Global Marketing (Final Test) – Flashcards
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Basic Product Concepts
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Tangible Attributes - Physical Term such as weight, features etc. These attribute convert into Intangible Attributes - Status associated with product ownership. Ferarri
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Brand
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Bundle of images and experiences in the customer's mind -Brand Name -Images -Logo Tagline Brand equity - The added value that accrues to a product as a result of investments in the marketing of the brand
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Brand Equity
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The added value that accrues to a product as a result of investments in the marketing of the brand An asset that represents the value created by the relationship between the brand and customer over time
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Global Brands
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At least 30% of revenues must come from outside the brand's home country It must have a presence in at least three major continents, as well as broad geographic coverage in emerging markets There must be suffi cient publicly available data on the brand's fi nancial performance Economic profi t must be expected to be positive over the longer term, delivering a return above the brand's operating and fi nancing costs The brand must have a public profi le and awareness above and beyond its own marketplace
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BRAND Elements
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Country of Origin Perceptions about the attitudes toward countries attach themselves to a product -Swiss Watches -German Cars
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PACKAGING
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Consumer Packaged Goods - To protect and contain product Eco-Packagin - Growing trend
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Global Product Planning (Strategic Alternatives)
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Strategy 1: common for B2B - Apple iphone - launched simultaneous globally Strategy 2: low-cost because the product is unchanged, communication is adapted - Ex. Miller Genuine Draft is an international lifestyle brand (GCCP) in Central Europe rather than an American brand (FCCP), Ben& Jerry's changed packaging color in the U.K Strategy 3: Cadillac wants to sell 20,000 autos outside the United States by 2010; will adapt to local market requirements Strategy 4: Combines local market conditions recognized in Strategies 2 and 3
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Explained
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Extension strategies are employed by companies in the international, global, and transnational stages of development. The critical difference is one of execution and mind-set. In an international company, for example, the extension strategy reflects an ethnocentric orientation and the assumption that all markets are alike. A global company such as Gillette does not fall victim to such assumptions; the company's geocentric orientation allows it to thoroughly understand its markets and consciously take advantage of similarities in world markets. Likewise, a multinational company utilizes the adaptation strategy because of its polycentric orientation and the assumption that all markets are different. By contrast, the geocentric orientation of managers and executives in a global company has sensitized them to actual, rather than assumed, differences between markets.
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How to choose a strategy
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The Product defined in terms of function or need. The market, defined by the terms of it's conditions Adaptation and manufacturing costs
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(Quick Read) Case Analysis
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r
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National Markets Reflect
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-Cost -competition -Regulation
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Marketing Managers Must Set Pricing Objectives
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-Unit Sales -Market Share -ROI
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Companion Products or Pricing
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Razors and Blades Keurig and Coffee
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HOW TO CALCULATE FOR INTERNATIONAL MARKETS
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(See the following)
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(KNOW THIS) Incoterms of Sale
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International Commercial Terms Ex-works—seller places goods at the disposal of the buyer at the time specified in the contract; buyer takes delivery at the premises of the seller and bears all risks and expenses from that point on. Delivery duty paid—seller agrees to deliver the goods to the buyer at the place he or she names in the country of import with all costs, including duties, paid.
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Sourcing as a strategic Pricing Tool
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Outsource to reduce cost
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Geocentric
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"No such thing a normal margin"
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Types
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•Peer to peer (Ebay) •Door to door •Manufacturer Owned Stores •Independent Franchise •Independent Retailers •Flagship Retail Store
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KNOW THIS (Global Retail Categories)
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"Category Killer - HomeDepot"
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5 Global Retailing Strategies
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Organic Growth Franchise Chain Acquisition Joint Venture
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PROMOTION DECISIONS
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Standardization or Adaptation
