Economic factors should be considered to determine the price sensitivity of the market. Other factors to consider would be to make sure that there is a relativity between sales volume and profitability so that there is a value for company expansion through the correct market segmentation as well as planned and affordable marketing. Also assessing the strength of competitors and their products, consumer rate of purchase, and the ease of entry into the market.
Alternative Marketing Strategies
Global marketing strategies aim to maximize standardization, homogenization and integration of marketing activities across markets throughout the world. (Kotler, 2009)
Table 1. A Framework for Alternative Global Marketing Strategies (Adapted from Schiffman and Lazar Kanuk, 2009, p. 472)
“Glocal strategy” refers to the idea of “think global, act local”, and, as is shown in the table above, it represents a middle way between the global and the local strategies.
By combining local culture, values and appeal, and using global ideals, it brings name branding into these markets with notoriety of name recognition. Although a company might market the same product under different names in different countries or market the same brands using different product formulas. Global standardization for some products may be more cost effective and relying on local management to implement them into their market as a one-size-fits all product, but implanting organization values and standards. Red Bull, an energy drink out of Australia, is a great example of standardizing their product. Their thoughtful size and design makes it a brand that is accepted world-wide with one look. By putting it in a can and using a size that was not standardized to the market,...
... middle of paper ...
...ne-size fits all global marketing plan, there are methods that you can use along with research when entering into a new market. Preparation and caution should be utilized through research of target markets, culture, language, economy, political climate, laws and technology. Having a clear and concise plan in place along with marketing strategies to introduce the product/brand into the market is needed to have a path to follow for success. Not just one thing will ensure a successful entry, but a combination of the many items as discussed above. Having the correct team(s) in place is essential to support the brand and products. Continual monitoring of reviews is important as part of customer feedback so that you can continue to be aware of customers likes, dislikes as well as needs so that adjustments can be made to ensure a steady acceptance of the brand and products.
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