international marketing 2

Globalization

refers to the increasing integration and interdependence of countries, economies, cultures, and markets through cross-border flows of goods, services, capital, people, information, and ideas

Competitive advantage

is a firm’s ability to outperform competitors by delivering greater value to customers or operating more efficiently, in ways that are difficult for rivals to imitate or substitute

Global industries

are industries in which competitive positions are strongly influenced by activities and competition across multiple countries, with firms coordinating or standardizing strategies on a worldwide scale.

international marketing research process

generally moves through six connected stages: defining the problem, designing the research, designing the sample, collecting data, analysing and interpreting findings, and reporting the results to decision-makers

global marketing information systems

1. Market Potential
   Includes demand estimates, consumer behavior, and reviews of products, distribution channels, and communication media.

2. Competitor Information
   Includes corporate, business, and functional strategies, as well as competitors’ resources, intentions, and capabilities.

3. Foreign Exchange
   Includes balance of payments, interest rates, attractiveness of a country’s currency, and expectations from analysts.

4. Prescriptive Information
   Includes laws, regulations, and rulings concerning taxes, earnings, and dividends in both host and home countries.

5. Resource Information
   Includes the availability of human, financial, physical, and information resources.

6. General Conditions
   Includes an overall review of sociocultural, political, and technological environments.

problems to consider in International Marketing Research

Sample bias

When comparing responses toward our brand from two groups (e.g., Spanish vs.Swedes) – Unbalanced characteristics among the groups, such as differences in demographics, which might affect unequal responses among the group

Measurement bias

Ensuring correct translation or adaptation of the survey to different language and meaning of the different countries

Acquiescent response bias

Tendency by respondents from some countries to agree with

statements regardless of their content

Extreme response bias

Tendency by respondents of one country to choose the most

extreme options on a scale

Dimensions of Value

• Functional – The practical usefulness and performance of a product or service.

• Risk Avoidance – The extent to which a product reduces uncertainty or perceived risk for the customer.

• Hedonic – The pleasure, enjoyment, or sensory experience gained from using the product.

• Emotional – The feelings or emotional connection a customer develops toward a product or brand.

• Social – The value gained from how a product influences social status, relationships, or group belonging.

The Brand Pyramid:

Target Consumers

Group of consumers to whom the company directs its marketing

efforts.

Attributes and Features

Elements of the product/brand to cover the target consumers’ needs. Distinguishing characteristics that provide a competitive advantage in the market

Functional Benefits

Tangible problem-solving aspects of the product or a

service, which provide benefits

Emotional Benefits

Positive, cognitive consumers’ responses due to their use,

display, and attachment to the brand and its feature

Brand Personality

Human characteristics of the brand, It is something to which the consumer can relate, The five dimensions of brand personality: Sincerity, Excitement, Competence, Sophistication, Ruggedness

Brand Essence

Brand Essence is the heart and soul of a brand, A brand's fundamental nature or quality, Usually stated in two to three words

POV

A point of view is an opinion or set of opinions about the world.

− If you make automated factory robots, then you have opinions about artificial intelligence.