#11 GLOBALIZATION & ETHICS

Question 1

MKT DEFINTION!

Answer 1

Marketing is a set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships.

Question 2

Global Marketing

Answer 2

Focuses on the debate between standardizing or adapting marketing strategies to suit international markets.

Question 3

Marketing Strategies (2)

Answer 3

1. Standardization
2. Adaptation

Question 4

Marketing Strategies

Standardization

Answer 4

involves using the same marketing strategies, products, and promotions across all markets, maintaining consistency in the brand’s message and operations globally

Question 5

MKT Strategy of Standardization

Advantages of Standardization

Answer 5

• Cost Efficiency: Economies of scale in production and marketing.
• Consistent Brand Image: Builds a uniform brand identity across markets.
• Simplified Operations: Easier management with fewer variations.

Question 6

MKT Strategy of Standardization

Disadvantages of Standardization

Answer 6

• Lack of Local Sensitivity: May not meet specific cultural, legal, or economic differences.
• Competitive Risks: Competitors with localized strategies may gain an advantage.

Question 7

MKT Strategy of Standardization

Example of Standardization

Answer 7

Apple: Uses standardized product designs and marketing campaigns globally

Question 8

Marketing Strategies

Adaptation

Answer 8

tailors marketing strategies, products, and promotions to fit the unique characteristics of each local market.

Question 9

MKT Strategy of Adaptation

Advantages of Adaptation

Answer 9

• Market Relevance: Addresses specific consumer needs, preferences, and cultural norms.
• Competitive Edge: Provides differentiation in diverse markets.
• Regulatory Compliance: Adapts to local legal and regulatory requirements.

Question 10

MKT Strategy of Adaptation

Disadvantages of Adaptation

Answer 10

• Higher Costs: Increased costs in production, marketing, and management.
• Complexity: Greater logistical and operational challenges.
• Inconsistent Brand Identity: Risk of diluting the global brand image.

Question 11

MKT Strategy of Adaptation

Adaptation Example

Answer 11

Coca-Cola: it tailors its advertisements to reflect local traditions, holidays, and values.