Chapter 15a Global Marketing and R&D

Chapter 15a Global Marketing and R&D - 15-1Click to...

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Unformatted text preview: 15-1Click to edit Master subtitle styleChapter 15Global Marketing and R & D15-2IntroductionQuestion: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 of1.product attributes2.distribution strategy3.communication strategy4.pricing strategy 15-3The Globalization of Markets and Brands Theodore Levitt argued that world markets were becoming increasingly similar making it unnecessary to localizethe marketing mix Levitts theory has become a lightening rod in the debate about globalizationMost 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 andpreferencesIn 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 15-4Market SegmentationQuestion:What is market segmentation?Market segmentation involves identifying distinct groups of consumers whose purchasing behavior differs from others in important waysGlobal market segments are more likely to exist in industrial products than in consumer products15-5Market SegmentationFirms 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 segmentsmust 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 15-6Product Attributes15-7Product AttributesProducts can be thought of as a bundle of attributesProducts sell well when their attributes match consumer needsConsumer needs vary from country to country depending on 1.culture2.the level of economic developmentSo, the ability of firms to sell the same product worldwide is limited 15-8Cultural DifferencesCountries differ along a range of cultural dimensions includingtraditionsocial structurelanguagereligioneducationWhile, there is some evidence that tastes and preferences are becoming more cosmopolitan, the global culture that Levitt proposed is still a long way off15-9CNS BREATHE RIGHT STRIPS: GOING GLOBALDo Colors Matter?15-10Economic DevelopmentQuestion:How does a countrys level of economic development influence marketing?Consumers in highly developed countries tend to demand a lot of extra performance attributes into their productsConsumers in less developed nations tend to prefer more basic products15-11Product and Technical StandardsQuestion:How do differences in product and technical standards impact marketing decisions?...
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This note was uploaded on 09/23/2011 for the course ECON 101 taught by Professor Smith during the Spring '11 term at North Shore Community College.

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Chapter 15a Global Marketing and R&D - 15-1Click to...

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