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Lecture International business: Competing in the global marketplace (9e): Chapter 18 - Charles W. L. Hill

Chapter 18 - Global marketing and R&D. Upon completion of this lesson, the successful participant will be able to: Explain why it might make sense to vary the attributes of a product from country to country, recognize why and how a firm's distribution strategy might vary among countries, identify why and how advertising and promotional strategies might vary among countries. | International Business 9e By Charles W.L. Hill McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 18 Global Marketing and R&D What Is The Marketing Mix? The marketing mix is comprised of Product attributes Distribution strategy Communication strategy Pricing strategy Should The Marketing Mix Be Changed For Each Market? Question: Are markets and brands becoming global? Theodore Levitt argued that world markets were becoming increasingly similar making it unnecessary to localize the marketing mix Question: Is Levitt right? Probably not! The current consensus is that while the world is moving towards global markets, global standardization is not possible because of cultural and economic differences among nations, trade barriers, and differences in product and technical standards LO1: Explain why it might make sense to vary the attributes of a product from country to country. What Is Market Segmentation? Market segmentation - identifying distinct groups of consumers whose purchasing behavior differs from others in important ways can be segmented by geography, demography, socio-cultural factors, and psychological factors When there are differences between countries in the structure of market segments a unique marketing mix to appeal to a certain segment in a given country may be necessary When segments that transcend national borders exist a global strategy is possible How Do Product Attributes Influence Marketing Strategy? A product is like a bundle of attributes - products sell well when their attributes match consumer needs Consumer needs depend on Culture - tradition, social structure, language, religion, education Level of economic development - consumers in highly developed countries tend to demand a lot of extra performance attributes, while consumers in less developed nations tend to prefer more basic products Product and technical standards - national differences can force firms to customize the marketing mix . | International Business 9e By Charles W.L. Hill McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 18 Global Marketing and R&D What Is The Marketing Mix? The marketing mix is comprised of Product attributes Distribution strategy Communication strategy Pricing strategy Should The Marketing Mix Be Changed For Each Market? Question: Are markets and brands becoming global? Theodore Levitt argued that world markets were becoming increasingly similar making it unnecessary to localize the marketing mix Question: Is Levitt right? Probably not! The current consensus is that while the world is moving towards global markets, global standardization is not possible because of cultural and economic differences among nations, trade barriers, and differences in product and technical standards LO1: Explain why it might make sense to vary the attributes of a product from country to country. What Is Market Segmentation? Market segmentation - identifying .