Global marketing
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GLOBAL MARKETING. Marketing Strategy. Strategy is integrated action in pursuit of competitive advantage Offering unique value to customers that cannot be duplicated by competitors. Benefits of Strategy. Coordinates activities among functional areas of organization Defines resource allocation

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GLOBAL MARKETING

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Global marketing

GLOBAL MARKETING

Marketing Strategy


Global marketing

  • Strategy is integrated action in pursuit of competitive advantage

    • Offering unique value to customers that cannot be duplicated by competitors.


Benefits of strategy

Benefits of Strategy

  • Coordinates activities among functional areas of organization

  • Defines resource allocation

  • Leads to a superior market position


Components of strategy

Components of Strategy

Statement of objectives

Establish general

direction of strategy

Selection of strategic alternative(s)

Selection of customer targets

Choice of competitor targets

Positioning

Statement of core strategy

Description of supporting marketing mix

Implement

strategy

Description of supporting functional programs


Considerations for global strategy

Considerations for Global Strategy

  • Political risk

  • Market access

  • Land, labor, and capital costs

  • Shipping considerations

  • Country infrastructure

  • Foreign exchange

  • Product fit


International market entry

International Market Entry

  • Sourcing

    • Should the firm export or produce locally?

      • Licensing

      • Investment

        • Joint ventures

        • Sole ownership

      • Global strategic partnerships


Market expansion strategies

Market Expansion Strategies

  • Should the firm seek new markets in countries in which it already operates or seek new country markets for already identified and served market segments?


Global marketing

Market Segmentation

Concentration

Diversification

Narrow focus

Country focus

Concentration

Country

Country

diversification

Global

diversification

Diversification


Stages of global development

Stages of Global Development


Generic marketing strategies

Generic Marketing Strategies

Cost

Leadership

Differentiation

Broad

target

Competitive Scope

Cost Focus

Focused

Differentiation

Narrow

target

Lower cost

Differentiation

Competitive Advantage


Broad market strategies

Broad Market Strategies

  • Cost-leadership advantage

    • Low-cost producer

    • Experience curve

    • Need to obtain largest market share to have lowest cost per unit in industry

    • Ability to offer lower prices and more value to customers in competitive stages of product life cycle


Global marketing

  • Differentiation

    • An actual or perceived uniqueness in product offering

    • Ability to command premium price


Narrow target strategies

Narrow Target Strategies

  • Focused Differentiation

    • Offers a narrow target market the perception of product uniqueness at a premium price

  • Cost Focus

    • Offers a narrow target market lower prices than the competition


Global marketing

  • Differentiation

    • adding a set of meaningful and valued differences to distinguish the firm’s offering from competitors’ offerings

    • Criteria:

      • important• preemptive

      • distinctive•affordable

      • superior•profitable


Global marketing

Differentiation Variables


Implications of product life cycle on marketing strategy

Implications of Product Life Cycle on Marketing Strategy


Introduction stage

Introduction Stage

  • Objective: Create awareness and product trial

    Product—offer a basic product

    Price—charge cost-plus

    Distribution—selective

    Communications—target advertising to early adopters and dealers to increase awareness; heavy sales promotion to stimulate trial


Growth stage

Growth Stage

  • Objective: Maximize market share

    Product—product extensions, warranties

    Price—decrease prices to penetrate

    Distribution—intensive

    Communications—target advertising to mass market to increase awareness; reduce sales promotions


Maturity stage

Maturity Stage

  • Objective: Maximize profit while defending market share

    Product—diversify products and brands

    Price—match or best competitors’ prices

    Distribution—more intensive

    Communications—use advertising to stress brand differences and benefits; increase sales promotions to encourage brand switching


Decline stage

Decline Stage

  • Objective: Reduce expenditure and milk the brand

    Product—phase out weak models

    Price—cut price

    Distribution—selective; phase out unprofitable outlets

    Communications—reduce and target hard-core loyals; reduce sales promotions to minimal levels


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