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 commodity 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 target and differently in an underdeveloped country of your choice. You might want to look up some of the characteristics of a 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 fertile 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
- Direction – a clear purpose for the brand with a defined culture and values, as well a plan to deliver
- Empathy – the degree to which the brand is in tune with customers’ & stakeholders’ needs, beliefs & desires
- Alignment – the degree to which the whole organization is pulling in the same direction on strategy
- Agility – speed to market in the face of opportunity or challenge
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/
The Harry Potter arrangement, composed by J.K. Rowling, is maybe the most mainstream set of books of the cutting edge period. With seven books and numerous blockbuster movies to its name, the arrangement has amassed around 15 billion dollars in deals. How did this marvel become what it is? For those scratching their heads, the explanation can be separated into a few territories: Rowling gathered a liberal introductory agreement for her book, separate book covers were made for the two youngsters and grown-ups, 12 PM discharges/advancements/pre-orders made the open progressively devotee about the arrangement, and fan sites were widespread. Indeed, these are only a couple of the principle reasons why the Harry Potter removed the manner in which it did. The primary book in the arrangement, "Harry Potter and the Philosopher's Stone," was dismissed multiple times before it was gotten by Bloomsbury—a little distributer in England. At the time, Rowling was living on benefits as a single parent, so accepting this agreement was her initial step to progress. Be that as it may, getting a book contract doesn't guarantee the achievement of a book. The story was loved by youngsters and grown-ups the same, and this had a lot to do with the fame of the underlying book and the arrangement all in all (Rappaport, Sarah). Considering this, her distributer made separate spreads for youthful perusers and grown-ups. As per BusinessInsider.com, "Grown-ups love perusing the Harry Potter books, however barely any need to be seen toting around a kid's book. To make it simpler for grown-ups, Bloomsbury Publishing, the British distributing house that initially purchased the rights to Rowling's books, distributed a second form of the books with "grown-up" (i.e., not so much vivid but rather more exhausting) book covers" (Aquino, Judith). This made it simpler for a full scope of ages to appreciate the arrangement. This isn't a simple accomplishment for youthful grown-up fiction. Another factor that had exactly the intended effect was that when the Harry Potter arrangement turned into an undeniable achievement, the distributer, and Rowling herself through her very own site for the books, directed 12 PM discharges, unique advancements, and pre-requesting to draw in perusers significantly more. As indicated by BusinessInsider.com, "Beginning with the fourth book, Harry Potter and the Goblet of Fire, hordes of individuals wearing dark robes, ties and round-outline glasses started appearing at book shops for 12 PM discharge parties in 2000. Clients who dreaded their neighborhood book shop would come up short on duplicates reacted by pre-requesting more than 700,000 duplicates before the July 8, 2000 discharge date, as per Gunelius. The seventh and last book in the Harry Potter arrangement turned into the quickest selling book ever, reports The New York Times, with in excess of 11 million duplicates sold during the first 24 hours in quite a while alone" (Aquino, Judith). The being a fan around the books made progressively worthwhile open doors for the arrangement. Likewise, in light of fans, online journals were made that were devoted to the story, subtleties, plot, characters, and considerably more about the arrangement. To start with, Rowling didn't have a lot in the method for promoting, and the fans did a great deal of work for her. As per HubSpot, "The fans dominated and made numerous viral crusades for her benefit discussing the energy they had over up and coming discharges. Harry Potter is frequently a slanting subject on Twitter, Facebook occasions and page are bottomless and a huge number of bloggers make posts for their sake. These advancements are progressively certifiable in light of the fact that they originate from the source, the fans, rather than the individual who makes a benefit" (Leist, Rachel). This natural promoting impelled the Harry Potter tale arrangement into being the best one ever. Presently that Rowling has sold a large number of duplicates of her Harry Potter books and has seen every one adjusted into films, stock, fan craftsmanship, and that's only the tip of the iceberg, we can securely say that this arrangement is a worldwide marvel. Through an underlying agreement, publicizing for the two youngsters and grown-ups, unique discharges and gatherings, and natural promoting from fans by means of the web, Harry Potter and his universe took over as the best smash hit book ever. Works Cited Rappaport, Sarah. "15-Year Harry Potter Spell Brings Riches to Publisher." CNBC, CNBC, 26 June 2012, www.cnbc.com/id/47958888. Aquino, Judith. "The Brilliant Methods That Made Harry Potter A $15 Billion Brand." Business Insider, Business Insider, 13 July 2011, www.businessinsider.com/jk-rowling-business-techniques 2011-7#separate-book-covers-were-made to-get-more-grown-ups on-board notwithstanding youngsters 2. Leist, Rachel. "5 Marketing Lessons from Harry Potter." HubSpot Blog, HubSpot, blog.hubspot.com/blog/tabid/6307/offer/19702/5-promoting exercises from-harry-potter.aspx.>GET ANSWER