A dilemma with both is whether to present a universal product offering or to customize the product or promotional efforts to each. Marketing strategy resource investments firm resources competitor resources customer willingness to pay good marketing strategies are based on resource advantages and the latter are created by speed or gambles. Acevoig marketing strategy v3dn 2 executive summary rundown of whats in the document often completed last purpose use this template to capture the key information that you need to develop a thorough marketing strategy. A longrun perspective geoffrey jones this working paper explores longrun patterns in the strategies of international business in developing countries. One of the earliest approaches adopted in studying the development of global marketing strategy was transaction cost analysis anderson and gatignon, 1986. Global marketing is more than simply selling a product internationally. Global marketing strategies brings managers to develop a global mindset as the first step. First, there are a number of heated global marketing duels in which two firms compete with each other across the entire global chessboard. Global marketing strategy ppt creative powerpoint templates. The globalization of business has caused multinational companies to spend considerable time assessing their global product and promotion strategies. Marketing is a form of communication between you and your customers with the goal of selling your product or service to them.
It is wellknown that traditional offline marketing strategies are already widely. Global marketing is defined as the process of adjusting the marketing strategies of your company to adapt to the conditions of other countries. Ps2 is the first video game system to use the digital video disc dvd format. Global marketing strategies think globally, act locally is a popular strategy that is becoming more and more relevant in a globalized world where there are no boundaries when it comes to movement of goods and global marketing services. Understanding international product strategy in multinational. The following marketing plan outlines the history, strategy, and objectives for toyota kirloskar motor corporation, an indian subsidiary of toyota recently established to take advantage of an emerging market untapped by their largest global competitors. Global marketing occurs when a company looks at the entire world as one market and markets to almost all countries worldwide. To cater to its consumers, keds has expanded its products to include slipons, skimmers, sandals, and even designer styles. Effect of globalization and reduction ofboundaries. A marketing strategy plan, like quality management plan examples, ensures that the company adheres to the standards that are set in relation to the activities that it will execute.
Part iv global marketing strategy 234 chapter 8 global entry and expansion strategies 234 introduction 234 decision criteria for international business 236 political risk 236 market access 237 factor costs and conditions 237 country infrastructure 238 foreign exchange 239 creating a productmarket profile 239 market selection criteria 240. Rather than tailor a strategy perfectly to any individual market, in global marketing. A marketing strategic plan is a strategic roadmap that business entities use to organize, execute and track their marketing strategy over a certain period of time. Global product and promotion strategies your business. In such a global environment, firms should develop their marketing strategy. Domestic markets are saturatedrecover the investments fasterrapid technical growth. The objective of the course is to provide students with a perspective of international marketing management, its environment and complexities. A global marketing strategy involves the creation of a single strategy for a product, service or company for the entire global market, encompassing many markets. Basic marketing strategies for improving business performance. Pdf the study and practice of marketing have broadened considerably, from an. Marketing strategies an overview marketing strategy is a broad plan for achieving marketing objectives.
Eight steps to developing a simple marketing plan 3 step 1. Strives for integrated global strategies also known as a global or transnational company retains an association with the headquarters country pursues serving world markets from a single country or sources globally to focus on select country markets leads to a combination of extension and adaptation elements. This can be as straightforward as an extension of existing marketing strategies to a total customization of the marketing mix product, price, place and promotion for a specific country. Fe709 basic marketing strategies for improving business performance in the turf and lawncare industry1 john j. It is the full process of planning, creating, positioning, and promoting your products in a global market. International strategy in the earliest stages of a firms internationalization, managers tend to think of. Only a few generations ago, it took months to ship products to a market in another country, and doing so was such a difficult undertaking that only huge trading companies were able to take the risk. As a former business consultant to marketing executives at companies trying to expand globally, ive noticed some common marketing roadblocks that can stand in the way of international success. There is no other marketing channel than ecommerce where revenues are growing at this pace. Political and legal forces the past ten years have brought enormous political changes to this world, changes that are affecting the global marketing operations of global firms. Opportunities for the transfer of products, brands, and other ideas across subsidiaries 3. Reduction of cost inefficiencies and duplication of efforts among their national and regional subsidiaries 2. Marketing the new venture 206 the marketing and entrepreneurship interface 208 marketing concept and orientation 299 marketing strategy 214 marketing on the internet 232 sales forecasting 240 summary 242 key terms 243 discussion questions 244 exercises 244 discussion case 245 appendix.
To print powerpoint slides as ready notes for inclass note taking. Positioning strategies global consumer culture positioning identifies the brand as a symbol of a particular global culture or segment foreign consumer culture positioning associates the brands users, use occasions, or product origins with a foreign country or culture. Global marketing includes companies marketing strategies that look at the entire world as their arena of operations. French retailer, for example, uses a standardized hypermarket format, it adapt. The second, game pits a global company versus a local company a situation frequently faced in many. Any marketing strategy seeks to answer the following questions. In this course we consider it important to make this distinction and to see how it affects international marketing strategies. You can find cocacola, for example, in most countries.
Our vision is to be the global market share leader in each of the markets we serve. Chapter questions how does marketing affect customer value. Of course, global marketing is more than selling your product or service globally. It looks at the various global marketing challenges from a strategic perspective and also addresses topics not usually found in international marketing texts, such as aligning marketing strategies with global organizational structures, managing the relationship between national. Keds offers a variety of products such as boots, sneakers, casuals, and laceless shoes for men, women, and children. Mar 29, 2012 global marketing strategies 12261414685877189 1. A good marketing strategy should be characterized by a clear.
