Global Marketing Strategies Lecture
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Questions and Answers

What is one of the primary factors favoring standardization in global marketing strategies?

  • Differentiation of consumer preferences
  • Economies of scale in R&D, production and marketing (correct)
  • Fragmented management structures
  • Local environmental variations

    • Which factor is associated with adaptation or differentiation in global marketing strategies?

  • Standardized concepts used by competitors
  • Convergence of consumer needs
  • High degree of transferability of competitive advantages
  • Variation in consumer needs (correct)

    • Which statement best describes glocalization in marketing strategies?

  • The development and selling of globally intended products, adapted for local cultures (correct)
  • Strict adherence to standardized marketing approaches
  • A focus solely on global market expectations
  • The development of products tailored exclusively for local markets

    • Which of the following is a consequence of localized competition in global marketing?

    <p>A need for adaptation to local consumer behaviors</p> Signup and view all the answers

    What does centralized management in global marketing typically favor?

    <p>Standardized approaches across multiple markets</p> Signup and view all the answers

    What is a key aspect of defining a brand's target customer?

    <p>A concise summary of the attitudinal and demographic description of the target group</p> Signup and view all the answers

    What does the term 'Brand Promise' refer to?

    <p>A compelling emotional or rational benefit a brand offers its customers</p> Signup and view all the answers

    Which of the following best describes the goal of global marketing strategies?

    <p>To coordinate marketing activities across national boundaries to meet consumer needs</p> Signup and view all the answers

    Which company tagline represents a clear brand promise?

    <p>Always low prices. Always.</p> Signup and view all the answers

    What is the 'Reason to Believe' in a brand positioning statement?

    <p>Compelling evidence that the brand fulfills its promise</p> Signup and view all the answers

    What is the first step in the process of marketing analysis?

    <p>Market selection</p> Signup and view all the answers

    What are the criteria for good market segments?

    <p>Identifiable, accessible, measurable, stable</p> Signup and view all the answers

    What is the main benefit of smart targeting in market segments?

    <p>It improves efficiency and effectiveness in satisfying customer needs.</p> Signup and view all the answers

    Which of the following is NOT a type of target market segment mentioned?

    <p>Mass market</p> Signup and view all the answers

    What does positioning of a product refer to?

    <p>The place the product occupies in consumers' minds relative to competitors.</p> Signup and view all the answers

    What is a potential downside of managing a large number of market segments?

    <p>Higher costs and complexity in marketing efforts.</p> Signup and view all the answers

    What is an example of an 'Advantage' target market segment?

    <p>Shippers that need and want a supply-chain solution.</p> Signup and view all the answers

    What is the implication of having fewer market segments for a company?

    <p>Lower costs and less difficulty in segment management.</p> Signup and view all the answers

    Which of the following is NOT a common reason for product failure?

    <p>Strong internal capabilities</p> Signup and view all the answers

    What component is essential for a product's successful market positioning?

    <p>Effective advertising strategy</p> Signup and view all the answers

    What characteristic is important for a global brand according to market guidelines?

    <p>Easy to remember</p> Signup and view all the answers

    Which of the following best describes packaging's role in product marketing?

    <p>Technology for enclosing or protecting products</p> Signup and view all the answers

    How does a strong brand benefit a company?

    <p>Promotes customer loyalty</p> Signup and view all the answers

    What is a fundamental aspect of product innovation?

    <p>Improving technical and quality elements</p> Signup and view all the answers

    Which of the following assists in distinguishing a company from its competitors?

    <p>Distinctive branding methods</p> Signup and view all the answers

    Which factor is NOT associated with the design and quality decisions of a product?

    <p>Product pricing strategy</p> Signup and view all the answers

    What is one of the main functions of packaging in marketing?

    <p>To attract attention</p> Signup and view all the answers

    Which pricing strategy involves setting a high initial price for a new product?

    <p>Skimming</p> Signup and view all the answers

    What is a key component of managing distribution decisions?

    <p>Choosing the structure of the channel</p> Signup and view all the answers

    Which of the following is NOT a promotion strategy listed?

    <p>Market analysis</p> Signup and view all the answers

    What does Marketing 4.0 emphasize in the digital economy?

    <p>Integration of online and offline interactions</p> Signup and view all the answers

    Which of the following is a trend associated with Marketing 4.0?

    <p>Emphasis on authenticity and brand character</p> Signup and view all the answers

    In distribution logistics, which process is critical for moving goods through channel systems?

    <p>Order handling</p> Signup and view all the answers

    Which of the following does not belong to the traditional methods of promotion?

    <p>Viral marketing</p> Signup and view all the answers

    Which component of the traditional marketing mix is associated with how a product is delivered to consumers?

    <p>Place</p> Signup and view all the answers

    What is one of the new techniques included in the promotion aspect of the global marketing mix?

    <p>Social networks</p> Signup and view all the answers

    Which of the following is NOT a factor affecting product policy?

    <p>Market trends</p> Signup and view all the answers

    In the context of product decisions, what does 'variety' refer to?

