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Best Practices In Global Marketing

Best Practices In Global Marketing

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  • Global consumer segments -- consumers who associate similar meanings with certain places,people, and things, have developed worldwide and with it a global consumer culture. A global consumer culture is often attributed to the diffusion of entertainment from the U.S. MTV reaches viewers anywhere in the world, and among teens, 8 out of their top 10 activities are media related. The direct outcome of this is “global mall”.
  • Companies philosophies can be described as ethnocentric, polycentric,regiocentric, and geo centric Geocentric orientation Company strategies that are consistent with the belief that the entire world, without national and regional distinctions, constitutes a potential market with identifiable, homogeneous segments that need to be addressed differentially.
  • Increase laddering of control and risk Indirect exporting means that the company sells its products to intermediaries in the company’s home country who, in turn, sell the products overseas The licensor shares the the brand name, technology, and know-how with the licensee in return for royalty. Franchising is the main international entry mode for the service industry. The franchisor control more of the brand image, through control of the advertising Typical arrangement in developing countries. Government encourage to develop local expertise. A company created with 3 or more companies. Airbus. Wholly owned subsidiary: -company can afford cost - willing to commit to the market in the long term - local government allows it
  • Market segmentation involves identifying countries and consumers that are similar Measurability: estimated size of market segment Sustainability: the extent to which the market is large enough to warrant investment Stability: the extent to which preferences are stable Accessibility: easy communication Actionability: target’s responsiveness to marketing tactics Differential: the extent to which different markets respond differently
  • The purpose is to identify clusters who respond the same way to the company’s marketing mix.
  • Product diffusion refers to the manner in which the product is adopted by consumers worldwide In general, a number of attributes of an innovation are likely to accelerate the rate of adoption of a product or service. First, new product or service must offer a relative advantage compared with the other offerings available on the market and compatible with the needs of the consumers. In addition, the product or service must be observable, or communicable to others, and have a high trial potential. New products tend to be adopted at different rates in different international markets. Countries where the product is first introduced are called lead countries, and countries where it is adopted later are called lag countries. Generally speaking, the diffusion rate tends to be faster in lag countries, as consumers learn from the experience of adopters in lead countries.
  • Target customers can be segmented based on the manner in which they adapt new products throughout the respective lifecycle 2.5% are innovators, risk takers who can afford to pay higher price charge by the company during the introduction 13.5% are early adopters, tend to be opinion leaders, and risk takers, but with greater discrment Early Majority, 34% of consumers, are more risk averse, but enjoy the status of being the first in their peer group to buy the product Late Majority, 34% of consumers who buy products only if the products are widely popular. Risk averse. Laggards, 16% of the market, adopt the product in late maturity.
  • Gray markets are products purchased in a low priced market and diverted to other markets by an unauthorized distribution system
  • The extend of availability Reliability - the probability of the media to air messages on time Restriction - legal or self-imposed
  • Transcript

    • 1.
      • Global Marketing
      • Best Practices
      Avi Dan, Founder and President
    • 2. What We’ll Cover
      • The Global Consumer
      • Selecting A Global Strategy
      • Best Practices In Segmentation
      • Dealing With Gray Markets
      • Pricing Best Practices
      • Media
      • Best Practices For Selecting An Ad Agency
      • Auditing
    • 3. The Emergence of the Global Consumer Culture
      • Cheaper travel, increased exposure
      • Communications became global
      • Immigration trends
      • Luxury Consumption Class
      • Global Consumption Homogenization
    • 4. Why Go Global
      • Competition
      • Regional Integration
      • Technology
      • Economic Growth
      • Product Life Cycle
      • High New Product Development Cost
      • Production Economies Of Scale
    • 5.
      • Ethnocentric
      • Polycentric
      • Regiocentric
      • Geocentric
      Strategic Models
    • 6. Types of Markets
      • Developed Markets
      • Underdeveloped Markets
      • Emerging Markets
      • N11 : Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philippines, South Korea,Turkey, Vietnam
    • 7. Entry Mode Alternatives
      • Exporting
      • Licensing
      • Franchising
      • JV
      • Consortia
      • Wholly Owned Subsidiary
      • Alliances
    • 8. Determining Market Receptivity
      • Differential response Measurability
      Actionability Sustainability Accessability Stability Over Time
    • 9. Consumer Target Best Practices
      • Demographic
      • Psychographic
      • Urbanization/Income
      • Social Class
      • Education
    • 10. Rate Of Adoption Best Practices
      • Product Factors Market Factors
      New Product/Service Adoption Advantage Compatibility with Adopter’s needs Media Trial Cultural Similarity Economic similarity
    • 11. Consumer Adopters Innovators Early Adopters Early Majority Late Majority Laggards 2.5% 13.5% 34% 34% 16%
    • 12. Targeting Strategies Best Practices
      • Differentiating Targeting Strategy - Identify Market Segments That Want Different Benefits And Target With Different Brands
      • Concentrate Targeting - Companies Select Only One Market Segment And Target With A Single Brand
      • Undifferentiated Targeting - Aiming The Product At All Markets Using A Single Strategy
    • 13. Gray Goods
      • A Distribution System Unauthorized
      • By The Manufacturer Whereby The
      • Products Purchased In A Low-Price
      • Market Are Diverted To Another
      • Market.
    • 14. Charge Similar Prices Worldwide Methods of Combating Parallel imports Create products For low markets That are not as Attractive or are Not a perfect fit With an up market Litigate Complicate the Repair and Servicing Inform consumers About gray market goods
    • 15. Price Considerations
      • Intuition-driven and highly decentralized
      • The influence of currency fluctuations
      • Price paid to the marketing supply chain
      • Labor, raw materials
      • Share vs.. Profitability
      • Competition
    • 16. Media Challenges
      • Availability
      • Reliability
      • Restrictions
      • Costs
    • 17. Choosing Ad Agency
      • Consolidation Vs. Localization
      • Control
      • Efficiencies
      • Holding Co. Bundling Vs. Best In Class
    • 18. Best Practices In Agency Review
      • Hire A Culture
      • Process
      • Talent
      • Decide Who Are The Deciders
      • Set Expectations
      • Focus On Few Agencies
      • Precise Contract
    • 19. Best Practices Agency Audits
      • Annual, Less For New Agency
      • Joint Improvement Plans, Who Owns Initiatives, Timing
      • Online Tools
      • Tie To Compensation
      • Get Management, Agency Support
      • 360 Degrees Evaluations
      • Qual, Quant, Business Metrics,Tech Platforms
    • 20. More Resources From The ANA School of Marketing
      • Join us for a one day course on Global Marketing Management Scheduled for November 8 th in NYC: