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Developing a Global Marketing Plan
Transcript of Developing a Global Marketing Plan
What is Marketing
All the activities involved in the planning, pricing, promotion, distributing and selling of goods and services in order to satisfy consumer needs and wants
Functions of Marketing
Research the international market place
Developing a Global Marketing Plan
Images used under license from Shutterstock.com
The Product Life Cycle
Primary and Secondary
Social and Cultural Values
Standing Out in the Crowd:
How do producers differentiate their products from a market full of competitors?
What features do consumers want?
What features are consumers willing to pay for?
What features are customers not yet aware of?
The brand name identifies the goods or services.It can be words, images, letters, numbers or any combination
When a brand name is associated with an image it is a brand mark.
A registered brand mark is called a trademark (no one else can use it)
REFERS TO THE WRAPPER OR CONTAINER FOR A PRODUCT.
IT MUST PROTECT THE PRODUCT
IT MUST ATTRACT ATTENTION
ALLOW FOR EASE OF USE
PROVIDE REQUIRED INFORMATION
PROVIDES THE CONSUMER WITH INFORMATION.LABELS VARY FROM COUNTRY TO COUNTRY LABELLING IS SUBJECT TO GOVERNMENT REGULATION
CHANNELS OF DISTRIBUTION
THE PATH FROM MANUFACTURER TO THE END-USER
The Initial Distribution Strategy
Centralized Strategy – focuses on the production and sale of goods from one country.Benefits:
global brand (flagship brand)
economies of scale
Decentralized Strategy – focuses on the use of local production and sale of goods.Benefits:
proximity to market
Initial Distribution Strategy: set up own distribution system – create local distribution network
Use existing distribution system – use a local importer or broker who will handle the mechanics of distribution
Push vs. Pull
What is Promotion?
Using various methods to communicate with a target market to achieve the organization's goals
A non-personal form of promotion with a target audience delivered through various media paid for by the marketer
Advantages - Disadvantages
Attention – does it quickly get the audience’s attention
Interest – does it provide information that is of interest to the audience
Desire – does it build the audience’s desire to purchase
Action – does it clearly tell the audience how to turn the desire to
Using skills and strategies to build a personal relationship with the target audience with the result that both parties obtain value
It must be two way communication and paid for by the seller
Examples: direct salesperson contact, can be face-to-face, phone, internet (live chat)
Clarify Need – help the audience/customer to clearly understand the need they wish to satisfy
Establish Benefits – convince the audience/customer that your product/service will best satisfy that need
Encoding: composing the message – spoken, written, symbolic, Kinesics
Problems: vocabulary (perambulator), idioms (a bird in the hand is worth 2 in the bush)
Medium: the method by which the message is transmitted
Problems: select wrong medium – written note to warn occupants that a building is on fire.
Decoding: message is interpreted by the audience
Problems: vocabulary (grass), idioms (march to a different drummer)
Noise: anything that interferes with communication
Problem: a visual that is not in keeping with one of Hofstede’s dimensions – a female offering advice in a male oriented culture
Feedback: the response the audience has to the message
Problem: lack of feedback
Using short term strategies to persuade consumers to behave in a certain manner -take action!
The marketer offers something of value as a reward for those who respond.
Contests, free samples, coupons, sale pricing etc.
Initial Sales Promotional Strategy may include:
Push Strategy – focus on creating product sales to middleman businesses – wholesalers, retailers, importers, agents, etc.
Pull Strategy – focus on creating product demand in the end user group
Awareness of your organization, product/service through articles and features in relevant news media outlets
newspapers, radio, Television etc. present stories which tell about some aspect of your product/service
It is impersonal, however, these are not paid for by the seller!
Advantages – Disadvantages?
Image from: http://www.sellingbooks.com/how-to-use-publicity-once-you-have-it/
What are customers willing and able to spend for the good or service and at what price are producers willing and able to supply the goods/services
Cost per unit $20.00
+ Expenses per unit $10.00
=Break-even point $30.00
x Markup 25% (Break Even Price x1.25)
=Landed Selling Price$37.50
xTarriff per unit 10% (Landed Selling Price x1.10)
= Final Selling Price is Can.$41.25
Of course you need to convert to the local currency:
Final Selling Price – Brazil$79.07 reals (41.25 x 1.9168)
Image courtesy of: http://blog.anymeeting.com/business-tips/how-to-price-your-product-or-service/
In the end it is always about AIDA!