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Difference Between Domestic and Global Marketing Plans There should never be 'one marketing plan' in a company. The difference is between the target markets. There should neve…r be a cookie cutter style marketing campaign. Any successful firm internationally, should first obtain success locally. Coca Cola does well at being a global brand. Proctor and Gamble is a global company - but one wouldn't know it per say. It's difficult to even judge which P&G products you have in your home currently. For a global/foreign market you could have a few approaches: Advertise as a foreign product - there is novelty in such for some countries. For example by default, many would assume a French wine has better quality. If it is something that the country perceives Americans to do better - stick with that approach.Joint Partnership with a Local Firm - that way it can be considered a 'local product' and try to find a firm that has already established credibilityLicensing - you could just sell the rights to your product to a foreign firm. The problem lies that they aren't obligated to maintain the quality standards that you may perceive necessary, and therefore hurt brand image. Consider your market - Can they afford it? Do they want it? Do they need it? (2) one important thing that we need to trake care of when we are marketing our product in the international market is the detailed redisign of your 4 PS in accordance with the global market. As we know from the contributions of G. Hofstede, the cultures of world differ on broadly defined five (5) dimensions 1. individualism and collectivism. 2. power distance. 3. masculinity and Feminity. 4. uncertainity avoidance. 5. long term orientation and short term orientaion. During marketing of a product in the global context, we should take into consideration these dimensions to respond positively to the opportunities in the foreign markets. to devise the 4ps we first concentrate on the PRODUCT. the product design should take various things into consideration like for example quality which you are goimg to offer, it should withstand the global competetion of highly sophosticated goods of any public interest. Now a days the packaging and labelling of the products is one of the opportunity as well as threat to the exporting companies. the P&L is threat in the sense that various countries have and are still barring the products from entering their markets on packagging issues(Japan), it is also of the major tangible part of a product which it offers at the very begining of the customer-producer encounter, in this context it is going to be an opportunity for a producer to grab. PRICE, the pricing policy in the global context is another important thing which needs the maximum care, when we break the global market into fragments based on cultures we often face this situation that some low priced products are reffered as of mediocre quality. PROMOTION, this part of the marketring starategy is the critical one. the ways and means of the promotion strategy should be acceptable in the global markets. this is a kind of promotion customisation according to the markets of the world. language is one of the important things in the promotion of any brand. some countries often leave certain thing without even noticing because of the language. the product descriptions should be written on the product in the language of the country to which the product is dispatched or produced to suffice the needs. The English language has lost its grip on the minds of people now. PLACE, the product should be placed at a place in such a situaton that people should feel that this product belongs to them. find out the similiarities in cultures and target them and where dissimilarities arise avoid them from cripping into your product otherwise it will lose the acceptance which no producer can afford.
Nike's latest global marketing strategy is to sell directly to the consumer with emphasis on their Cole Haan, Hurley, and Converse lines. This is expected to remain their …strategy within the market until the end of 2015.
When developing a marketing plan what factors would have the greatest impact on your marketing strategy?
Find a Niche first. Competing with millions of other sites is not the way to go, you must be better, that's not easy..
What you the marketing mix and describe how each of the variables in the marketing mix can be used to develop the marketing strategy and action plan in the marketing plan?
Marketing mix refers to the 4 P's of marketing. These are product, price, place and promotion. Marketing strategy should implement the 4 p's in an effective manner…. For instance if a fast food chain wants to open up in Asia, it needs to see the place and target price for the customers. Similarly is a sunscreen product is offered to places in the North pole, it will fail because there is no match with the marketing mix and the strategy.
Define global marketing strategies.discuss different types of global marketing strategies with the help of examples?
Global marketing strategies include those such as franchising and licensing. Some companies can license an overseas office to produce an exact product and then repatriate …some royalties.
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Levels of Strategy February 12, 2010 By Hitesh Bhasin Leave a Comment Strategy may operate at different levels of an organization -corporate level, business level, and fu…nctional level. Corporate Level Strategy Corporate level strategy occupies the highest level of strategic decision-making and covers actions dealing with the objective of the firm, acquisition and allocation of resources and coordination of strategies of various SBUs for optimal performance. Top management of the organization makes such decisions. The nature of strategic decisions tends to be value-oriented, conceptual and less concrete than decisions at the business or functional level. Business-Level Strategy. Business-level strategy is - applicable in those organizations, which have different businesses-and each business is treated as strategic business unit (SBU). The fundamental concept in SBU is to identify the discrete independent product/market segments served by an organization. Since each product/market segment has a distinct environment, a SBU is created for each such segment. For example, Reliance Industries Limited operates in textile fabrics, yarns, fibers, and a variety of petrochemical products. For each product group, the nature of market in terms of customers, competition, and marketing channel differs. There-fore, it requires different strategies for its different product groups. Thus, where SBU concept is applied, each SBU sets its own strategies to make the best use of its resources (its strategic advantages) given the environment it faces. At such a level, strategy is a comprehensive plan providing objectives for SBUs, allocation of re-sources among functional areas and coordination between them for making optimal contribution to the achievement of corporate-level objectives. Such strategies operate within the overall strategies of the organization. The corporate strategy sets the long-term objectives of the firm and the broad constraints and policies within which a SBU operates. The corporate level will help the SBU define its scope of operations and also limit or enhance the SBUs operations by the resources the corporate level assigns to it. There is a difference between corporate-level and business-level strategies. For example, Andrews says that in an organization of any size or diversity, corporate strategy usually applies to the whole enterprise, while business strategy, less comprehensive, defines the choice of product or service and market of individual business within the firm. In other words, business strategy relates to the 'how' and corporate strategy to the 'what'. Corporate strategy defines the business in which a company will compete preferably in a way that focuses resources to convert distinctive competence into competitive advantage.' Corporate strategy is not the sum total of business strategies of the corporation but it deals with different subject matter. While the corporation is concerned with and has impact on business strategy, the former is concerned with the shape and balancing of growth and renewal rather than in market execution. Functional-Level Strategy. Functional strategy, as is suggested by the title, relates to a single functional operation and the activities involved therein. Decisions at this level within the organization are often described as tactical. Such decisions are guided and constrained by some overall strategic considerations. Functional strategy deals with relatively restricted plan providing objectives for specific function, allocation of resources among different operations within that functional area and coordi-nation between them for optimal contribution to the achievement of the SBU and corporate-level objectives. Below the functional-level strategy, there may be operations level strategies as each function may be dividend into several sub functions. For example, marketing strategy, a functional strategy, can be subdivided into promotion, sales, distribution, pricing strategies with each sub function strategy contributing to functional strategy.
View the marketing plan as a set of objectives. View the marketing strategies as the 'road map' to achieving the objectives. View marketing tactics as the steps to take in… implementing the strategies.
Target market and marketing mix
It is important to have a global market strategy in order to have a plan. One won't accomplish much or make much money without a strategy of how to make the best of the market… they are going in to.
To find help on strategies for global marketing you may visit several websites. These websites include, but are not limited to the following: Forbes, InportExport, Hubspot, Sa…jan and Ekonomi.
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As of July 2014, the market cap for AdvisorShares Sunrise Global Multi-Strategy ETF (MULT) is $2,524,000.00.
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As of July 2014, the market cap for First Trust Global Tactical Commodity Strategy Fund (FTGC) is $192,054,554.84.