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global marketing sem 1 > lecture 3 p2- decision to internationalise > Flashcards

lecture 3 p2- decision to internationalise Flashcards

1
Q

standardization in international marketing

standardization

A

in marketing means using uniform marketing practices, strategies and marketing mix across different countires or regions without any modification

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2
Q

standadization ]key point, benefits, challenges

A

key points
- its a counter approach to adaptation, where companies modify their practices to fit the local market

benefits
- economies of scale
- uniform global image
- simplified decision making and faster time to market

challenges
- local resistance - products might not meet specefic or cultural nuances
- regulatory issues- diff countires verying regulations might not meet
- lack of flexibility - a one sie fits all approach might make it challegning to address market specefic crisis or opps
- potential backlash - perceived neglect of local traditions or needs

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3
Q

localization in international marketing

localization

A

customizing products and marketing strategies to fit local market conditions and consumer preferecnes

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4
Q

localization key elements

A
  • product; adjusting features, design, and functions local needs and taste
  • price; considering local purchasing power, competitors and market demand
  • place; local distribution strategies, retail environments and supply chain
  • promotion; tailored advertising and sales promotions that resonate with local culture
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5
Q

localization
benefits and challenges

A

benefits
- enhancd customerappeal and satisfaction
- competitiv adv in local markets
- reduced risks of cultural insensitivity

chall
- increased costs and complexities in desing and production
- need for extensive market research
- balancing global brand consistency with local relevance

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6
Q

glocalisation in international marketing

glocalisation

A

a combination of globalisation and localisation it refers to the adaption of internationally marketed products and services to fit the specificities of local culture

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7
Q

glocalisation
key principle

A
  • global strategy; create universally resonante better with local consumers
  • local adaption ; modifiy aspects to cater to local needs, preferences and cultural nuances
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8
Q

glocalisation
adv
challengees

A

adv
- relevance - locally adapted products reesonate better with local consumers
- effeicicny - maintains a global brand image while also being locally accepted
- competitive edge- sets the company apart from those who only implement either a global or local strategy

challenges
- complexity - balancing global strategies and local adjustments
- costs; local adaptions might increase production and costs

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9
Q

forces for standardisation

A
  • worldwide markets
  • global customers
  • removal of trade barriers

cont’d
- standardised technology and communication
- managing relationships with local partners
- global cost drivers- economies of scale/scope

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10
Q

forces for stand

worldwide markets - universal aspirations

A

cultural convergence
the concept of a global village where shared culutral values and products become present
eg coca - cola, nike

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11
Q

forces for stand

global customers

A

-customers around the world expect consistent product/serivces delivery, features and pricing irrespective of the region
eg amazon

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12
Q

forces for stand

removal of trade barriers

A

deregulation allows for smoother, more consisteent international trade, facilittating standardised product service offering

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13
Q

forces for stand

standardised tech and communication

A

a globally connected world through tech - shared standards and platforms, simpliying global operations

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14
Q

forces for stand

managing relationships with local partners

A

ensuring consistent, high quality interactions with local subsidiaries, suppliers and partners to maintain a uniform brand opresence and operational efficacy

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15
Q

foprces for standar

global cost drivers - economies of scale/ scope

A

centralised production or operations can lead to cost saving when products/services are standardised

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16
Q

forces for localisation

A
  • cultural difference
  • regionalism/ protectionism
  • de globalisation
17
Q

forces for local

cultural differences

A

markets are people not products
‘there may be global products but not global people’
- lanuage, values, behaviours and customs vary across regions
- consumer preferences are influenced by local culture

18
Q

forces for local

regionalism/ protectionism

A

regional clusters forming regional trading blocs, potentially hindering global expansion
eg european union

19
Q

forces for local

de globalisation

A

resistance tto forign influences rooted in the beleif of native customes superirorty
‘everyone beleives their native customs are best’ Herodotus 2500 years ago
eg resistance to US culutral imperialism, mcdonalidastion, coco - colonisation

