Define a global brand. How important are global brands?

A global brand is a brand that is recognized throughout much of the world. Coca Cola, Pepsi, McDonald and Nike are all global brands as they have their presence in most of the world. To become a global brand a company must be able to identify the attractiveness of a world market for its brand and organize a sequence of introducing and launching the brand in different countries of the world. In addition to that, a huge investment on advertisement on all mediums is important.

From a consumer point of view, global brands are important because they expect a certain quality standard from these brands which the consumers do not expect local brands to fulfill. This has become kind of a myth that global brands are of the high quality.  Consumers also think that these global brands accept a social responsibility and have corporate social responsibility strategies to provide help to local communities.