These plans can include separate marketing strategies for various marketing teams across the company, but all of them work toward the same business goals of the organization. A global marketing strategy that totally globalizes all marketing activities is not always achievable or desirable differentiated globalization. Distribution in order to be successful in a global market, a marketer must make its products and accessible to customers at all costs. Marketing programs and processes where a variety of stakeholders will be involved in needs to be guided by a marketing strategy plan so there will be a smooth flow of the implementation of call to actions. Any global marketing strategy, that isin the words of peter drucker 1999. This is a practice of temporarily selling at prices below cost with the intension of. One has to do with efficiency of operations, competitiveness and orientation, the other with homogeneity of demand across cultures.
Global marketing strategy 263 benefits of global marketing 265 cost reduction 265 improved products and program effectiveness 265 enhanced customer preference 267 increased competitive advantage 267 limits to global marketing 268 regionalization of global marketing strategy 269 crosssubsidization of markets 273 identification of weak market. Building a foundation for your future 4 customer characteristics and purchasing hot buttons provide the information needed to decide whether the firm can and should attempt to gain or maintain a sustainable competitive advantage for marketing to a particular market segment lehmann and winer 1994. The study and practice of marketing have broadened considerably, from an emphasis on marketing as a functional management issue, to a wider focus on the strategic role of marketing in overall. Unit outline mktg8462 mktg8662 global marketing strategy semester 1, 2011 crawley associate professor fang liu business school. It looks at the various global marketing challenges from a strategic perspective and also addresses topics not usually found in international marketing texts, such as aligning marketing strategies with global organizational structures, managing the relationship between national subsidiaries, regional headquarters and global headquarters, as. Lets pretend for a moment that you have a widget youd like to sell in. This process is referred to as the swot analysisso named be cause it examines the strengths and weaknesses of the organization, as well as the. Large businesses often have offices in the foreign countries they market to. Part 1analysis 1 1 an introduction to international marketing3 2 the international trading environment37 3 social and cultural considerations in international marketing71 4 international marketing research and opportunity analysis103 part 2strategy development 143 5 international niche marketing strategies for small and mediumsized enterprises145 6 global. A marketing strategy that is well articulated will enable one to focus on marketing activities to achieve the organisational goal. Now it has become evident that companies cannot insulate itself from global marketing competition by. The business transformation executive, sales distribution, ibm canada ltd.
Distribution channels make up the place in the 4 ps of the marketing mix alongwithproduct,price,andpromotion. It has become more important than ever for firms to recognize that they compete in a global environment. There was a massive wave of western multinational investment in the developing world during the first wave of globalization before the 1920s. It needs effective marketing strategy to attain profit and improve its development. International product strategy regarding global standardisation and local adaptation. Two types of approaches emerge as of particular interest to us. Starbucks brand equity is built on selling the finest quality coffee and related products, and by providing each customer a unique starbucks experience, which is derived from supreme customer service, clean and wellmaintained. Within a given environment, marketing strategy deals essentially with the interplay of three forces known as the strategic 3 cs. Global marketing issues might include exchange rates, language barriers, tariff and trade agreements, economic sanctions, infrastructure gaps, local customs, cultural mores and taboos. Japanese firms in general aim at building market share rather than early profits. In turn, this focus helps you find customers more easily and spend your time and money effectively to grow your business. Mktg8462 mktg8662 global marketing strategy s1 2011.
Finally, he was an early pioneer of quantitative marketing. A marketing strategy that is well articulated will enable one to focus on marketing activities to. In the early phases of development, global marketing strategies were assumed to be of one type only, offering the same marketing strategy across the globe. This document is fe709, one of a series of the food and resource economics department, ufifas extension. Global marketing requires a firm to understand the requirements associated with servicing customers locally with global standard solutions or products and localizes that product as required to maintain an optimal balance of cost, efficiency, customization and localization in a controlcustomization continuum to meet local, national and global. It looks at the governance of the community, and the changes necessary for it to be. Rather, it includes the whole process of planning, producing, placing, and promoting a companys products in a worldwide market. And involves both the selection of all countries in the world in which the company decides to operate, and the decisions of how to operate in these countries. In such a global environment, firms should develop their marketing strategy around three key dimensions zou and cavusgil, 2002. Philip kotlers contributions to the field of marketing philip kotlers status as a major thought leader in marketing is widely. Sometimes low price is the result of predatory pricing strategy. This global marketing strategy ppt is powerpoint presentation template created based on the concept of global marketing and contains inner slides designed covering basic categories table of contents essential for marketing planning documents.
A summary follow of the scope of global marketing strategy and management within this rapidly changing environment. Part 4 developing international marketing strategies module 10 international marketing strategies 101 10. Global marketing strategies, global marketing product. The idea for the mod ern starbucks format was copied from a milan coffee bar. The global marketing strategy is thus different from the globalisation of the market. Online marketing strategies journal of international studies. Consequently, managers must seek to develop the empathy, knowledge, sensitivity, and skills required to successfully operate in a dynamic global market place. Global marketing is the process of adjusting a companys marketing strategies to adapt to conditions in other countries. Then use the information that you collect, along with other development tools, to build your marketing strategy.
State your marketing objectives perhaps you would like to increase awareness of the product or service you provide, increase sales and revenues by a certain percentage, andor increase the number of customers who purchase your product or service. This paper sheds light on the global marketing strategy of a small software firm in colombia that globalized instantly and that serves global businesstobusiness markets by using an internet. The most common mistakes companies make with global marketing. Global marketing strategy applies to doing business within the borders of countries other than your own, and across the borders of neighboring countries. Sep 26, 2016 global marketing is defined as the process of adjusting the marketing strategies of your company to adapt to the conditions of other countries.
489 718 1174 151 355 1368 661 638 556 365 96 525 1311 1008 157 1510 1167 591 8 4 217 733 1421 800 1472 1361 442 914 3 1367 1238 1136 830 457 416 1161 1218 92 412 671 678