More communication and technological advances have made it possible than ever for companies to offer their services and products internationally. Today, to achieve success, even the smallest businesses ought to plan on their global marketing strategies in order to attract consumer interests outside of their local markets. You can learn more by visiting our blog. https://www.laowaicareer.com/blog/contrast-global-marketing-strategies/

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Click here to learn more
about global marketing
strategies. If you have
no idea what this means
even more reason to
learn more :-p

2. Before a new market entry, a company must
conduct a thorough cross-cultural analysis to
compare the differences and similarities
between different country markets. In as much
as there are several risks involved in expanding
the market worldwide, the benefits are also
insurmountable and if you fail to provide a
product to the world market, your competitor
will.

3. It’s important to note that some products
are more appropriate for global market
expansion than others. However, any
business type can benefit if it requires
fewer changes in its global marketing
strategies to reach consumer markets
anywhere in the world.

4. To take a business worldwide means that
you will be able to find new markets for
your products or services, go into markets
with less competition and reach new
consumers overseas. The cross-cultural is
quite essential since it provides some
insight on the appropriate international
strategy whether it is multi-domestic or
global.

5. Global Marketing Strategy

6. This strategy makes an assumption
that all consumers in all geographical
regions or countries are the same.
This strategy is best suited for
standardized products such as Coca-
cola and copy machine, where little or
no product differentiation is required.

7. For instance, Coca-Cola can be found just
anywhere in the world and can easily be
identified as such. It is imperative to note that
in as much as countries have narrowed down
their differences thanks to globalization, some
small differences still which have a huge
influence on how exactly companies will look
at and put plans in effect for global marketing
behavior still occur.

8. Standardization Vs Localization

9. Since companies have begun to market
their products globally, they are faced with
the dilemma of whether to standardize
(the same marketing concept in each and
country) or localization (adjusting the
marketing strategy to match the specific
dimensions of the local market).

10. For most companies, they decide on
standardization of marketing mix for global
markets for cost or efficiency scores and
also because of lack of consistent global
marketing strategy.

11. Standardization is a more cost-driven concept
for marketers since it leads to supplying the
same product/service/template configuration to
create economies of scale as well as cost
savings. When you create a single strategy for
the international market and standardization of
marketing mix elements, then you can gain
consistency with customers and also lower
costs.

12. It’s believed that companies can easily
achieve long-lasting success by solely
concentrating on producing a
standardized product that is functional,
reliable, low-priced and advanced rather
than focusing on the specifics of what
anybody else thinks they might prefer.
This easily leads to a much better
resources allocation, higher profits, higher
efficiency and consistent marketing.

13. During the implementation of a standardized
strategy, companies make an assumption of
homogenized consumer requirements. Thus,
minimally invest in international marketing
research in relation to changing the marketing
mix. The marketing mix is made up of the
company’s efforts in relation to the 4
marketing P’s: Place (distribution), Product,
Promotion, and Price.

14. Pros
• Expected quality level of a specific product to be the same around
the world
• Supporting positive consumer perception of a specific product
• Positive word-of-mouth can easily result in an increase in the sales
across the globe.
• Cost reduction since selling in large quantities of a similar,
standardized product and buying content in bulk reduces the cost per
unit.
• Results in improved R& D, lowers cost of investment and marketing
operational costs.
• Helps companies focus the same marketing mix especially on a single
product, thus aids for quality improvement.

15. Cons
• Different markets would mean different preferences and
fail to recognize that might make the local market not to
react, allowing for the competitors to gain the market share
if their products are tailored to match domestic market
needs, for instance, Walmart’s failure to get into the global
market by imposing its values all over the world.
• Largely depends on economic scales (international markets
and products) with several countries implementing trade
barriers, localization id predestined.

16. Localization/ Adaptation

17. This global marketing plan takes into consideration
the intrinsic diversity existing in global markets and
treats people as ‘cultural beings’ whose behaviors
and values are defined by the specific culture they
live in. The adaptation strategy focuses on
understanding the local consumer needs and other
location-specific requirements then localizes the
marketing mix as well as other business concepts
to satisfy consumer wants and needs.

18. Some brands have failed to localize their
products with their communication offending
some individuals in global markets for instance
Pepsi, Colgate and Chevrolet had non-localized
messages which were misinterpreted in
several countries. China’s automobile industry
also faced global barriers related to the
perceptions that Chinese cars are of poor
quality despite the industry growing too fast
and being ready for the global expansion.

19. If localization is done properly, it can
really save you some bucks because the
cost of repositioning after offending a
number of consumers can be very high
and sometimes the damage is permanent.
To localize the product names into local
languages without necessarily
compromising brand identity can be quite
a challenge.

20. Also, the issues of packaging are also
differently perceived in a different culture,
for instance, a golf ball company lost
potential markets in China and Japan for
packaging the balls in fours and in the two
countries number four sounds like death
hence considered bad luck.

21. Even with the challenges, many
companies have found a way to
perfectly target the international
markets by proactively localizing their
marketing mix and product, for
instance, McDonald’s and KFC.

22. In China, the two companies have
always had success stories and
recorded profits in China even with the
financial crisis. They have achieved this
by localizing their food retailing
strategies and menus.

23. Another example would be Unilever
which saw an opportunity with low-
income Indians who wished to buy the
high-end personal care products and
detergents but could never afford them.
The company would then develop low-
end packaging to ensure that they could
be able to access them.

24. Pros
• Customers keep their landmark and
feel noticed
• Respect local specifications and
expectations
• Excellent local image.

25. Cons
• Higher cost, it’s quite expensive when
trying to localize a product.
• Time-consuming and poor speed of
execution
• Difficulty to know what consumers really
want.

26. Ultimately, it’s all about striking the
balance since both global business
concepts have logical, coherent and
rational advantages as well as valid
inefficiencies. To this effect, it’s safe to
say that marketing for multinationals
doesn’t lie on either of the two but
when they coexist especially in the
same country.

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