Global Marketing Mix Strategy
•
14 likes•5,051 views
The document discusses different global marketing strategies and the standardization versus localization of the marketing mix elements of product, price, promotion, and place. It describes four main strategies: 1) an ideal global strategy of marketing a standard product using uniform programs worldwide; 2) an ideal national strategy of locally adapting the marketing mix in each national market; 3) a hybrid I strategy of standardized products but adapted other elements; and 4) a hybrid II strategy of standardizing one key element like retail format but adapting other elements like product offerings locally. The document emphasizes considering local tastes and regulations for different elements.
Report
Share
Global Marketing Mix Strategy
- 2. Global Marketing Mix Strategy How far should each aspect of the marketing mix • Price • Products • Promotion • Place be standardised or varied locally?
- 3. Global Marketing Mix Strategy
- 4. IDEAL GLOBAL MARKETING STRATEGY Global Market Segments Global Product Marketing a standard product to a global market using uniform marketing programmes Replicated its direct selling practices across the world Ideal Global Marketing Strategy Athletic, Style, Comfort
- 5. National Market Segments National Product IDEAL NATIONAL MAKETING STRATEGY Marketing mix locally adapted for each national market Ideal National Marketing Strategy Caters to Indians in India & Abroad Caters to rural & low income segments in India
- 6. HYBRID I MARKETING STRATEGY National Market Segments Global Product Standardisation of products but adaptation of other elements of the mix Hybrid I Marketing Strategy Customized for Indian audience Launched with different names in different countries
- 7. Global Market Segments National Product HYBRID II MARKETING STRATEGY Standardisation of one key element of the mix but adaptation of others Retailing formula & Marketing activities are same throughout the World & product offerings modified to suit local tastes. Hybrid II Marketing Strategy
- 8. • Most important element of the mix • Must consider: – product range – new product development – rate of acceptance – product standardization or variation – packaging, branding, after sales service Product
- 9. Global price or local variations? Global pricing Advantage: Simple, fair, removes possibility of grey markets. Disadvantage: Not responsive to local demand and market conditions Local pricing Advantage: Market responsive, maximises revenues Disadvantage: Grey markets Price
- 10. All forms of marketing communication that seek to influence buying behaviour Standardisation of promotion has advantages – Economies of scale, uniform brand and image, spread of good ideas, universal standards, use of global media Disadvantages – Cultural, linguistic, legal differences, high costs of co-ordination, ‘not invented here’ syndrome Promotions I
- 11. Factors determining extent of standardised promotion: – corporate strategy - is it global? – uniformity of the product – how global is the brand? – legal factors – cultural factors – socio-economic conditions – uniformity of competitive situation Promotions II
- 12. Thank You