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Developing international marketing strategy
How do I approach International Marketing?
A decision that managers have to make regarding their international marketing strategy is the degree to which they standardize or adapt their marketing mix around the world. Mostly standardization and adaptation are seen as two distinct options. However, reality is that mixes are totally standardized. A lot of brands mentioned as being standardized, but even in those brands adaptation is found one way or the other.
For example, in Coca Cola, the sweetness and carbonations vary between countries. Also the packagging differs. Most global brands adapt to meet the local preferences and requirements. So in conclusion, most brands will remain national.
How do marketers tackle these issues?
A good rule is to go global if you can and stay local when you have no other options.
Standardization is a good option because it can create massive economies of scale. Lower advertisement and packaging costs can be achieved. Also the logistical benefit of being able to move stock from one country to another to meet low stock situations should not be underestimated. Look for similarities rather than differences between consumers.
Balance
One approach is to have national involvement in management, encourage them to make recommendations. The key is to balance between local involvement and looking for similarities across markets. It is essential to recognise the differences in consumer preferences and buyer behavior, rather than the minor nuances.
If you like to use this information please feel free to do so, as long as you leave Internet Marketing Services as is.
How do I approach International Marketing?
A decision that managers have to make regarding their international marketing strategy is the degree to which they standardize or adapt their marketing mix around the world. Mostly standardization and adaptation are seen as two distinct options. However, reality is that mixes are totally standardized. A lot of brands mentioned as being standardized, but even in those brands adaptation is found one way or the other.
For example, in Coca Cola, the sweetness and carbonations vary between countries. Also the packagging differs. Most global brands adapt to meet the local preferences and requirements. So in conclusion, most brands will remain national.
How do marketers tackle these issues?
A good rule is to go global if you can and stay local when you have no other options.
Standardization is a good option because it can create massive economies of scale. Lower advertisement and packaging costs can be achieved. Also the logistical benefit of being able to move stock from one country to another to meet low stock situations should not be underestimated. Look for similarities rather than differences between consumers.
Balance
One approach is to have national involvement in management, encourage them to make recommendations. The key is to balance between local involvement and looking for similarities across markets. It is essential to recognise the differences in consumer preferences and buyer behavior, rather than the minor nuances.
If you like to use this information please feel free to do so, as long as you leave Internet Marketing Services as is.
