...Marketing in a Global Economy Assignment BUS 620 Managerial Marketing Timothy Malone December 23, 2013 Marketing in a Global Economy Assignment Italy represents the height of the coffee culture, “the gold standard against which all others are measured” (Faris, 2012). For Italians, their coffee is a cultural symbol. If Starbucks is serious about venturing into Italy, then they have a lot of work to do in order to promote their brand. However, the longer they stay out of the Italian market, the harder it will be for Starbucks to break ground. Global markets represent an opportunity for growth and development among many companies around the world. It “requires companies to extend and leverage their marketing skills, product-based competencies, and brand-specific advantages to adapt to consumer preferences in different parts of the world” (Finch, 2012, p. 392). Starbucks is a prime example of a company that has become successful in conducting business within the global economy. After an inspiring trip to Milan in 1983, Howard Schultz came up with the idea of Starbucks. With his new vision, Schultz believed that coffee could be more than just a drink; it could become an “experience” (Faris, 2012). Now, the once little Seattle based company is pushing into new territories faster than it can come up with a new coffee variation. Thompson and Arsel state, “The Starbucks revolution transformed gourmet coffee from a yuppie status symbol into a mainstream consumer good...
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...446 Marketing in a Global Economy By Elizabeth Fletcher Evangel University Degree Completion Program Cohort 34B May 8, 15, 22, 29 & June 5, 2008 Associate Professor Elizabeth Fletcher EMAIL: fletchere@evangel.edu Office Phone: 865-2815 ext. 8112 Business Department Chair (Suite AB107) "Marketing requires separate work, and a distinct set of activities. But, it is a central dimension of the entire business. It is the whole business seen from the point of its final result, that is, from the customer's point of view. Concern and responsibility for marketing must permeate all areas of the enterprise." Peter Drucker, Management Course Description This course provides the student an opportunity to understand the decision-oriented realm of marketing in modern profit and not-for-profit organizations. Through a broad introduction to marketing concepts, the student will gain an understanding of the roles and operations of the free enterprise, competitive market system in the American and world economies. Through exposure to the "language" common to marketing managers, the student's development of relationships with business entities, governments, and associations will be enhanced. Course Objectives The student is provided the opportunity to understand the fundamentals of marketing for applications in modern organizations. By the end of the course the student will be a more intelligent consumer and citizen. The student should develop an appreciation of marketing application...
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...How does Marketing affect the Global Economy Introduction: Nowadays, the development of global economy is closely related to the Marketing which involves some professional behaviour to sell or promote the goods. There are no possibilities to push the economic growth without the strategies of the Marketing, on the other hand, the Marketing cannot be separated from the global economy. During the financial crisis, the amounts of global transaction declined keeping company with the economic recession. In this case, it illustrates directly the interaction between the Marketing and the global economy. Not only does the Marketing play a fundamental role in the development of the micro companies’ economy, it is also irreplaceable for the progress of the society and the prosperity of the macro economy. However, it is hard to maintain the favourable condition between the Marketing and the global economy always. This essay is intended to explain what Marketing is and the affection to the global economy. Main body: Part 1: The conception and the meaning of the Marketing and the global economy A: The Marketing Philip Kotler once elaborated that Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with other (1991). However, it is difficult to get an accurate principle of Marketing because of various interpretations from different researchers. To give some examples, referring the...
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...WEEK 1 – CHAPTER 1 An Introduction to International Marketing BCC 2823 | Global Marketing Prepared by Mabel Lee FACULTY OF COMMUNICATION, MEDIA, AND BROADCASTING BCC 2823| Global Marketing The New Global Environment ALL RIGHTS RESERVED RIGHTS RESERVED ALL No part of this document may be reproduced without written approval from Limkokwing University of Creative Technology Worldwide FACULTY OF COMMUNICATION, MEDIA, AND BROADCASTING BCC 2823| Global Marketing WHAT IS MARKETING? • Marketing Involves: – Focusing on the needs and wants of customers – Identifying the best method of satisfying those needs and wants – Orienting the company towards the process of providing that satisfaction – Meeting organisational objectives ALL RIGHTS RESERVED No part of this document may be reproduced without written approval from Limkokwing University of Creative Technology Worldwide FACULTY OF COMMUNICATION, MEDIA, AND BROADCASTING BCC 2823| Global Marketing WHAT IS INTERNATIONAL MARKETING? • Different Levels of International Marketing – Export marketing – International marketing – Global marketing ALL RIGHTS RESERVED No part of this document may be reproduced without written approval from Limkokwing University of Creative Technology Worldwide FACULTY OF COMMUNICATION, MEDIA, AND BROADCASTING BCC 2823| Global Marketing ENVIRONMENTAL INFLUENCES ON INTERNATIONAL MARKETING Socio/Cultural Language Religion Aesthetics Values and attributes Social...
