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Johny K. Johansson is McCrane/Shaker Professor of International Business and Marketing, at McDonough School of Business, Georgetown University, where he specializes in international marketing strategy and consumer decision making defined a global marketing strategy as a “strategy that encompasses countries from several different regions in the world and aims at coordinating a company’s marketing efforts in markets in these countries.” A global marketing strategy does not cover all countries but it should apply across several regions. A typical regional breakdown is as follows: Africa, Asia, and the Pacific (including Australia) Europe and the Middle East, Latin America, and North America. A ”regional” marketing strategy is one that coordinates the marketing effort in one region (Johny K. Jonhannson.) This paper will cover concepts of global market segmentation, country segmentation, the advantages and disadvantages of going global, and the elements of a marketing plan.

Global marketing is a firm’s ability to market to multiple regions around the world. This does not mean the company is just selling it product in a different country, global marketing includes the whole process of planning, producing, placing, and promoting a company’s products in a global market. Global marketing is important for products that have universal demand, such as luxury products, automobiles and clothing. This means that the customer’s needs, wants and preferences are similar across the regions. In multidomestic markets such as food and drink, where the people’s preferences are more culturally determined, global marketing for those products is less common (Johny K. Jonhannson.) An example of a company that went global is Coca-Cola it started selling internationally back in 1919, and is now present in more than 200 countries. To keep a consistent brand, Coke tastes the same in every region (although outside of the United States, the recipe uses sugar instead of high-fructose corn syrup), but the size, shape, and labeling of the bottle are changed to match the norms in each country. The company uses a standardized advertising approach, that it has changed to adapt advertising messages to local culture. (http:// Segmentation

Global market segmentation can be defined as the process of identifying specific segments in the country groups or individual consumer groups across regions of potential customers with the same attributes and are likely to have the same buying behavior. (V. Kumar) Dr. V. Kumar is the Richard and Susan Lenny Distinguished Chair and Professor of Marketing, says that a Global should possess some of the following properties: measurability, size, accessibility, actionability, competitive intensity and growth option. Measurability is the country’s socioeconomic variables that are income per capita, GDP and other economic factors that can easily be measured, but the size of the segments based on culture is harder to measure, so the company needs to conduct larger scale surveys. Size segments should be large enough to be worth going after, such as Morocco, Algeria, Tunisia because the cultures in the country are similar and the consumer have the same buying behavior, but the country’s population will differ and economic factors will differ as well. Accessibility-The segments should be easy to reach via the media. For example, does the country’s population easily have access to phones and internet. This is extremely important because the company and reach out to the potential customers. Chain can seem attractive to a company because of its population size, but most it its population is in rural areas with little to no access of internet. Actionability-Effective marketing programs should be easily implemented such as the four P’s: product, price, placement and promotion. Competitive Intensity- The segments should not be preempted by the firm’s competition, meaning the company will not have a hard time entering the market. Growth Potential-A high return on investment should be attainable. Typically, marketers face a trade-off between competitive intensity and growth potential.

Country based segmentations

This is when the marketers analyze the individual country, this allows the marketers to focus on common aspects of countries and avoid information overload. Country level segmentation may be done on levels such as: geography, environment, culture, and demographics (V. Kumar)

·        Geography. This is based on the country’s economic stage of development, populations size, city size, and the countries climate. Climate is important because it can affect the product your selling.

·        Environment. This is based on the country’s political, legal and business environment. For example, in Algeria, it is legal for the public to own fire arms thus a fire arm manufactor from the U.S. will not enter Algeria market.

