Marketing and iHRM

Question 1

The four P’s in marketing

Answer 1

Product
Price
Place
Promotion

Question 2

Market segmentation

Answer 2

• dividing firm’s total costume base into clusters with similar characteristics like income, lifestyle, geographic etc, allows unique market strategies for each group

Question 3

International marketing

Answer 3

• integral part f a firm’s global strategy
• task: plan, develop and implement strategies to ensure sustainable long term C.A
  two tasks:
  1. determining specific global target markets
  2. international marketing management (what do you want to promote, say to the world)

Question 4

Adaptation vs standardisation

Answer 4

Adaptation: modifying elements of the marketing to meet specific customer requirements in foreign markets
Standardisation
Uniform marketing program, target entire regions of countries or even global with same product or service.

Question 5

Global branding

Answer 5

Strong global brand enhances efficient/effective marketing programs, ability to charge premium prices, brand loyalty, trust and confidence in product

Question 6

Factors to consider in market pricing

Answer 6

• Company (cost, goals, location of production etc)
• Customers (nature of market, price sensitivity and segments, income level, demand)
• Competition(nature of product or industry, number of competition)
• Channels (distribution system, direct indirect)
• Gov policies is also major factor - tac, tariffs etc

Question 7

Pricing strategies

Answer 7

• Rigid cost-plus pricing=
  fixed price for all markets, just add export prices (fail local demand, income, competition)
• Flexible cost-plus pricing=
  adjust price to local market after export extra cost is added, consider external variables

Incremental pricing=
in very competitive markets, price to only cover variable costs, not fixed cost- assume that is covered in other markets, when pressure from locals, competitive prices, suboptimal profit

Question 8

Place

Answer 8

distribution policy
getting product from origin to customer, with min. cost and time
Challenges: distance, security, exchange rate fluctuation, foreign intermediaries

Question 9

Promotion

Answer 9

advertising, personal selling, sales promotion, public relations - local factors: what media, regulations, culture, language, humor etc
Promotional policy: media strategy (channel), creative strategy (message/content), organisation of promotional program

Question 10

Global product development

Answer 10

developing international producs: emphasise commonalities, not differences

Question 11

Management

Answer 11

coordinates the efforts of people to accomplish goals and objectives by using available resources efficiently and effectively, getting things done through people + how to motivate

Question 12

Efficiency vs effectivity

Answer 12

Efficiency= use sources best way possible, quality, time, quick
Effectivity= doing the right thing, right product etc

Question 13

iHRM

Answer 13

Planning, selection, training, employment, evaluation of employees for international operations - context is key (oversee employees). Recruits, trains, choose person for operations

Question 14

Different types of managers

Answer 14

• Host-Country nationals (HCN’s)
  citizen of where subsidiary is located, biggest proportions of abroad hiring
• Parent-country nationals (PCN’s)
  home-country, citizens of country where MNE’s headquartered
• Third-country nationals (TCN’s)
  other that home or host, usually have unique skills

Question 15

Key tasks of IHRM

Answer 15

Staffing policy - recruiting, selecting and placing
Preparation and training -effectiveness, cross-cultural
Performance appraisal - feedback for professional development
Compensation -benefits, allowances, incentives
International labour relations - wages, labour unions
Diversity in international workforce - diverse=specific knowledge

Question 16

Employee characteristics for international effectiveness

Answer 16

• job knowledge
• self reliance
• adaptability
• interpersonal skills (ability to build relationships
• leadership ability (see change positively)
• physical and emotional health
• spouse/preparedness for living abroad

Question 17

How to train personell for international assignments

Answer 17

area studies (know historical, political, economic environment), practical info (housing, health care, daily living), cross-cultural awareness. Best companies help host country nationals to develop international leadership skills.

Question 18

Performance appraisal and compensation

Answer 18

P.A= assessing effectiveness, provide feedback
Compensation= base remuneration, benefits, allowance, incentives

Question 19

CSR in IHRM

Answer 19

CSR=responsive to stakeholders and operating in socially acceptable ways, when hiring, contracting and managing employees. For effective and efficient employees: keep them happy, pay them fairly, give them a safe and happy environment.