Global marketing: business' marketing plan must be modified to better suit overseas markets.

Some transnational corporations take a standardised approach and other customise their marketing plan to better suit differences among countries' tastes, religions etc. Market research must be applied (to culture, economy etc) to understand the complexities of the global market environment before a marketing approach is made. The marketing mix can then be developed.
-Global branding: the worldwide use of a name, term, symbol or logo to identify the seller's products. Is: cost effective when advertising, worldwide image, easier to introduce new products due to success of brand. e.g. McDonalds doesn't have a language barrier.
-Standardisation (approach): a global marketing strategy that assumes the way the product is used and the needs it satisfies are the same globally. "One marketing plan fits all". e.g. electrical equipment, mobile phones, soft drinks.
This saves cost when marketing, with a much simpler marketing process.
-Customisation (approach) (/local approach): a global marketing strategy that assumes the way the product is used and the needs it satisfies are different between countries. It is modified due to sociocultural, political and economic characteristics. Both approaches may be used. e.g. Maccas uses both approaches as it serves noodles in the Philippines, but standardises a lot.
-Global pricing: how businesses coordinate their pricing policy across various countries. Is important because price determines profit. The three global pricing strategies:
-customised pricing: when consumers in different countries are charged different prices for the same product. The cost-plus method is used to ensure a set profit.
-market-customised pricing: sets prices according to local market conditions. This allows for more flexibility than 'customised' and allows a business to remain competitive with domestic businesses. The exchange rate largely affects global businesses.
Standard worldwide pricing: the practice of charging customers the same price for a product anywhere in the world. The two risks of doing this are; a domestic business can may undercut the standardised price + changes in the exchange rate can negatively affect the exported price.
-Competitive positioning: how a business will differentiate its products. This strategy centres around gaining marketshare against competitors.

	Created by shaycrystal4 over 10 years ago

	Copied to Note by shaycrystal4 over 10 years ago

Business Studies (Marketing) Note on Marketing Strategies - created from Mind Map, created by shaycrystal4 on 10/11/2013.

Marketing Strategies - created from Mind Map