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... The fundamentals of standardizing global marketing strategy Nanda K. Viswanathan Delaware State University, Dover, Delaware, USA, and 46 Received February 2004 Revised February 2006 Accepted February 2006 Peter R. Dickson Florida International University, Miami, Florida, USA Abstract Purpose – To examine issues of standardization and adaptation in global marketing strategy and to explain the dynamics of standardization. Design/methodology/approach – This is a conceptual research paper that has been developed based on gaps in prior frameworks of standardization/adaptation. A three-factor model of standardization/adaptation of global marketing strategy was developed. The three factors include homogeneity of customer response to the marketing mix, transferability of competitive advantage, and similarities in the degree of economic freedom. Findings – The model through the use of feedback effects explains the dynamics of standardization. Research limitations/implications – Future research needs to empirically test the model. To enable empirical validation, reliable and valid measures of the three factors proposed in the model need to be developed. Additionally, the model may be used in future research to delineate the impact a variable may have on the ability of a firm to follow a standardized global marketing strategy. Practical implications – The three-factor model aids decisions relating to standardization in a global marketing context. Originality/value – The paper...
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...19 Globalisation and international marketing A Activity 19.1 − answer provided on Student’s CD-ROM. Activity 19.2 (page 374): Zumo the energy drink 1 As a business analyst, write a report to Zumposa’s board of directors recommending an appropriate marketing strategy for this product in your country. It should contain: explanations of global marketing and localisation; advantages and disadvantages of both strategies for this product in your country; details of the changes you would recommend for the marketing strategy in your country. Don’t forget that your marketing strategy should be integrated. [20] Advantages Global marketing: A pan-global marketing strategy adopts common products, branding and promotional campaigns across the world. Disadvantages • There will be economies • The brand name may • • • of scale as the product is the same in each country. Therefore, purchasing economies of scale can be utilised. No need for different flavours of Zumo. Promotional costs will be reduced as the same advertising is used everywhere – thus no need to commission different adverts in different countries. Advertising already used in Spain can simply be translated for other markets. The economy is increasingly globalised and there are fewer and fewer differences between tastes in countries around the world. The product may benefit from a common global identity. This has worked well for Coca Cola. • • • not be suitable in all countries, e.g. Plop, a popular Swedish chocolate...
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...1. In this course we have discussed the factors that have lead to the growth of the global economy and therefore the rise in global marketing. Discuss drivers and how they have assisted the development of the global wine market. How do the macro environments (political, legal/regulatory, cultural, and economic) influence the ability of the wine industry to grow within a given country? . There have been many factors that have led to the growth in the global economy. Some drivers that have been discussed in this course so far are: peace following WWII, the global support of GATT & the WTO, along with major improvements in information technologies and communications. But as the world revolutionized so did world trade and the global wine industry. Innovations where born, and communication between countries became easier which streamlined the distribution process a global market for the wine industry began. The demand for wine also increased worldwide as World War II came to a close. We learned in Chapter 1 that global commerce thrives during times of peace. An increase in the demand for wine during the postwar era coupled with new innovations that enabled wine to travel further distance without going bad, allowed “New World” producers to step up and compete with “Old World” traditional wine makers. This in turn caused new regulations and “standards” (of which we learned about in chapter 2) in order to protect their own domestic wine industry. ...
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...of Standardization, Localization, Culture and Market Research in International Marketing Strategies Adamu Yushau Usumanu This Paper is Submitted in Partial Fulfillment of the requirement for International Marketing Management course SMC University School of Management Dr. Babu P. George May 19 , 2014 Abstract The research paper discussed standardization and localization strategies, where standardization strategy refer to a common marketing program cutting across nations and marketing segments, while localization strategy seek to adapt products and marketing strategy to the specific characteristics of individual markets. The paper further identified the advantages and disadvantages of standardization and localization strategies in the context of international marketing. The role of cultural pattern in society and its effect on consumption were also discussed, where culture refer to a system of values and norms that are shared among a group of people. Cultural patterns exert a great influence on consumption in a social setting. The paper finally discussed the need for a business entity to carry out a research on differences in language culture, regulations governing marketing before entering a new international market. Key Words Marketing Strategy, Standardization, Localization,, International Marketing, Cultural Patterns, Marketing Mix, Market Research Introduction The discussions concerning globalization...
