Economic down turn in the West gave Indian SME industry the expedited reason for expanding the business horizon. A new wave of 'Indian MNC' is creating ripples on the global stage. Definitely country is witnessing an increase in outbound business transactions by Indian small and medium size companies over the last few years. These companies are also from newer segments such as industrial and engineering products like forgings, castings, pumps, chemicals and even some consumer products and brands, besides, spice and gems and other traditional man made items.

For long Indian medium size corporations have only faced challenges from their national and regional counterparts. But, with the opening of global economy, on one side SME has competition from their global counterparts; it has also offered industries a chance to tap hitherto unexplored International markets.

The Oxford University Press defines global marketing as “marketing on a worldwide scale reconciling or taking commercial advantage of global operational differences, similarities and opportunities in order to meet global objectives”. Global marketing is not revolutionary shift, it is an evolutionary process. A marketing restricted to the political boundaries of a country, is called a “Domestic Marketing”. A company marketing only within its national boundaries has to consider domestic competition (local, regional and national). Even if that competition includes companies from foreign markets, it still only has to focus on the competition that exists in its home market. Products and services are developed for customers in the home market without thought of how the product or service could be used in other markets. The biggest obstacle these SME marketers face is being blindsided by emerging global marketers. Because domestic marketers do not generally focus on the changes in the global market place, they may not be aware of a potential competitor(s). Because of the different preferences of consumers in different markets, a purely global strategy with standard products may not be appropriate. Whether you own a sole proprietorship offering consulting services or manage a 1500-person manufacturing facility, going global offers you opportunities for growth, increased sales and diversified markets. But a marketable product or service is only the beginning. Global marketing takes time and effort. It also takes resources and a strong commitment to compete beyond your current borders.

3-Rs, Any company wanting to go global must seriously consider:

1. Re-think

2. Re-define: market, customer, product, process, price/payment

3. Re-engineer: systems, methods and orientation towards buyer centric behavior science