What are some differences between domestic and global marketing plans?

Answer 1

Difference Between Domestic and Global Marketing PlansThere should never be 'one marketing plan' in a company. The difference is between the target markets. There should never 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 credibility

• Licensing - 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.