    <p>Range of options within a product line</p> Signup and view all the answers

    What is the goal of product innovation?

    <p>To develop and introduce improved goods and services</p> Signup and view all the answers

    Which of the following best describes the 'People' component in the extended marketing mix for services?

    <p>Employee skills and interactions</p> Signup and view all the answers

    Under the 4C model, which component correlates directly to product in the 4P marketing mix?

    <p>Consumer needs</p> Signup and view all the answers

    What aspect of the marketing mix focuses primarily on establishing the relationship between customers and providers?

    <p>Partnership in tourism</p> Signup and view all the answers

    Study Notes

    Global Marketing Lecture Content

    • The lecture covers Marketing Analysis, Global Marketing Strategies, and Designing the Global Marketing Mix (4P, 4C, Marketing 4.0).

    Marketing Analysis Process

    • Market Selection: The initial step in the analysis process.
    • Market Segmentation: Identifying customer groups with similar needs and characteristics. Criteria for good segments include: identifiable, accessible, measurable, stable. Creating customer profiles by segment.
    • Targeting: Evaluating the attractiveness of each segment and selecting one or more to focus on. This involves developing detailed product positioning.
    • Positioning: Determining how the product will be perceived by the target market compared to competitors and communicating unique value propositions.

    How Many Market Segments Are Enough?

    • A large number of segments can be complex to manage, with high customer satisfaction costs.
    • A small number of segments simplifies management but might group customers less distinctly.

    Targeting Market Segments

    • Develop unique offers tailored to each target segment's needs and characteristics.
    • Focus on segments where a company can best meet customer needs and be most profitable. This is an example of the concept "smart targeting."

    Targeting Example

    • "Ad hoc" - small, irregular shippers or occasional buyers
    • "Regular" - high-volume shippers not needing supply chain solutions
    • "Advantage" - shippers needing and wanting supply chain solutions

    Positioning of Product and Brand

    • Brand positioning is how consumers define a product based on key attributes, positioning it in their minds relative to competitors.
    • Defining a product's unique selling proposition, based on consumer-perceived attributes.

    How Branding Works

    • The lecture includes a table. This shows a variety of brands (e.g., Apple, Disney, Ray-Ban, Tiffany, Tesco, Dasani), and their characteristics (e.g., imagination, description)

    Product and Pricing Decisions

    • Brand: A set of tools that helps to distinguish a company from competitors and create a lasting impression.
    • Quality: Crucial for customer loyalty and brand reputation.
    • Packaging: Important for protecting products during distribution and aiding sales.
    • Design: Enhances product attractiveness and recognition
    • Support Services: Essential for post-purchase customer satisfaction.
    • Price-International Pricing Strategies: Skimming, Market pricing, and Penetration pricing.

    Product Policies

    • Product Innovation: This involves developing or redesigning products, a key component of brand building and strategy. Examples include introducing new products, making technical and quality improvements to existing products, or including new components or materials into a product.
    • Product Elimination: This is the withdrawal of a product from the market.
    • Why Products Fail: Common reasons include not understanding customer needs and wants. Poor targeting, weak teams, wrong timing or incorrect pricing/positioning, weak competition response, and inappropriate advertising.
    • The Ansoff Matrix: A strategic tool for identifying different market and product growth strategies. -Market Penetration: Increasing sales of existing products in existing markets. -Market Development: Selling existing products in new markets. -Product Development: Developing new products for existing markets. -Diversification: Developing new products for new markets.

    Global Marketing Strategies

    • Global marketing is a commitment to coordinate marketing activities across national borders to satisfy global customer needs effectively.

    Two Main Strategic Approaches Towards Global Markets

    • Standardization (Globalization): Focus on cost reduction through economies of scale in research, product development, marketing, and production. Companies that operate this way often see market tastes and needs as converging.
    • Differentiation (Localization): Companies adapt to local conditions and consumer needs in each target market. This approach often results in decentralized management structures.

    Glocalization

    • This approach combines global and local strategies, allowing companies to adapt their products and services to each local target market while maintaining global branding consistency.
    • A key aspect of glocalization is knowledge management for continuous improvement based on experiences.

    Distribution Decisions

    • Decisions about channel structure, managing the distribution channel and managing logistics (physical movement): order handling, transportation, inventory, and storage.

    Promotion Strategies

    • Advertising, Public Relations, Sales Promotion, Direct Marketing, Personal Selling, and Online marketing methods (including viral, social networking).
    • The effects of online world and technologies on marketing.
    • New marketing tools.

    Marketing 4.0

    • A blend of online and offline interactions.
    • Adaptability is important because of current rapid technological trends.
    • Authentic customer experiences are important.

    Case Studies:

    • Included are examples of Tiffany & Co., Red Bull, and Diesel.

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    Related Documents

    Global Marketing PDF

    Description

    This lecture explores key concepts in global marketing, including market analysis, segmentation, targeting, and positioning. Learn how to design a marketing mix that resonates on a global scale, employing strategies such as Marketing 4.0 and the 4Ps and 4Cs framework.

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