Case study- Global strategy
Roomy Paolo L. Lucian Members: Elaine Battista Derrick Botanies Kimberly Jan Claries Language Jeannie Attains Rose VI Crisscross Case Study- Global Marketing Strategies Introduction On paper, global marketing is undoubtedly a great concept. The idea of leveraging a marketing strategy across multiple markets seems to be nothing but beneficial. It saves effort and resources, and ensures a high degree of consistency between all in- market branding and activities.
However, the question of whether global marketing works Is a frequent conversation topic amongst marketers, and the concept of globally-led marketing resources can be abject to much skepticism.
As you take the first steps toward importing and exporting, is it necessary to create a global marketing strategy? Let me ask you this: If you were to develop an ad campaign In the Philippines, do you think the same campaign would be effective In united States?
In this study, we examine why It Is Important to create a global marketing strategies for your business (no matter what size It Is) and what the benefits are to crafting one. In this study, it also covers alternative actions that your organization must do in order for your company to grow and compete not Just locally UT also throughout the world. Statement of the Problem 1 . What are the effective marketing strategies that an organization can use to be able to compete in a global marketplace? 2. What is the competitive advantage of the organization in competing in the global marketplace? . How can companies deal with the Interconnected marketplaces and the emerging technologies? General Objectives loyal we level In a global economy In wanly e me taken Tort people to move between continents has been significantly reduced and in which Internet and other connections make instant connections possible.
The business response of large business organizations has to recognize that they now operate in a global market place and to develop appropriate strategies. A global strategy is an organizational plan that takes into account these new global realities.
For example, in food manufacture companies like Nestle, Kellogg, and Catbird Sweepers they have developed global distribution and marketing networks, based on power brands I. E. Market leading brands that are recognizable in nearly every country in the world.
Key aspects of global strategy include: 1 . Treating the global market as the domestic market. 2. Creating a global marketing mix which at the same time recognizes regional and national differences, such as differences in language and tastes. 3. Creating global production and distribution systems, e.
G. Upper factories covering major areas of the world. 4. Concentrating on power brands – the most successful brands and products. Because the global market is so large there are substantial benefits to be gained from economies of large scale production, marketing and distribution. Rather than producing thousands of different products it makes sense to narrow down the range to a much smaller number in order to support these rand across the globe.
Alternative courses of action 1 . To be effective, it must incorporate all functional aspects of a business – from finance to operations.
It must also carry a well-defined objective because without officially declaring where you are going, you will never get there. Be honest with yourself and your team. The more detailed the objective, the clearer and more focused the global marketing strategy becomes.
For example, when a target market is selected (e. G. , France), the market mix already in place locally ? comprising of price, package and promotion ? just be evaluated to determine what parts can be standardized and what parts must be adapted to meet the target overseas market requirements.
Don’t think for a moment that you can minimize country-to-country differences! Embrace them and develop your strategy in such a way as to complement the differences. 2. For many, the ability to market products and services globally also brings a huge business opportunity.
It is true, but we all know that not everyone works at a huge corporation or industry-leading company. Globalization of production and distribution may help your company minimize costs and lower your bottom line. Also t affects us all.
Everything they do has an effect on other businesses and consumers at one point or another. It may either help or hurt you, so familiarizing yourself with their strategies can help you to adapt to changes. And as a manager or the CEO, you must know your customer’s views about what they’re buying from you, and what they value most about it.
In this case you might know what they like about your product and what they really want from your service. Because AT Tanat, tans quest will come up: want you could 00 to make It more setup and valuable to them?
Regarding to this question you can make innovations and hanged to your product that is based on what the customer’s desire. To have a better result, ask this question to yourself: What would encourage them to buy more? Here, after you think of an idea to innovate your product and to improve your services you must put it in action. For example, you give promos and discounts. 3.
Nowadays, using the internet is the most applicable and easiest way to inform the customers that your product or your business does exist.