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...Ankur Chauhan Roll No: 09 PGDM IB 2013-15(IIIrd trim) GUIDE: Dr. POONAM CHAUHAN GUIDE: Dr. POONAM CHAUHAN International Marketing Strategy in Automobile Sector in Emerging market International Marketing Strategy in Automobile Sector in Emerging market Research Paper Research Paper Abstract Globalization has not only opened up new avenues for MNEs, but has also benefitted the emerging nations who have adapted to it. It has formed the basis of growth and development for most emerging nations of course other factors too are relevant). This research paper seeks to examine the international marketing strategies of MNEs in the automobile industry, specifically for the emerging nations, because as our subsequent findings will prove, that these markets are currently the most promising and will remain so at least for a few years to come. When we consider the emerging nations, the most promising ones are obviously the BRICs (reasons covered in the following sections). Hence, for readability and convenience purposes, we have limited our research to these nations. Keywords: Marketing strategy, BRIC, TRIAD, MNE, emerging markets, JV Objectives of Study: 1) International Marketing strategies followed by automotive companies in Emerging markets. 2) The study also aims at understanding whether the marketing strategy of these global automotive companies are justified by analysing its impact on the key statistically significant numbers of a company, i.e. the...
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...Florida Lays Wavy Potato Chips- Plano Texas All of the products that were eaten during both meals were purchased from Publix Supermarket, a Florida based supermarket except for the sausage. The sausage was purchased from my Uncle’s custom meat locker in Kosciusko, Mississippi. He gets the hogs he processes into sausage from local people who raise hogs. When buying food in the grocery store, we don’t tend to think that the store is actually the middle step of getting the food to the table. We plan a meal without considering where the food originates. It is possible that the food we are eating is grown within the US or even outside its borders. An advantage of buying products that are grown in our borders helps to stimulate the national economy. After some research into what steps there are in the food chain, the most common example seen was that of milk. Milk is collected from a cow on the farm and transported for the pasteurization process. The pasteurization usually occurs in a specific geographical location due to milk having a short shelf life. The shelf life for milk is usually 2 weeks. (Milk Processing, 2007) It’s tested for antibiotics and then pumped into holding tanks where it will be processed within 72 hours of arrival. It is kept below 45 degrees through the transportation and processing time. Once processed it is placed in cartons or plastic containers and loaded on a refrigerated truck. It never travels far due to the...
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...Domestic and Global Marketing: The McDonald’s Corporation MKT/421 The McDonald’s Corporation The McDonald’s Corporation is a global enterprise whose success is getting into the market first and outlasting the competition. This is a strategy that has worked since the company was founded in 1937. Although McDonald’s is an American company, founded in the United States the company has rapidly grown to become a global enterprise. According Armstrong & Kotler, (Armstrong & Kotler, 2011, pg. 479), “The quintessentially all-American company now sells more burgers and fries outside the country than within. Nearly 65 percent of McDonald’s $23.5 billion of sales last year came from outside the United States, and its international sales grew at close to twice the rate of domestic sales growth.” Today the company has 32,000 restaurants and serves more than 58 million people worldwide (Armstrong & Kotler, 2011, pg. 479). The company has come a long way since the two McDonald brothers opened their first tiny restaurant in Pasadena, California. The company expanded in 1954 when Ray Kroc offered McDonald’s a franchise option and rest was history. The first McDonald’s international venture occurred over the border in Canada during 1967. To become a leader domestically and globally the company needed to learn a few lessons. Domestic These days the economy in the United States is down. McDonald’s has managed to stay in business through sluggish economies in the past. With...
