(1) Provide some observations on the PEST-C variables as they relate to global marketing.
Global marketing is defined as marketing on a worldwide scale, or taking commercial advantage of global operational differences, similarities and opportunities in order to meet global objectives. Marketing managers are also tasked with the responsibility of “wringing the pennies out of the activities.” Basically, they are responsible for and add value to their activities that will contribute to a higher value in the mind of their consumers. Managers must understand the role of their salespeople as marketers – they must collaborate and support them. They must work with their supply chain functional managers to accommodate international customer preferences. Communication must flow up and down the chain quickly in order to respond to emerging international marketing threats and opportunities. It is essential to monitor the firm’s global marketing efforts in a global market.
Canadian marketers must be sensitive to, and accommodate, several differences surrounding global marketing. By observing the PEST-C variables, international businesses are able to make smarter choices in their global marketing decisions. PEST-C is a common acronym for political (law), economic, societal, technological, and cultural (attributes that must be thoroughly understood and analyzed in order to succeed in the international marketplace).
First, P stands for Political. Political issues must be understood because different countries have various political views. Some are under theocratic law, or common law. These differences must be realized to be successful internationally. SMEs must be aware of how the host country’s business laws and regulations that may affect...
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...ity of an international basis that I have read this week can be found at:
http://www.canadianbusiness.com/markets/headline_news/article.jsp?content=b5993988
The article discusses the fact that a Canadian company known as Cenovus Energy Inc. is looking for a joint-venture deal. The article states that chief executive, Brian Ferguson, said “the Calgary-based oil company is actively looking for swap, joint-venture, farm-out, and divestiture opportunities for some of its resource base.” Cenovus is no stranger to these ventures. Its Foster Creek and Christina Lake oilsands projects are part of a joint-venture with Houston-based energy giant, ConocoPhillips. This ties Cenovus to two of the U.S. firm’s refineries. Also, the corporation has current deals with well-known businesses throughout the globe, such as South Africa's Sasol, Japan's Mitsubishi, and PetroChina.
Kotabe, M., & Helsen, K. (1998). Global marketing management. Temple University. New York: John Wiley & Sons.
...ts of $77 billion, but also the largest in the number of divestitures. It might seem as if the size of the merger could have caused anticompetitive harm, which is very much true whenever you analyze the local levels, but the oil industry is one that is not limited by the borders of a country, it is an industry that is located internationally and that is therefore affected by any factor that occurs internationally. The efficiency changes and the cost reduction within this international industry were the major causes that lead this merger to take place. The more efficient an industry can be, the better the outcomes for both the consumers and the country, and therefore it can be concluded that the anticompetitve risks that were reduced by the FTC required divestitures resulted to be more than enough for the efficiencies to outweigh the risks in the U.S. market of oil.
Marketing is the process of searching for options for accumulating profits by identifying the demands of the people and satisfying their needs with appropriate products. In today’s globalized business world, marketing can play a vital role in establishing trade blocks all over the globe with competitive and cutting edge market, research, policies, strategies and activities.
There are so many marketing techniques that companies use in today’s world. There are also many competitions that companies face because of the advancement of marketing and different kind of brands. Old spice does a great job advertising and campaigning by using classical conditioning. Old Spice is an American brand that males use for grooming, they do a great job marketing the product and presenting them to consumers. Classical conditioning is when theorists teach either animal or human certain behaviors passively through repetition. After the theorist teach the animals, the theorist measure and see what the response. One of the most important thing about classical conditioning is to see something repetitively, and learning how to behave. Old Spice uses classical conditioning to influence consumers’ attitude because it shows the commercials repetitively. Classical conditioning also involves unconditioned stimulus, conditioned stimulus, conditioned and unconditioned response. Old spice’s commercials have everything included. Response campaign was a huge success because it involved everyone; it included mass media such as TV, print and digital ads.
In order to achieve this, the report is structured to firstly analyse the market segmentation variables and secondly buyer behaviour. The conclusion will bring together these findings by distinguishing Hanndia Pest Control’s market target. Segmentation Segmentation is the process of determining the breakdown of the target market into smaller, specific variables that make it easier to evaluate. Gabbott M (2004, p 159) describes the consumer-related segmentation variables as being Geodemographic, Psychographic and Behavioural. Geodemographic This segmentation variable combines the elements of the consumer’s demographics and geography.
A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.
