Approaches to Global Competition International Coca-Cola: Like many product companies, Coke has used a mix of standardization and localized marketing. For instance, the classic red and white colors remain the same globally while the flavor profile is adjusted slightly based on region of distribution. LEARNING OBJECTIVES Explain the pros and cons of global standardization theory with regard to product marketing and marketing communications Explain how the basic principles of marketing… Read More »Approaches to Global Competition

Entry Strategies in Global Markets LEARNING OBJECTIVES Discuss common strategies businesses use to enter global markets Choosing a Global Entry Strategy Firms typically approach international marketing cautiously. They must analyze the market opportunity as well as their internal capabilities to determine which approach will be the best fit. Often businesses start with a lower-risk strategy and progress to other strategies involving additional investment and risk and additional opportunity after they have proven initial… Read More »Entry Strategies in Global Markets

Introduction to Global Competition Approaches What you’ll learn to do: describe common approaches used by organizations to compete successfully on a global scale Most of the basic principles for effective marketing apply equally well to domestic and global marketing activity. However, globalization introduces a number of challenges that are unique to operating simultaneously in different countries and global markets. What is the best way to enter a global market? When should… Read More »Introduction to Global Competition Approaches

Challenges of Globalism for Business Along with arguments supporting the benefits of a more globally connected economy, critics question the ethics and long-term feasibility of profits captured through global expansion. Some argue that the expansion of global trade creates unfair exchanges between larger and smaller economies. They argue that MNCs and industrialized economies capture significantly more value because they have more financial leverage and can dictate advantageous terms of exchange, which end up… Read More »Challenges of Globalism for Business

Globalization Benefits and Challenges LEARNING OBJECTIVES Define globalization Explain key benefits and challenges of globalization Defining Globalization Globalization is a term used to describe how countries, people and businesses around the world are becoming more interconnected, as forces like technology, transportation, media, and global finance make it easier for goods, services, ideas and people to cross traditional borders and boundaries. Globalization offers both benefits and challenges. It can provide tremendous… Read More »Globalization Benefits and Challenges

Introduction to Globalization Benefits and Challenges What you’ll learn to do: describe globalization and the major benefits and challenges it poses for multinational organizations penetrating global markets We live in an increasingly globalized, interconnected world. There is a strong likelihood that clothes you’re wearing now, some of the food you’ve eaten today, and the device you’re using to read this page are all products of globalization: they come to you… Read More »Introduction to Globalization Benefits and Challenges

Why It Matters: Marketing Globally Why learn about global marketing? Suppose you’re in the marketing department for a highly successful snack food company in the U.S. You’re in a brainstorming meeting about expanding into China, and the discussion is starting to get heated. Should you lead with your company’s best-selling nacho-cheese-flavored snacks to take China by storm? Or would it be better to start out with the ranch-dressing-flavored snack instead, because… Read More »Why It Matters: Marketing Globally

Putting It Together: Promotion: Integrated Marketing Communication (IMC) The readings in this module pulled apart the different pieces of integrated marketing communication to help you understand the role each one plays in creating and executing an effective marketing campaign.  From small-scale and simple promotional programs to massive and complex undertakings, the same basic building blocks are required: target audience, message, strategy, promotional mix, budget, action plan, measurement.  That’s the IMC… Read More »Putting It Together: Promotion: Integrated Marketing Communication (IMC)

Campaign Plan Components Effective marketing campaign plans require several elements that, together, paint a complete picture of what the marketing team will execute with their IMC tools. These include the following: promotional mix: identify the marketing communication methods to be used resource and budget requirements: outline the funding and other resources needed to execute the plan and explain how the plan will use the available budget tactics: identify the specific marketing communication tools and tactics to be… Read More »Effective marketing campaign plans

Developing a Marketing Campaign and Budget LEARNING OBJECTIVES Identify key elements of an integrated marketing communications plan, including promotional mix, tactics, timing, ownership, measurement, resources and budget requirements Explain how to create a budget for an integrated marketing communications plan Explain why it is important to consider potential risks to the business associated with an IMC plan Planning for Action As you can appreciate at this point—especially after learning about all… Read More »Developing a Marketing Campaign and Budget