20
Q

definition of mcdonaldisation

A

refers to the process by which principles of the fast food industry are dominating more sectors of society

21
Q

4 key principles of mcdonaldisation

A
  1. efficiency - optimal method to accomplish a task
  2. calculability - focus on quantitative aspects eg big macs uniform size and big is better
  3. predictability - uniform services eg similar taste worldwide
  4. control - automation, replacement of human by non human technologies
22
Q

mcdonaldisation extends beyond food

A

its principles ar seen in retail, healthcare, education etc
leading to homogenization of societal experinces

23
Q

deglobalisation

A
  • refers to the reduction of interdependence and connectivity between nations
  • factors; economic shifts, politcal changes, cultural resistance and tech
24
Q

how mcdonalisation contributes to de globalisation

A
  • homogeenization of culture; over standardization can overshadow local tastes, cultures and practices
  • economic dependencies; centralized control may lead to economic challenges for local producers
  • resistance to culutral imperialism; backlash against perceived westernization oor americanization can spur movements to reclaim local indentity
  • loss of authenticity; as local flavours are overshadowed,m theres a push for a return to local customs, traditions and cuisines
25
Q

fundamental reasons for exporting for firms

A

is to make money

26
Q

what initation of internationalisation driven by

A

proactive or reactive motives
proactive are usually related to internal and reactive to external triggers

27
Q

internationalisation initiation and motives

proactive motives

A

related to need for strategic change, exploiting unique competences of a company or making use of market opps

28
Q

internationalisation initiation and motives

reactive motives

A

are related to passive adjustments to treats from the global economic environment or external pressures

29
Q

proactivee motives eg

A
  • profit and growth goal; drive to increase organisational profitability and expand business operations
  • managerial urge; intrinsic motivation of the motivation of the managment to internationalie driven by ambition and personal objectives eg vimto
  • unique product/ competence; capitalize on distinct products or competeencies that have a compeititve adv in foreign markets eg k beauty
  • foreign market opportuntis; proactivitly seeeking and capitalizing on opps in ovrseas markets to expand reacg eg yellow tail -US expansion to BRICS
  • cost efficiency ; eco of scale acheive higher production levels to lower per unit costs
  • taxation ; taking adv of tax incentives, reductions or breaks in forign markets
30
Q

reactive motives eg

A
  • competitive pressurses; racting to global rival defending market sharee or preempting competitors eg cola
  • small/ saturated home market ; limited growth potential locally, seeking new growth aveneues abroad
  • overproductive/ excess capacity; exploitating surplus production spreading fixed costs eg cars, white goods in US
  • extending seasonal products sale - capitalizing on diff seasonal demands globally eg ipanema
  • proximity of international consumers (physical/ psycholical); catering to nearby foriegn markets eg SAS
  • orders from forieng markets; capitalizing on unexpected global opps eg yellow tail
31
Q

barriers to initiatiom of internationalisation

lack of commitment (inward focus)

A

implication - avidance of global expansion
potential solutions- develop a global mindset and strategic international vision

32
Q

barriers to initiatiom of internationalisation

insufficient knowledge and experinces

A

implications - limitd ability to gauge foriegn market potential
potential solutions - invest in market research and international training

33
Q

barriers to initiatiom of internationalisation

insuffient finances and capital

A

implications - inability to bear international entry costs
solutions - explore joint ventures, partnerships and fincial support

34
Q

barriers to initiatiom of internationalisation

insufficient capacity

A

implications - cant meet potential international demand
solutions - scale operations or partner with entities in target market

35
Q

barriers to initiatiom of internationalisation

lack of forgien market connections

A

implications - dofficutlies in naivgating local networks
solutions - build alliances, attend trade fairs and network events

36
Q

barriers to initiatiom of internationalisation

lack of foriegn market distribution channels

A

implications - trouble reaching customers effectively
solutions - collaborate with local distribution or establish own channels

global marketing sem 1 (6 decks)

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