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Global Marketing Innovation summary/ lecture notes
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Global Marketing Innovation – LecturesWEEK 1
Lecture 1
Exam material
- Knowledge clips
- Lecture slides
- Required readings
- Guest speakers
Global Marketing
- International trade has existed for centuries
- “Global Marketing” is new -> End of WWII was a start of a new era expansion into global
markets
Why?
- Realize companies’ full commercial potential
- But also: SURVIVAL
Marketing vs Global Marketing
- Marketing: “the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and
society at large”
- Marketing Strategy (STP) and Mix (4 P’s)
- Difference? Global Marketing: the scope of activities outside the home market
Global Marketing – Product/Market Growth Matrix:
Global Marketing Challenges
“the best global brands are also the best local brands”
Market and Value proposition
- Market
People or organizations that are both able and willing to buy
- Value Proposition
- Perceived value to the customer
- Improving benefit or reducing price
- The firm’s promise to the customer
- Competitive Advantage
- Creating more value for customers than competitors
- Measured relative to industry rivals
,Global Marketing – What it is & what it isn’t
Standardization vs Adaption
- Globalization (standardization)
- Developing standardized products marketed worldwide with a standardized
marketing mix
- Essence of mass marketing
- Global localization (adaption)
- Mixing standardization and customization in a way that minimizes costs while
maximizing satisfaction
- Essence of segmentation
- Think globally, act locally
Additional dimensions
- Concentration of Marketing Activities:
The extent to which activities related to the marketing mix (e.g., promotional
campaigns or pricing decisions) are performed in one or a few country locations
- Coordination of Marketing Activities:
The extent to which marketing activities related to the marketing mix are planned
and executed interdependently around the globe
- Integration of Competitive Moves:
The extent to which a firm’s competitive marketing tactics in different parts of the
world are interdependent
Which markets/countries?
- BRICS
- Brazil
- Russia
- India
- China
- South-Africa
- MINTS
- Mexico
- Indonesia
- Nigeria
- Turkey
, Management orientations
Driving Forces for Global Integration and Global Marketing
- Multilateral trade agreements
- Economic growth
- Converging market needs and wants and the information revolution
- Transportation and communication improvements
- Product development costs
- Quality
Restraining Forces for Global Integration and Global Marketing
- Management myopia
- Organizational culture
- National controls
- Opposition to globalization
Lecture 2 – Social Cultural Competitive Factors
Learning objectives
- Define culture and identify the various expressions and manifestations of culture that
can impact marketing strategies
- Compare and contrast the key aspects of high- and low-context cultures
- Analyze the components of diffusion theory and its applicability to global marketing
- Explain the marketing implications of social and cultural environments around the
globe
- Analyze the marketing environment from a macro and micro perspective
Task of Global Marketers:
- Study and understand the cultures of countries in which they will be doing business
- Understand how an unconscious reference to their own cultural values, or self-
reference criterion, may influence their perception of the market
- Incorporate this understanding into their marketing planning process
What is culture?
- Culture: “ways of living, built up by a group of human beings, that are transmitted
from one generation to another”
- Both conscious and unconscious values, ideas, attitudes, and symbols
- Is acted out in social institutions
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