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Principles of global marketing
Challenge in international marketing
Effect of globalization on marketing strategies
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Recommended: Principles of global marketing
William Bastianelli
2/23/15
MKG-366H-90-142
Research Project Outline
Tapping into Global Markets and Global Marketing
Introduction
In today’s society nothing is confined to just one country, everything is global. With everything being global, were seeing companies that have attained global recognition, and are known on every corner of the globe. It is no accident that companies, like McDonalds, Apple, and Coca-Cola, are known everywhere. These companies have mastered the most important aspect of reaching global markets, and that is global marketing. Global Markets are not all the same, they vary from one country to the next. And while a marketing campaign maybe successful, in for instance the United States, it could be a disaster in another
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Through global marketing, companies market their products to appeal to customers within different markets, so one marketing campaign maybe different to another, even if there for the same product, for the same company. Now not all markets are different in each country, some countries have similar cultures and very similar marketing campaigns can be used in the two, if not for some minor changes. The problems in global marketing campaigns arise when a company is dealing with a brand new culture, and cultural differences arise, is when there can be problems. To account for these cultural differences company’s construct specific global marketing strategies to target specific global …show more content…
But, that doesn’t mean companies won’t fail, and fail badly. It’s not just the small companies that fail either, its large multi-national corporations as well. The failures typically have to do with the translation of words, or themes that are found ok in one culture, but taboo in another. The failures in global marketing that deal with the translation of words goes on for days, but a few of them include Puffs tissues, Kentucky fried-chicken, and Pepsi. Puffs tissues introduced there products in Europe, they found out that “puff,” is a German phrase for whorehouse (Fromowitz). When KFC first entered the Chinese market, there famous slogan, “finger-lickin good,” translated to, “Eat your fingers off,” (Fromowitz). Another failure in the Chinese market, was with Pepsi, the slogan they came up with for their product translated to, “Pepsi brings your ancestors back from the grave,” (Fromowitz). Other failures in global marketing have to do with cultural norms. For example, when Gerber first introduced their baby products in Africa, they used the same packaging as in the US, but they later found out, most companies that sell products in Africa put pictures of what’s inside on the packaging, because most people can’t read (Fromowitz). The next example of global marketing failure proves it happens to the biggest and best of them, and that is Proctor and Gamble. Proctor and
Kotabe, M., & Helsen, K. (1998). Global marketing management. Temple University. New York: John Wiley & Sons.
Globalisation is having a significant impact on marketing. This is because a business, by distributing itself across international borders makes its product more readily available to international customers and creates employment opportunities in the country it has moved to. To understand the impacts, globalisation, marketing (particularly market segmentation), global marketing strategies and general history of Qantas need to be examined.
Marketing is the process of searching for options for accumulating profits by identifying the demands of the people and satisfying their needs with appropriate products. In today’s globalized business world, marketing can play a vital role in establishing trade blocks all over the globe with competitive and cutting edge market, research, policies, strategies and activities.
Global segment include relevant new global markets, existing market that are changing, important international political events, and critical cultural and institutional characteristic of global market. When company entering the global, it automatically can increasing number of people believe or consumer in the multiple nation and this si...
Today, many companies enter the global market, and some companies have become extremely successful in the global marketplace and others still struggling. In Theodore Levitt’s article “The Globalization of Markets”, he states that a well managed corporation focuses on selling standardized products with high quality and low priced instead of focuses on selling on customized products with high cost. Levitt defines the differences between multinational corporation and global corporation, and adopts many specific examples to proves his view. He defines the multinational corporation who operates in many countries and adjust its product based on the taste of specific region. This will result in a high cost to produce the product because company have to input more resource into each individual product. However, global corporation sells similar product worldwide at relative low cost. According to Levitt, the cultural differences are becoming more and more “homogenized”; therefore, becoming a global corporation will lead to the successful of the company in the global market.
7-Eleven employed adapted global marketing, but continued to open stores in more countries. 7-Eleven has adjusted their marketing strategy for each of the international markets they are targeting, which in turn has helped them gain a larger portion of the market. 7-Eleven has benefited by this due to them being a premier player in the market for as long as they have. People love that 7-Eleven has items that are tailored to their desires. This example of extreme localization has helped them gain a competitive advantage over their
We propose a branding strategy which takes into account the brands capabilities and competencies, strategies of competition brands and the outlook of consumers experience in their respective societies. As an international brand there is the challenge of staying connected with local customers. We will overcome this by adapting marketing strategy to local needs using a variance of standardized marketing mix and an adapted marketing mix.
In internationalization, the most challenging decision faced by the company to choose between standardization and adaptation in its operations, products or services. It has been one of the important and most popular research topics since 1960s to understand whether standardization is better or adaptation for marketing mix in international marketing. The increasing role of international expansion of business across the borders has also increased the focus of companies towards the international marketing strategies. It is also a biggest challenge for companies to better understand the different needs and choice of customers due to the huge differences among the cultures from various nationalities. This leads to the dilemma in the mind of marketers to understand which strategy is effective and good - standardization or adaptation. There is a significant impact of standardization or adaptation on all avenues of business such as research & development, structure, marketing mix, production, finance and marketing mix. The attitude of a company towards the culture of a particular country in which it is going to enter or start its operations decides to choose between standardization and adaptation. Consider the different views and arguments for each standardization and adaptation, this essay critically analyze which strategy is better to choose for international marketing.
The fast food industry’s giant- McDonald’s has become the best-know fast food brand in the world. It employs advertising, sale promotion, public relations and sport sponsorship to promote McDonald’s as a global image (Vignali, 2001). In communication context, the maxim “brand globally, advertise locally” (Sandler & Shani, 1993) is McDonald’s promotio...
In week five we learn about the importance of globalization and how it can help your company’s profits grow. There are many things to look at when selling globally as different cultures need to be looked at differently when making a marketing strategy. If you understand how to market your products to different cultures in different countries you can take advantage of the profits that can be made through globalization.
With the advent of the Internet, decreased shipping costs, and the removal of trade barriers, the world market has shrunk in such a way that everyone can be a player. While many businesses thrive solely on serving a small local area, a globalized company has the benefits of increased customer markets, gross production, and brand awareness. Take for example Coca-Cola; this multi-national corporation offers products in countries all over the world, operates in over 200 of those countries with the help of its franchisees, and is the most well-known beverage companies. It is interesting to note however, that as positive as globalization may seem, there are many negative ramifications and a large population of detractors to this movement. While increased product availability is good for profits, if a local market is inundated with imported products, locally grown or manufactured items may be squeezed out, to the detriment of the local economy. Although it is cost effective to have your product produced in another country with low wages, you are essentially taking away jobs from the people of your own country, negatively impacting your national economy. However, if you manufacture your products in a country with higher wages, you must increase your products’ prices which may be harmful to your profits. While maximizing your companies profits is always of great importance, it is essential that you weigh the pros and cons of globalization and its effects on not only your company, but the areas in which you wish to spread.
Gogel, R. and Larreche, J.C. (1991). Pan-European Marketing: Combining Product Strength and Geographical Coverage. San Francisco, California: Jossey-Bass
Because in case of global marketing analyze the factors that need to be taken into account are significantly more, including the economics, environment, cultural differences that is going to affect the analysis of situation. The issues of marketing strategy were covered in detail during classes and this knowledge was cemented with the report I had to write as a part of project assessment that marketing analysis .It was very challenging and interesting at the same
The global economy has enabled customers to enjoy a buyer’s market where the company with the most competitive price possible for a product or service receives orders from customers around the world. The burgeoning world ...
a company can familiarize itself with cultural nuances which may impact the design, packaging or advertising of the product. Moreover, traveling abroad allows one to locate and cultivate new customers, as well as improve relationships and communication with current foreign representatives and associates