Common Marketing Mistakes

1. Common marketing mistakes that global companies make

Main Ideas:

The world is increasingly becoming a global place with a lot of companies expanding their ventures. Marketing Research is an important part of these global expansions. The article is from a point of view of a marketing executive who talks about some of the most common mistakes that businesses make when they decide to go global. When marketers target locations the usually do it in a vague term .For example, targeting continents instead of countries. They do not realize that even if some countries are in same region, they differ on national levels in terms of laws, cultural norms, consumer behavior etc. They mostly rely on external data for information and miss out on internal data that can

To attain competitive advantage companies need to really understand the local market well. In order enhance business performance establishing long term relationships with customers is an integral part of competitive marketing strategy (Kanagal,2009).To establish themselves as a reputed company international businesses need to create value for consumers by using relational exchanges that have a future through relationship marketing. Corporate social responsibility also helps to build positive brand image for international companies. Sponsoring projects that support local communities is a great way to achieve positive brand image according to (Ferrell, 2004) can lead to a rise in stakeholder support. For countries such as China which has multiple providences with various demographics and differences in tastes pricing and product strategy are two very important things to consider as well. Cost leadership strategy can be a good one to compete with local companies and product differentiation strategy keeping local preferences in mind has resulted in positive results in the past (Valipour et