4.3.1 global marketing strategy

global marketing strategy

not differentiating products or marketing between countries

with a global marketing strategy, a company will focus on:

product markets, emphasis on customer similarities, consumer’s access to media, promotional message

promotional message may differ due to:

sales incentives due to differences in local markets, may be same so reduced average marketing

advantages to global marketing:

eos in production + distribution, lower average marketing costs, power in market as recognisable brand, consistency is brand image, ability to leverage good ideas quickly/efficiently, uniformity of marketing practices

disadvantages to global marketing

differences in consumer needs, differences in consumer response to marketing mix elements, differences in brand/product development, differences in legal environment

glocalisation

the idea that MNCs should “think global and act local” to personalise their marketing

international marketing debate

to what extent an MNC can design and marketing a truly global product

polycentric

adapt each market to appeal to local customers to maximise revenue

ethnocentric

standardise the product for all markets to keep costs low

geocentric

both polycentric and ethnocentric

ethnocentrism

the belief of superiority is one’s personal ethnic group