Chapter 16: Global Marketing and Consumer Behaviour. Unit 16-1: Marketing Around the World. Finding new uses for existing products and/or services; creating new products; increasing demand by local consumers or determining consumer needs abroad is essential for the survival of all businesses. .
Unit 16-1: Marketing Around the World
Finding new uses for existing products and/or services; creating new products; increasing demand by local consumers or determining consumer needs abroad is essential for the survival of all businesses.
Marketing involves the creation and maintenance of satisfying exchange relationships between businesses and their customers. This includes:
Businesses have been able to find new markets in foreign markets due to several current trends in the global economy:
Identify Business Opportunities
Unit 16-2: The Marketing Mix and The Marketing Plan
Marketing in a domestic environment is difficult enough; compound that with the potential impact of cultural differences when marketing products in the international marketplace, and business can become particularly challenging. While marketing domestically or internationally, several questions must be asked:
(enhancement of the Marketing Mix)
Unit 16-3: Planning Global Marketing Activities
As businesses consider international markets in foreign countries, there is the need to carefully consider how the strategies of their marketing plan may be impacted by cultural differences.
As you now know, language will affect instructions and labelling; currency exchange will impact pricing strategies; certain products will have to be altered to appeal to different tastes; advertising will have to be different depending on differing religions and customs; in fact all business activities will have to be re-assessed due to four elements of the marketing environment, which are geography, economic conditions, social and cultural influences, and political and legal factors.
Marketers use consumer buying factors to divide customers into smaller groups or subsets called “market segments”. The market segment is the distinct subgroup within a potential market that may be identified by ages; genders; ethnicity; income levels; religious beliefs; geographic location; nature of their jobs or any other distinguishing characteristics.
All successful companies and businesses have or are in the process of examining their marketing mix and developing a marketing plan to take advantage of opportunities by identifying potential target markets in foreign countries. This is an opportunity if managed effectively will create future revenue and profits as demand for their products and services increases in the global economy.