You can also use advertisements like print ads and fliers. The use of the internet has allowed goods, services, people and capital to engage in e-commerce and exchange goods and revise more freely than ever before. Internet has been a good source to spread to your customers that you have a product that they might consider to buy. The internet has made it possible for small businesses or even the individual to target consumers in other areas directly.
Although most small companies that can distribute internationally have not begun to do so, the trend continues to grow.
It’s been a great help and for sure it will continuously help the business world in the future. Technology is treated as “residual quantity” according to Kevin Kelly in his book New Rules for the New Economy. But as early as 1957, MIT skepticism Robert Slow had shown that technology is responsible for about 80% of growth. It is the major factor and not a residue.
More recently, MIT President Charles Vest stated that fully half growth in the economy of the US over the last 50 years is due to technological innovation such as internet. . You should also identify strengths and opportunities to leverage in the world market. Identify best ways to address customer needs using ways of restructuring and organizing issues, and processes. Identify main issues and barriers to the success of the service and determine how to best position the organization with regards to its value preposition.
5. The complexity of the external environment is clearly beyond the grasp of people who sit at the top of the organizational pyramid.
Global projects and global strategies should be translated into detailed and dedicated strategies that are understood, accepted, and implemented by local institutions or even the global market. Conclusion And therefore if we have effective global marketing strategies there will be benefits for an organization. First, it will improved product and service effectiveness. The ore you grow, the faster you learn, and the more you learn, the more effective you become at rolling out new and improved product and service offerings.
Second, it will have a stronger competitive advantage.
It allows you to adapt quickly wherever needed and largely based on customer demands or trends in the global marketplace. Third, it will heightened customer awareness. With the Internet, customers can track the progress or lack thereof of a product all over the world. The “WOW” factor also plays an important role in heightened customer awareness throughout local or even ten world. Ana lastly, cost reaction Ana savings.
By Tousling on new markets, you can achieve economies of scale and scope through standardization in some areas.
Need we mention the savings in leveraging the Internet to go global? Customers from all corners of the world can find you, and you can reach potential customers with one single point of contact such as a website, blob or Faceable page. The cost savings can help you serve customers better worldwide. Recommendation We highly recommend the following for a balanced and successful global marketing approach. Global marketing will typically set the framework and parameters within which coal marketing operates, whilst giving in-market teams the freedom to control local success levers.
Some areas of marketing that lend themselves to being led at a global or central level include branding and brand guidelines, strategic marketing planning and budgeting (with autonomy given to markets within their allocated budget), large- scale marketing campaigns, social media strategy and guidelines, research strategy, and global PR.
Other areas best managed locally include local outreach initiatives and more tactical campaigns, local social media channels and PR initiatives, local partnerships and events, etc. Markets need to have some control over the local channels that contribute to driving their success.
Other areas best managed locally include local outreach initiatives and more tactical campaigns, local social media channels and PR initiatives, local partnerships and events, etc. Markets need to have some control over the local channels that contribute to driving their success. A tiered market will help you identify territories that might drive the highest potential returns. It also allows top tier markets to access bigger budgets, giving them autonomy; for example, research into local users’ behaviors to inform product development.
Global and local areas of ownership may differ from company to company.
However, it is critical you define the areas clearly to avoid friction and inefficiencies. Take the time to do this upfront – don’t wait until issues start arising. Effective communication is important at all times, not only when running campaigns. Being in a global marketing role inevitably means you will be working with colleagues around the globe; most of whom will be sitting thousands of miles away from you. In these circumstances it’s easy to feel disconnected.
And, if you are connected, so is your strategy, plans and activities.
A critical element that makes global marketing work is the relationship you establish with in-market teams. An open communication channel is vital in developing trust and nurturing these relationships. Regular (video) calls are a great way to keep the teams up-to-date with the latest global plans and changes, as well as to learn about the latest competitive developments in-market, or to discuss new campaign ideas. Time-zones will make this a challenge, but it can work, and it will payoff.
Creating cohesion in the team will go a long way in driving your Joined success.