market strategy in globalised in era

7/30/2019 Market Strategy in Globalised in Era

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*Assistant Prof. Department of Management Science, Jaya Govind Harigopal Agarwal College of Arts

and Science Madhavaram Chennai-60

** Assistant Prof. Department of Commerce, Jaya Govind Harigopal Agarwal College of Arts and

Science Madhavaram Chennai-60

ABSTRACT

MARKETING STRATERGY IN GLOBALISED ERA

*S.Shankar M.B.A., PGDHRM

** K. Kalarani M.Com., M.Phil., B.Ed.,

Marketing is the systematic and tactical method of an organization where they can

reach their objectives in a tuned manner. Every organization growth is based only on how fast

they retaining or familiar with more customers. According to the marketing strategy customers

are the best judges for the manufactures. These judges expectations are more important for the

organization and those experts are to be satisfied in an effective way.

When a company is decided to enter globally they have to meet more number of

competitions and have to make a suitable plan with new trends of effective strategy. The

foremost of global strategy is to make a suitable plan, identifying the customer need and

expectation about the product quality, prices and the competitors of the product. Todays

marketing is very competition oriented one so the marketing experts have to make a suitable

structure according to the globalised competition for their successful running.

Standardization is the strength of an organization towards market. When a company is

decided to enter globally they have to analyze and forecast more number of difficulties according

to their launching countries standard to reach more number of customers. If these things are

analyzed the marketing strategy adopted by an organization leads them in a successful way of

growth. These studies analyze the objectives of impacts in global marketing strategy and the

methods adopted by a marketer to meet global competition.


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MARKETING STRATERGY IN GLOBALISED ERA

Marketing deals with identifying and meeting human and social needs. One of the

shortest definitions of marketing is Meeting needsprofitably

-Philip Kotler and Keven Lane Keller

Introduction

Astone can attract more number of customers when it has been shaped by a sculptor same

thing as to be followed by the organization when the product has been manufactured according

to the shape and design and quantity expected by the customers.

The customers are the best partners of the organization who helped a concern to be a

profit oriented one and help them to move forward a step from one ladder to next. When a

product was introduced in a local market it helps the manufacturers to retain more customers

when it is globally the organization wants to meet more and more global strategy to standardize

in the Global Market. The global market have to consider the product features, Brand name,

Labeling, Color, Packaging, Advertising Media, Communication etc. These are the important

plans that an organization should consider before entering the global market.

Entering globally by a firm must plan a suitable strategy according to country where

they are going to launch. Before framing this marketing person can conduct a survey in that

country by issuing a sample product to know about the customers preference, expectation and

satisfaction about the products.


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Objectives

To know the impact of Globalised Marketing Strategy To know the methods adopted by the marketers to meet the global

Definition:

Marketing is a Societal Process by which individuals and groups obtain what they need and

want through creating, offering and freely exchanging products and services of values with

others.

-Philip Kotler and Keven Lane Keller

Competing on a Global Basis:

A Global Industry is an industry in which the strategic positions of competitors in major

geographic or national markets are fundamentally affected by their overall global positions. A

global firm that operates in more than one country can capture Resources and Development,

Production, Logistical, marketing and Financial advantages in its cost.

Global firms plan, operate and co-ordinate their activities on a worldwide basis, this helps

the organization to retain more customers and can able to standardized in the global market when

suitable strategy are adopted.

For eg:

Fords World Truck was European made cab and a North American built chassis is assembled

in Brazil and is imported into the United States for sale.

Otis Elevator gets its door systems from France, Small geared parts from Spain, Electronics

from Germany and special motors drives from Japan and its uses the United States from systems

integration.


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Major Decisions to go Global Marketing for Current Era

The Company is expecting higher profit opportunities than the domestic market. The company needs a larger customer base to achieve economics of sale Global firms offering better products or lower prices can attackthe companys market The companys have to provide good International Servicing The company wants to reduce the dependence on any one market.

