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Global Industry – Strategic positions of competitors in geographic or national markets are affected by overall global positions
Global Firm - Operates in more than one country & captures R&D , Production, marketing, financial advantages& reputation than competitors
Tapping Into Global markets
Deciding to go abroad
Which market to enter
How to enter market
Decide marketing program
Decide marketing organization
Major Decisions
WHY International Arena
• Higher profit opportunities
• Large customer base • To reduce dependence on one market
• Counterattack in home markets
• International servicing
Several Risks
• Fail To Understand Customer preferences
• Fail To Understand Country Culture
• Underestimate Foreign Regulations
• Lacks Managers With International experience
Which market to enter
Developed
Developing
NAFTA
Regional Free trade Zones
EU
Deciding to go abroad
Which market to enter
How to entermarket
Decide marketing program
Decide marketing organization
Com
mitm
ent , risk, control ,profit potential 5 modes entry into foreign market
Standardized Marketing MixAdapted Marketing Mix•Product•Communications•Price
Marketing Program
Standardization of ProductCommunicationDistribution channels
Adapted – Where producer adjusts marketing program to each target market
Standardized Marketing MixAdapted Marketing Mix•Product•Communications•Price
Marketing Program
Straight Extension Introducing product in foreign market without changeProduct Adaption Altering product to meet local conditions or preferences.Product Invention
Standardized Marketing MixAdapted Marketing Mix•Product•Communications•Price
Marketing Program
Communication AdaptionCo.s run same marketing communications programsDual AdaptionAdapts both product & communications
Standardized Marketing MixAdapted Marketing Mix•Product•Communications•Price
Marketing Program
Uniform price everywhere
Market based price in each country
Cost based price in each country