that have become part of our everyday conversations, you'll see that many of them get the majority of their growth from customers outside of the United dates. And that word, growth, is the key. In today's hyper competitive markets, companies are looking to grow so they can better scale and improve their profitability. If you're a US-based business getting all your revenue within those borders, you're missing what some would call a big opportunity. On the other hand, if you run a business based outside of the US, you may be looking for growth from new geographies. Some great ideas from innovation are often found by looking at how people solve problems when they have limited resources or a different sense of workable solutions. Looking for opportunities to expand your business by moving to new geographic markets and finding offerings to add to your portfolio mean you have to pay attention to what's happening around the globe. And when you do, chances are you'll discover a new market to deliver growth for your company. What does this mean for you? As a marketer, you should be looking at the growth rate for your product in your industry, in your home market, and comparing that to the growth rate for your industry and your product categories in other markets. In what countries is the demand for your product or service growing faster? Are your competitors going into those markets? Do you see innovations or substitutes that would affect the adoption of your product in these new countries? As you uncover more data about activities in global markets, you may identify a new initiative that could bring another revenue stream or greater market share for you. Think of how moving into other geographies can help your company or product grow even faster.

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