Our economic development will forever be defined as our ability to succeed internationally. PwC forecasts India’s real annual GDP growth until 2050 at 8.9 percent, Vietnam’s at 8.8 percent, and China’s at 5.9 percent. The list of fast-growing emerging markets goes on and on. The U.S. forecast is a meager 2.4 percent, comparable with most Western economies. The domestic companies that are likely to see incremental growth in the coming decades are those that are not only doing business internationally, but that are developing the strategic skill set to master doing business across cultures. Cross-cultural core competence is at the crux of today’s sustainable competitive advantage. For example, political environment will tell us, as to how and why political leaders control, whether and how of international business. Legal environment, both national and international will tell us about many kinds of laws by which business firms must work. The cultural environment will tell us about attitudes, beliefs and opinions important to business people. Economic environment will tell us about the economic system being followed by the host country, which may or may not be different from home country. It will also explain the variables such as level of development, human resources, Gross Domestic Per Capita and consumption patterns that determine a firm’s ability to do business. Geography will tell us about location, quantity, and quality of the world’s resources.
Richard van Rensburg; 1/08/2012; Global Compact: Communication on Progress; Pick n Pay Website; http://www.unglobalcompact.org/system/attachments/18984/original/PnP_COP_1August2012.docx?1353347159; 26/05/2014
Market opportunities for breakfast cereals is vast, some segments of the market have been neglected, most notably that of the over-50’s. Insightful presentations were given at the “Older, Richer, Wiser” Conference that would suggest the over 50’s market segment is targetable.
Because in case of global marketing analyze the factors that need to be taken into account are significantly more, including the economics, environment, cultural differences that is going to affect the analysis of situation. The issues of marketing strategy were covered in detail during classes and this knowledge was cemented with the report I had to write as a part of project assessment that marketing analysis .It was very challenging and interesting at the same
THE POLITICAL ENVIRONMENT: The critical concern Political environment has a very important impact on every business operation no matter what its size, its area of operation. Whether the company is domestic, national, international, large or small political factors of the country it is located in will have an impact on it. And the most crucial & unavoidable realities of international business are that both host and home governments are integral partners. Reflected in its policies and attitudes toward business are a governments idea of how best to promote the national interest, considering its own resources and political philosophy. A government control's and restricts a company's activities by encouraging and offering support or by discouraging and banning or restricting its activities depending on the government. Here steps in international law. International law recognizes the right of nations to grant or withhold permission to do business within its political boundaries and control its citizens when it comes to conducting business. Thus, political environment of countries is a critical concern for the international marketer and he should examine the salient features of political features of global markets they plan to enter. THE SOVEREIGNITY OF NATIONS From the international laws point of view a sovereign state is independent and free from external control; enjoys full legal equality; governs its own territory; selects its own political, social, economic systems; and has the power to enter into agreements with other nations. It is extension of national laws beyond a country's borders that much of the conflict in international business arises. Nations can and do abridge s...
Marketing is a vital component in the success of businesses. Smaller businesses rely on business advertising, expenses, knowing if the business is networking with the right people, or joining the best organisations which lead to success (EStartup business blog, 2010). Marketing concentrates on customers and what the customers want. Customers are the source of sales and profits. Many small businesses are faced with remarkable hardships due to not developing the right marketing plan (EStartup business blog, 2010). To help these businesses a more appropriate or better marketing plan needs to be designed. Small business internet marketing services can help businesses develop and thrive in a highly competitive market. For the highest quality internet marketing services, hiring an online marketing company to design a customized internet marketing campaign may be advantageous for some businesses (EStartup business blog and contributors, 2010). Identified will be the role that marketing plays in a successful business demonstrated by use of two examples, the importance of developing a marketing plan, and ethical and legal issues that surround marketing practices (EStartup business blog, 2010).
Following the acceleration of global economic integration, bunch of companies have embarked on the path of transnational operation. Companies with foreign capital for the international market, global companies need go to the international market. Accept the cultural differences to correctly use the marketing strategy of the company. As international vender, who are not only familiar with the internal market culture, but also to firmly hold the cultural knowledge of different countries, intercultural communication can maintain economic and commercial relationships between multinational companies, providing better marketing strategies to achieve the cross Companies of mutual benefit. This is a long process and requires the joint effort of all
Czinkota, M.R. and Ronkainen, I.A. (1995), International Marketing, 4th ed., The Dryden Press, Hinsdale, IL.
International Marketing: Involves operating across a number of foreign country markets in which not only do the uncontrollable variables differ significantly between one market and another, but the controllable factors in the form of cost and price structures, opportunities for advertising and distributive infrastructure are also likely to differ significantly. It is these sorts of differences that lead to the complexities of international marketing.