hadm_q2sty_sp08(3)

hadm_q2sty_sp08(3) - International market research...

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International, market research, segmentation 1) What are target markets? a) A group of people or organizations for which a business crates and maintains a marketing mix specifically designed to satisfy the needs of group members 2) What is market research? a) The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities 3) Global markets and international marketing (what does this distinction mean?) a) International marketing – developing and performing marketing activities across national boundaries; can provide tremendous opportunities for growth and renewed opportunity for the firm i) Wal-mart has over 1.5 million employees and over 5,300 stores in 10 countries ii) Starbucks serves 20 million customers a week at over 10,000 shops in 30 countries 4) Customization vs globalization (examples) a) Traditional full-scale international marketing involvement is based on products customized according to cultural, regional, and national differences. Demands some strategic planning if a firm is to incorporate foreign sales into its overall marketing strategy. Realizing that both similarities and differences exist across countries is a critical first step to developing the appropriate marketing strategy effort targeted to particular international markets. Many firms strive to build their marketing strategies around similarities that exist instead of customizing around differences. i) Soap and detergent manufacturers adapt products to local water conditions, equipment, and washing habits ii) Colgate-Palmolive even devised an inexpensive, plastic, hand powered washing machine for use in households that have no electricity in less developed countries iii) Coca-Cola markets distinct versions of its soft drinks for the tastes of different regions of the world; it also contributes to local causes and customizes promotion to feature local people, humor, and sports teams in its advertising b) Globalization involves developing marketing strategies as if the entire world (or regions of it) were a single entity; a globalized firm markets standardized products in the same way everywhere. i) Nike and Adidas shoes; electronic communications equipment, Western U.S. clothing, movies, soft drinks, rock and alternative music CDs, cosmetics, toothpaste ii) Sony TVs, Levi jeans, U.S. cigarette brands get year-to-year gains in the market 5) General issues in moving beyond borders a) Environmental forces affecting foreign markets may differ dramatically from those affecting domestic markets i) Competitive forces (1) Firms operating internationally also need to: (a) attend to the competitive forces in the countries and the global competitors in those markets (other environmental forces: sociocult, tech, polit, legal, regul, econ) (i) country markets establish the infrastructure for the type of competition that can take place 1. Microsoft’s almost monopolistic dominance in US and other countries; legal battles over business practices 2.
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