Global Marketing Strategy

Global Marketing Strategy -practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ (Kerin, Hartley, Rudelius)Global consumers -customers living around the world who have similar needs or seek similar benefits from products/services

•global middle-income class•global youth market•global elite segment

Reasons

Opportunistic global market development (diversifying markets)Following customers abroad (customer satisfaction)Pursuing geographic diversification (climate, geography, etc.)Exploiting product life cycle differencesPursuing potential abroad (technology)Globalizing for defensive reasons Pursuing a global logic or imperative (new markets and profits)

Preparations

1. Understand the international marketing environment2. Consider what proportion of foreign to total sales to seek,

whether to do business in a few or many countries and what types of countries to enter

3. Decide on which particular markets to enter4. Decide how to enter each attractive market5. Decide on the extent to which their products, promotion, price

and distribution should be adapted to individual foreign markets6. Develop an effective organization for pursuing international

marketing

Mediums

-Website-Advertisements on TV, radio, newspapers, etc.

Benefits

Improved product and service effectivenessStronger competitive advantageHeightened customer awarenessCost reduction and savings