To wrap up gloablEDGE’s Global Branding blog series, it is appropriate to discuss what some of the top brands in the world are and why they are the best. Fortunately for us, Interbrand publishes a list of the top brands every year. The top brand this year (and for the last 10+ years!) is Coca-Cola.
globalEDGE Blog - By Tag: global-branding-series
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In 1983, Professor Theodore "Ted" Levitt of Harvard's Business School announced that globalization had arrived, and before long global companies would be selling products and services in similar ways all over the world. In spite of Levitt's prediction, only a limited amount of truly global brands exist in today's business world, although markets are undeniably in an age of economic globalization. The reason behind this stems from the immense amount of forces that provide challenges to brands wishing to branch into global markets, of which a select number of firms have overcome.
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As businesses continue to expand internationally, it is becoming more important than ever for these companies to adapt their strategies to different cultures in foreign markets. Companies must extensively analyze the target market and determine whether or not their product or service can be successful in that market. Often times, cultural differences require changes to be made to a company’s sales and marketing approach and sometimes even the product itself.
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The food and beverage industry covers an assortment of products and companies within. It happens to include one of the largest commodity markets, coffee. With its distinctive socio-cultural ties, coffee has been produced, branded, and marketed uniquely in every part of the world. With any product, various factors must be taken into consideration when developing a brand: consumption patterns, cultural relevance, product expectation, and marketplace competition to name a few. Branding essentially tries to build an emotional kinship with the consumer that transcends the products actual function. Brands aspire to create an identity, a lifestyle to live by.
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In 1983, Ted Levitt of the Harvard Business School made a bold prediction; Globalization was coming to fruition. Products and services were soon going to be sold everywhere on earth, not just domestically, creating a truly global brand. Since then, time has proven Ted correct.
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In a more connected and globalized world, brand recognition across many markets and countries has become extremely important for international business. When a company’s goods or services are not only well-known but popular in many countries all around the world, you know that particular company is doing something right. Global branding is a major aspect of marketing in today’s business environment and is constantly changing as the world moves forward. Not only is global branding evolving, it is changing the way businesses market their products across the globe. This week the globalEDGE blog team will take a deeper look at global branding and its impact on international business operations.