The following are the risk that a company may face while going for abroad

The company might not understand foreign preferences and to fail to offer acompetitively attractive products.

The company may underestimate the foreign countrys business culture or known how todeal with Foreign Nationals

The company may under estimate Foreign Regulations and Incur Unexpected Cost The company might realize that their managers are lacking with international

Expectations.

The Foreign country might change his commercial laws, devalue its currency or undergoa political revolution and expropriate foreign property.

Global Standardization:

Many companies have tried to launch their version of a world product. The company should

review the following elements and determine which would add more revenue than cost.

Products Features Brand Name Labeling Packaging Colors Advertising Execution


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Materials Prices Sales Promotion Advertising Themes Advertising Media

Commandments of Global Branding Strategy

Understand similarities and differences in the global branding like consumer behavior,competitive activity, legal restrictions etc.

Do not take short cuts in brand-building in new markets from Bottom-up Establish a new marketing infrastructure when launching in a new country Embrace integrated marketing communications in overseas market not just advertising Establish brand partnerships in their international markets that helps companies achieve

advantages in distribution, Profitability and added value

Balance Standardization and customization market programme like packaging brandname etc.

Balance global and local control within the organization and distribute decision makingbetween global and local managers

Establish operable guidelines must be established, communicates and properly enforcedso that marketers everywhere know what they are expected to do and not to do.

Implement a global brand equity measurement system of research procedures designed toprovide timely accurate and actionable information for marketers so they can make the

best possible short run tactical decisions and long-run strategic decisions.

Leverage brand elements proper design and implementation of brand elements.


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Deciding the five modes how to enter Global or Foreign Market

Once a company decides to target a particular country. It is a best choice of considering

the following necessities

Indirect Exporting Direct Exporting Licensing Joint Ventures Direct Investment

Using a Global Web Strategy

Todays market is most familiar with Electronic Market this helps the customers to order

any products through web technology itself. A customer can get more information about the

product like features, color, quality, price tec. This helps the customers to save time in

purchasing.

These companies adopt their web sites to provide country specific content and services to

their best potential in international markets, ideally in the local language. The number of internet

users is rising quickly as access costs, decline, local language and infrastructure improves.

The internet has become an effective means of everything free exporting information and

guideline to conducting market research and offering customers several times zones away a

secure process for ordering and paying for products.

The most important two things that to be followed in Global marketing strategy is

Building Country Image Consumer Perception of Country of Origin


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Building Country Image:

Attitudes towards country of origin can change overtime. This helps the home country

to build their image in the foreign country to standardize in the market, these helps the foreign

customers to know about the birth country image and product nature and peoples expectation

and brand equity.

Consumer Perception of Country of Origin:

The Favorability of country of origin perception must consider both from a domestic

and foreign perspective. In the domestic market country origin perceptions may stir consumers.

Patriotic nations or remind them of their past. As international grows, consumers may view

brands as symbolically important in their own cultural heritage and identity.

Conclusion:

Standardization is the strength of an organization towards marketing. When a company is

decided to enter globally they have to analyze and forecast more number of difficulties according

to their launching country standard to retain more number of customers. If these above

mentioned things are analyzed the marketing strategy adopted by an organization leads to them

in a successful way of growth.


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Reference:

1. Philip Kotler and Keven Lane Keller 12 th Edition2. Ten Commandments of Global BrandingAsian Journal for Marketing (2001) 97-1083. www.ita.doc.gov4. Seven Rules of International DistributionArnold pg 132-1375. www.abb.com6. Global Research and Foreign Entry Edited by Bart Weitz and Robin Wensley sage

Publication pg 457483

7. Competitive Strategy Michael E-Porter pg 2758. Multinational Marketing Management- by Warrren J. Keegan Prentice Hall 1995
http://www.ita.doc.gov/http://www.ita.doc.gov/http://www.abb.com/http://www.abb.com/http://www.abb.com/http://www.ita.doc.gov/

market strategy in globalised in era

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