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AK Marketing Assignment Sinclair
- 2. GLOBALIZATION Giving consumers easy access to products and services from around the globe
- 3. Thinking about globalizing your business? What steps should you take? Asses desired markets Choose an entry strategy Choose a marketing strategy
- 4. Assessing a New Market Necessary Criteria Economic Analysis Infrastructure and Technology Sociocultural Analysis Governmental Actions • General economic environment • Market size and population growth • Real income • Power distance • Uncertainty avoidance • Individualism • Masculinity • Time orientation • Transportation • Channels • Communication • Commerce • Tariff • Quota • Exchange control • Trade agreement
- 5. Find these answers! Does your desired economy have a trade surplus or deficit? Does it import or export more goods? What is the gross domestic product and gross domestic income? It’s market value of goods and services and the net income earned from investments abroad. What is the purchasing power parity? Is the exchange rate in equilibrium with your current economy? What are the trade agreements? Governmental agreement to manage trade activity. What is the population growth of your desired economy? Will it grow or stagnate? What is the population distribution within a particular region? Is it more rural or more urban? What are the tariffs ?The tax levied on imported goods. Is there a product quota?The minimum or maximum quantity allowed during a specified time period. What is the culture of the economy?The visible artifacts and underlying values. Have other countries signed the trade agreement?They make up the trading bloc. What is the status of the 4 key elements of infrastructure? Transportation, distribution channels, communication and commerce. Will you make changes to your existing product or change the price to meet your new market? Is your new market at the bottom of the pyramid? What is the exchange rate? How much one currency is worth in relation to another.
- 6. What will your global entry strategy be? Direct Investment Joint Venture Strategic Alliance Franchising Exporting Produce your product in one country and sell to another? Will you maintain 100% of ownership? Pool your resources with a local firm? Operate a business under an established company? Collaborate with another independent firm?
- 7. Produce your goods in one country but sell them in another.The least amount of financial risk but you’ll see limited return. Use the name and format of an existing business under a contractual agreement. Collaborate with another independent firm but do not invest in one another. Pool your resources with hat of a local firm. Ownership, control and profits are shared. Maintain 100% ownership of your business. Greatest risk but possible high returns.
- 8. What should you know about global marketing strategies? Segmentation Targeting Positioning
- 9. Global STP is more complicated than domestic STP WHY? You must understand the cultural nuances of other countries In addition, there are subcultures within each country that should be considered Products and the consumer role are often viewed differently in other countries
- 10. Globalize your business to get your product into as many hands as possible! Remember to evaluate the desire for your product, what the culture is willing to pay, and the most effective way to get it to them all while seeing the best return!