·        Culture. includes knowledge, belief, art, morals, custom, and any other capabilities and habits acquired by man person as a member of society. According to Lars Perner, Ph.D.  an assistant professor of clinical marketing says that culture can be problematic for markets because “it is inherently nebulous and often difficult to understand. One may violate the cultural norms of another country without being informed of this, and people from different cultures may feel uncomfortable in each other’s presence without knowing exactly why” Therefore marketers must understand all five parts of culture. One, culture is comprehensive meaning all parts must fit together in some logical fashion. Two, culture is learned and not something you are born with. Three, culture is manifested within boundaries of acceptable behavior. Four, conscious awareness of culture standards is limited and the fifth part of culture is that Cultures fall somewhere on a continuum between static and dynamic depending on how quickly they accept change. For example, American culture has changed a great deal since the 1950s, while the culture of Saudi Arabia has changed much less (Lars Perner)

·        Demographics. This includes measurable characteristics of population such as age, gender, income, education, and occupation. Many global demographic trends, such as changing roles of women, and higher incomes and living standards

Entry Strategies

products just don’t pop up in foreign markets overnight because a firm must first build up a market over time. Lars Perner says there are four main strategies that are available:

·        Exporting is a relatively low risk strategy in which few investments are made in the new country. A drawback is that, because the firm makes few if any marketing investments in the new country, market share may be below potential

·        Licensing and franchising are also low exposure methods of entry—you allow someone else to use your trademarks and accumulated expertise

·        Contract manufacturing involves having someone else manufacture products while you take on some of the marketing efforts yourself. This saves investment, but again you may be training a competitor

·        Direct entry strategies, where the firm either acquires a firm or builds operations “from scratch” involve the highest exposure, but also the greatest opportunities for profits. The firm gains more knowledge about the local market and maintains greater control, but now has a huge investment.

Elements of the Global marketing

           Standard marketing approaches, strategies, tactics and processes apply to a global marketing plan but it also requires an understanding of global finance, global operations and distribution, government relations, global human capital management and resource allocation, distributed technology development and management, global business logic, interfirm and global competitiveness, exporting, joint ventures, foreign direct investments and global risk management. The “Four P’s” of marketing: product, price, placement, and promotion are all affected as a company moves transitions to become a global company.

·        Product-A global company needs to develop a single product that it only needs to change a few elements for different markets. For example, the product packaging in every country incorporates the contour bottle design and the dynamic ribbon in some way, shape, or form.

·        Price-Price will always vary from market to market. Price is affected by many variables: cost of product development, cost of ingredients, cost of delivery, profit margin. Whether this product is considered the high-end, expensive choice, the economical, low-cost choice, or something in-between helps determine the price point.

·        Placement- How the product is distributed is also a country-by-country decision. For example, not all cultures use vending machines. Also, placement will depend on what type of product it is and the value associated with it for example, you will not find a high-end wine at your local Wal-Mart

·        Promotion-After product research, marketing communication used to inform or persuade target audiences of the relative merits of a product, service.

Advantages and disadvantages

There are advantages to a company going global. By reaching to a larger base of customers the company will increase it revenues from the new customers. The company will also have exposure to foreign investment opportunities. The company can also improve the brands images and its reputation. Lastly the company will be diversifying its markets. There are also disadvantages to a company going global. The cost and risk associated with going global may cause the company to go under.The company may not be successful in new regions and there are a lot of things that may go wrong. The new region may become unpolitical stable, new regulation may not allow the company to continue to sell its products in the region and competitors may beat the company.

Conclusion

Global marketing strategies have become extremely important especially in this era where ecommerce is increasing and a company can easily sell its goods across the world and the internet has made it easier for companies to advertise and reach new customers. A well planned global marketing strategies is extremely important to a company as it can either help the company grow or be the down fall for the company.

Citation

Global Marketing: Strategies, Definition, Issues, Examples. (2016, September 26). Retrieved January 27, 2018, from https://

no more than a page or 350 words long

The thought experiment titled “Life Dependency” (page. 85 of The Pig That Wants to Be Eaten”) invites readers to decide what Dick should do.  Should he disconnect himself from the violinist or no?  

1.  Explain what you would do in this scenario, drawing from the details of Dick’s situation to inform your decision.  

2.  Identify what this thought experiment is a analogy for: spell out the two things being compared here, and what conclusion this analogy expects us to draw.  

3. Explain whether you think this is a good argument by analogy.  Do the similarities outweigh the differences?