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International Marketing Strategy International Marketing Management Anna Zarkada Evolution of marketing thought 20th Century PRODUCTION ORIENTATION SALES ORIENTATION MARKETING ORIENTATION Social responsibility sustainability and humanistic Orientation 21st Century trends… Lovemarks Personal branding Brand communities Brand community segments Marketer’s dream the reduction and removal of barriers between national borders in order to facilitate the flow of goods, capital, services and labour UN definition GLOBALIZATION ... Globalization & society Globalization and marketing Corporate Level 1. Integrate sourcing, production and marketing. 2. Allocate resources across products & countries. 3. Coordinate marketing across products & countries. Business Level Marketing 1. Coordinate marketing activities across countries for each brand. 2. Standardize the marketing mix across countries or regions. Globalization Drivers Market: common customer needs, global customers, global channels, transferable marketing, leading markets Competitive: common competitors using global strategies Cost: scale economies, scope economies, sourcing advantages, avoidance of duplication Government: favorable trade policies, acceptance of foreign investment, compatible technical standards, common marketing regulations Global Markets: Definition MARKETS IN WHICH BUYER PREFERENCES ARE SIMILAR ACROSS COUNTRIES Both customer and competitive features could be conducive to global markets. Multidomestic Markets: Definition PRODUCT MARKETS IN WHICH LOCAL CONSUMERS HAVE PREFERENCES AND FUNCTIONAL REQUIREMENTS WHICH DIFFER WIDELY FROM ONE ANOTHER Key Differences Multidomestic Markets Market boundaries Markets are defined within country borders. Customers and competitors are of local origin. Significant differences exist Customers among customers from different countries; segments are defined locally. Competition takes place among Competition primarily local firms; even international companies compete on a country-by-country basis. Each local market operation in Interdependence isolation from the rest. Competitive actions in one market have no impact elsewhere. Strategies are locally based. Little Strategies advantage exists in coordinating activities among markets. Global Markets Markets transcend country borders. Customers and/or competitors cross frontiers to buy and to sell. Significant similarities exist among customers from different countries; segments cut across geographic frontiers. Competitors are few and present in every major market. Rivalry takes on regional or global scope. Local markets operate interdependently. Competitive actions in one market impact other markets. Strategies are regional or global in scope. Great advantage exists in coordinating activities within regions or worldwide. STRATEGIC OPTIONS IN INTERNATIONAL MARKETING I. Foreign Market Entry (International Manager) Resource Analysis Sustainable Competitive Advantage Country Attractiveness Demand Competition Strategy Formulation: Growth: Product/Market Development Mature: Cost, Differentiation, Niche Global: Competitive Attack, Learning Strategy Implementation: Exports, Direct/Indirect Licensing, Franchising, FDI, J.V. Strategic Alliance Local Marketing II. Local Marketing (Country Manager) Country Manager Resource Analysis Global vs Small FSAs, LSAs Sustainable Competitive Advantage Market Analysis Market Competition Segmentation Strategy Formulation: Skimming vs Penetration? Profit vs Market Share? Global Competitive Moves? Change Customer Preferences? Marketing Tactics Product Global? Price Global? Adv/Promo Global? Channels Global? III. Global Marketing (Headquarters Management) Portfolio of Country Markets Multi-domestic Markets Local Customers Local Competitors Global Markets Global Global Customers Competitors Advantages for Coordination Lower Cost Scale/Scope Local Marketing Local Marketing Country A Competitive Leverage Improved Quality Customer Preference Core Global Marketing Strategy Global Products Local Marketing Country B Global Pricing Global Adv/Promo Local Marketing Country C Local Marketing Country D Global Channels Local Marketing Country E