Description TOPIC 1: Customizing Global Marketing - a matter of degree Basic marketing principl ...
Description TOPIC 1: Customizing Global Marketing - a matter of degree Basic marketing principles as we learned in MRKT 310 such as segmentation, targeting, differentiation, positioning and marketing mix (product, price, place, and promotion) remain constants in any marketing situation -- that is why they are called principles. However, the application of those principles of marketing can vary from country to country. The more the product is global on the continuum the more standardized those marketing strategic decisions become. Let's take the example of Dove Soap, a product which is considered a very popular good here in the U.S. It is a mass-marketed product. But, in some underdeveloped countries soap is considered an expensive luxury and therefore is marketed to middle income and higher-income consumers. On the other hand, Camry, a product that is almost 100 years old, is sold in the US as a soap for beautiful women, but it is sold in some underdeveloped countries as a product with significant skincare benefits, similar to expensive moisturizers in the US. So, those products have different target markets with different value propositions, different pricing structures, different marketing communications. Yet, it's the same product. YOUR TASK: Select a product you buy and use frequently, and make your best assessment of the product's target market, the way the manufacturer differentiates it, and how it is positioned in your home country. Explain how you would market the product in an underdeveloped country of your choice. You might want to look up some of the characteristics of the selected country for more information on that country. The link The World Factbook - The World Factbook (cia.gov) will take you to the CIA World Factbook, a good source of economic and political information about every country in the world. TOPIC 2: What makes a successful global brand? The global brand consultancy Interbrand, which publishes the annual Best Global Brands, highlights ten internal and external factors that lead to global brand success. Those factors are: Internal Factors 1. Direction - a clear purpose for the brand with a defined culture and values, as well a plan to deliver 2. Empathy - the degree to which the brand is in tune with customers' & stakeholders' needs, beliefs & desires 3. Alignment - the degree to which the whole organization is pulling in the same direction on strategy 4. Agility - speed to market in the face of opportunity or challenge External Factors Distinctiveness - uniquely ownable assets and experiences, difficult to replicate, remembered by customers Participation - the degree to which the brand draws in customers and partners creating a sense of dialogue, involvement, collaboration Coherence - the degree to which the customer's interactions remain authentic to the brand's narrative and feel Presence - the degree to which the brand feels omnipresent to relevant audiences in a positive way Affinity - the degree to which customers feel a positive connection to the brand based on functional and emotional benefits Trust - the extent to which the brand delivers on high customer expectations and is perceived to act with integrity Adapted from Best global brands methodology. (2020). https://interbrand.com/thinking/best-global-brands-2020-methodology/ Check out the full descriptions for each of these factors at https://interbrand.com/thinking/best-global-brands-2020-methodology/ Apply at least two internal factors and two external factors to the Costa Coffee brand. Does Costa Coffee fit the Interbrand definition of a global brand? Where does it have gaps and what would it need to do to get there?