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...PREFACE xv PART 1 CHAPTER 1 GLOBAL MARKETING ENVIRONMENTS 1 Understanding Global Markets and Marketing 2 markets are becoming global 2 globalization: the world is becoming smaller 3 globalization and global marketing 4 Globalization: Opportunity or Threat? The Global Marketing Approach 6 6 global marketing and global markets 7 the cage distance framework 7 domestic and global marketing compared 8 Geographic or Spatial Distance 10 Psychic/Cultural Distance 12 The EPRG Framework 13 Developing Global Marketing Strategy 14 The Standardization versus Localization–Adaptation School 14 Levitt and the Globalization of Marketing 16 Standardization versus Mass Customization 17 Managing the Firm’s Value Chain 18 Global Value Chain Configuration 19 Integrating the Firm’s Competitive Strategy 20 Global Competition 20 a global marketing management framework Global Marketing Performance 22 Global Vision—The World Is My Oyster CASE 1-1 CASE 1-2 CHAPTER 2 21 23 A Tortuous Road Ahead for Proton of Malaysia 26 Dabur—Developing Values in an Emerging Economy Through Value Chain and Product Line 31 Assessing the Global Marketing Environment—The Global Economy and Technology 36 the global economy 37 Economic Growth and World Trade 37 Who Are the United States’ Major Customers? 38 High Tech Products Lead World Trade 40 Characteristics of High Technology Markets 42 Technology and Global Financial Services 44 vi alo29279_fm_i-xxii...
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...LENOVO – The Global Challenger from an Emerging Market. Background information: Lenovo -Chinese multinational technology firm -Headquarters in Beijing, China -North Carolina, United States -Year 2011, world’s second largest personal computer vendor by unit sales after HP -operate > 160 Countries -Founded in Beijing in 1984 Lenovo is one of the largest famous personal computer makers in the world. Today, Lenovo strives to be the global market share leader in each of the market we serve. In 2005, Lenovo purchased the personal computer business and the brand “ThinkPad” famous computer IBM in the IT industry all over the world. This landmark transaction is taken as its most important stage of the international strategy in the computer industry. Also in 2011, Lenovo merged with NEC. This marks the trinity Lenovo's internationalization strategy has risen to a new stage, which indicates that Lenovo already in the United States established a brand-name image localization. Case Study: Q&A 1) What is the nature of Lenovo’s international strategy? Is the firm’s strategy primarily multidomestic or global? Lenovo uses mergers and acquisitions to gain access to required knowledge and other assets from partner firms, and to expand into markets worldwide. The merger increased Lenovo’s scale economies in manufacturing and marketing. The firm’s strategy is primarily in multidomestic. Because Lenovo’s products are standardized worldwide, but elements such as keyboard and...
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...Global Marketing in the firm. Learning objectives: * Characterize & compare the management style in SMEs (small and medium-sized enterprise) and LSEs (Large –scale enterprises). * Identify drivers for ‘global integration’ and ‘market responsiveness’. * Explain the role of global marketing in the firm from a holistic perspective. * Describe & understand the concept of the value chain. * Identify & discuss different ways of internationalizing the value chain. International expansion: - provides new & potentially more profitable markets; - helps to increase the firm’s competiveness; - facilitates access to new product ideas, manufacturing innovations & the latest technology. !!Solberg: In order to expand to the int markets, firms should improve their position on the local market (strategy 1). If the firm finds itself immature in a global industry - the firm should seek ways to increase its net worth to attract partners for a future buyout bid (strategy 7). Global marketing consists of: * finding & satisfying global customer needs better than the competition; * coordinating marketing activities within the global environment. EPRG framework (the worldview of a firm’s business activities): * Ethnocentric: home country is a superior, the needs of home country are most relevant. * Polycentric (multidomestic): each country is unique and therefore each country should be targeted in a different way. * Regiocentric:...
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...L’Oreal: Global Brand, Local Knowledge MRKT 454 May 2012 Introduction This case study is about L’Oreal and how it has come today to be known as one of the largest advertisers and investors in research and development. The company has tapped numerous markets and established itself strongly through its various brands. There is a constant need to innovate and the products are new and better and attracting more and more customers at all levels of segmentation. The company is known for its acquisitions and that is how it has done much of its growth in the emerging economies as well as the US. The Company is known internationally for its portfolio of beauty and personal care products that are aimed towards catering to each level of market segment. It is an international success with deep rooted commitment and sensitivity towards local consumers’ needs and cultures. 1. Management Orientation: L’Oreal’s management orientation is geocentric. This can be seen in the sales, half of which come from outside of Europe. L’Oreal has 23 global brands across 130 countries and has 38 factories all over the world (Henderson, R., & Johnson, R. 2010). The firm has promoted its national brands to the rest of the world as related by Owen-Jones. Owen-Jones promoted the five core businesses into becoming global. These included: hair care, hair color, skin care, color cosmetics and fragrances. If we look at the website of L’Oreal Paris, we can see its presence in five continents and...
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