Chap015 - Chapter 15 Chapter Global Marketing and R&D...

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Chapter 15 Chapter 15 Global Marketing and R & D
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15-2 Introduction Question: How can marketing and R&D be performed so they reduce the costs of value creation and add value by better serving customer needs? The marketing mix (the choices the firm offers to its targeted market) is comprised of product attributes distribution strategy communication strategy pricing strategy
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15-3 The Globalization of Markets and Brands Theodore Levitt argued that world markets were becoming increasingly similar making it unnecessary to localize the marketing mix Levitt’s theory has become a lightening rod in the debate about globalization Most experts believe that while there is a trend towards global markets, cultural and economic differences among nations act as a major brake on any trend toward global consumer tastes and preferences In addition, trade barriers and differences in product and technical standards also limit the ability of firms to sell a standardized product to a global market
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15-4 Market Segmentation Question: What is market segmentation? Market segmentation involves identifying distinct groups of consumers whose purchasing behavior differs from others in important ways Global market segments are more likely to exist in industrial products than in consumer products
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15-5 Market Segmentation Firms must adjust their marketing mix from segment to segment consider the existence of segments that transcend national borders and understand differences across countries in the structure of segments must customize the product, the packaging, or the way in which the product is marketed in order to maximize performance in market where there are no cross-national segments
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15-6 Product Attributes Products can be thought of as a bundle of attributes Products sell well when their attributes match consumer needs Consumer needs vary from country to country depending on 1. culture 2. the level of economic development So, the ability of firms to sell the same product worldwide is limited
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15-7 Cultural Differences Countries differ along a range of cultural dimensions including tradition social structure language religion education While, there is some evidence that tastes and preferences are becoming more cosmopolitan, the global culture that Levitt proposed is still a long way off
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15-8 Economic Development Question: How does a country’s level of economic development influence marketing? Consumers in highly developed countries tend to demand a lot of extra performance attributes into their products Consumers in less developed nations tend to prefer more basic products
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15-9 Product and Technical Standards Question: How do differences in product and technical standards impact marketing decisions? National differences in product and
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Chap015 - Chapter 15 Chapter Global Marketing and R&D...

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