Recommended
More Related Content
What's hot
What's hot (20)
Similar to Global marketing strategy
Similar to Global marketing strategy (20)
Recently uploaded
Recently uploaded (20)
Global marketing strategy
- 1. Global Marketing Strategy Allison Robbins
- 2. Ground Work • Must decide upon a target market to develop products geared towards • Must create a custom marketing mix that varies from that of a more localized target market • The 4 P’s (Product, Price, Place, Promotion) of the mix are going to be different depending on the cultural context
- 3. STP (Segmentation, Targeting, Positioning) • Requires becoming more knowledgeable on the subtle cultural differences in the various target markets globally • Within these cultures consumers have different views on “consumerism” and the driving forces for buying different products • An example of this is America’s materialistic “consumerism” culture which contrasts with less economically developed countries that do not view products in the same way • Different trends (ex: social media) influence the rise in popularity of certain products
- 4. Strategies: Glocalization • Glocalization is selling the exact same product in the place it was created and in the rest of the global market • This can help create a sense of interconnectedness with the brand as it unifies people around the world who are all sharing the same experience • Although the product is the same, the marketing mix, as mentioned earlier, is unique; the promotion via advertising will look very different across the globe
- 5. Strategies: Similar Product with Modifications • Can be used by companies who want to reach every culture but also must take into account the different desires and lifestyles involved • An example would be taking a product that has meat in it and develops a kosher version of it for a different religious community • Another example could be the different ways coffee is made in different countries (a latte in America will taste totally different from one in Italy)
- 6. Strategies: Entirely Different Products • Certain products go by the same name but have a totally different recipe • Example of ketchup which although branded under the same name is made out of tomatoes in the US and bananas in the Philippines • Across the globe, different condiments are used depending on the meats they eat and the different dishes they are known for; for example Heinz sells soy sauce in several Asian countries who use them on dishes with noodles, unbeknownst to Americans who know Heinz for their famous ketchup which we use on our fries
- 7. Pricing • Different rules and additional costs put in place can affect pricing • Example: tariffs on imports in a country can raise the price for products • Another example would be quotas which lowers the rate of products imported, which disincentives low prices when less product is on the shelves at any given time and therefore resulting in less revenue • Products are valued differently and there may be less demand for a product in one country or culture versus another
- 8. Distribution • The more middlemen involved the more expensive this process is • Different methods are used to simplify the process • Difficult to reach communities such as rural areas in developing countries are distributed to by companies hiring people within these communities to sell the products to their families and friends who cannot afford to travel to a shopping center but can do business within their rural community
- 9. Communication • Companies have to take into account the limitations in reaching their target markets depending on the location • Example: in countries where the government controls the media companies may have to communicate with the government to develop advertisement deemed acceptable by their standards • Literacy varies in different places, which affects a companies advertisements (for example, if they use more imagery or audio would be influenced by the literacy rates)
- 10. References • Grewal, Dhruv, and Levy, Michael. Marketing. Boston: McGraw-Hill Irwin, 2010. Print.