Global marketing involves developing marketing strategies on a worldwide scale to take advantage of opportunities across borders. There are several major decisions in international marketing, including: deciding whether to go abroad by evaluating risks; deciding which markets to enter based on costs, opportunities, and trade zones; deciding how to enter markets through various modes of entry; deciding on marketing programs by standardizing or adapting products, promotion, price, and place; deciding on marketing organization structures; and coordinating competitive moves globally.
RSA Conference Exhibitor List 2024 - Exhibitors Data
Global marketing
1. GLOBAL MARKETING PRESENTED BY:- Shrikant S Panikar-44 Ankit Jain-07 Sanjay Sharma-40 Jeetendra Kumar-16 Neeraj Chaudhry-24 Amit Kumar Pathak-05
2. Chapter Outline Introduction to Global Marketing. Deciding whether to go abroad Deciding which markets to enter Deciding how to enter the market Deciding on the marketing program Deciding on the marketing organization
3. Global Marketing 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 a revolutionary shift, it is an evolutionary process. While the following does not apply to all companies, it does apply to most companies that begin as domestic-only companies.
4. Global Marketing: What It Is and What It Isn’t Single Country Marketing Strategy Target market strategy Marketing mix Product Price Promotion Place Global Marketing Strategy Global market participation Marketing mix development 4 P’s: adapt or standardize? Concentration of marketing activities Coordination of marketing activities Integration of competitive moves
5. McDonald’s Global Marketing Marketing Mix Element Standardization Localized McAlooTikka potato burger (India) Slang ’Macca’s (Australia) MakDo (Philippines) McJoymagazine, “Hawaii Surfing Hula” promotion (Japan) Home delivery (India) $5.21 (Switzerland) $1.31(China) Big Mac Brand name Advertising slogan “I’m Loving It” Free-standing Big Mac is $3.10 in U.S. and Turkey Product Promotion Place Price
6. The Importance of Going Global For U.S. companies, 70% of total world market for goods and services is outside the country Coca-Cola earns 75% of operating income and two-thirds of profit outside of North America For Japanese companies, 90% of world market is outside the country 94% of market potential is outside of Germany for its companies
7. Major Decisions in International Marketing
8. Deciding Whether To Go Abroad Global firms offering better products or lower prices can attack the company’s domestic market. Example- Automobile sector The company discovers that some foreign markets present higher profit opportunities than the domestic market. Example-Tata steel The company wants to reduce its dependence on any one market. Example-Tata hospitality. The company’s customers are going abroad and need servicing.
9. Before going abroad, the company consider several risk: The company might not understand foreign customer preferences, culture. The company might not understand the foreign customer psychology. Hallmark cards failed when they were introduced in France. The French dislike syrupy sentiment and prefer writing their own cards
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12. Deciding Which Markets to Enter Regional free trade zones The European Union NAFTA MERCOSUL APEC Evaluating potential markets Psychic proximity
21. Deciding How to Enter the Market Companies can carry on direct exporting in several ways Domestic-based export department or division Overseas sales branch or subsidiary Traveling export sales representatives Foreign-based distributors or agents Licensing Management contracts Contract manufacturing Franchising
22. Deciding How to Enter the Market Joint ventures Direct investment The Internationalization Process Johanson and Wiedersheim-Paul identified four stages in the internationalization process: No regular export activities Export via independent representatives (agents) Establishment of one or more sales subsidiaries Establishment of production facilities abroad
23. Deciding on the Marketing Program Standardized marketing mix Adapted marketing mix Product Straight extension Product adaptation Product invention Backward invention Forward invention Promotion Communication adaptation Dual adaptation
25. Deciding on the Marketing Program Price Price escalation Companies have three choices Set a uniform price everywhere Set a market-based price in each country Set a cost-based price in each country Transfer price Dumping Arm’s-length price Gray market
26. Deciding on the Marketing Organization Place (distribution channels) Seller’s international marketing headquarters Channels between nations Channels within foreign nations Whole-Channel Concept for International Marketing
27. Deciding on the Marketing Organization Export department International division Geographical organizations World product groups International subsidiaries
28. Deciding on the Marketing Organization Global organization Bartlett and Ghoshal distinguish three organizational strategies: A global strategy treats the world as a single market. A multinational strategy treats the world as a portfolio of national opportunities. A “glocal” strategy standardizes certain core elements and localizes other elements. 13-21
