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21 Tapping Into Global Markets Marketing Management, 13th ed Chapter Questions • What factors should a company review before deciding to go abroad? • How can companies evaluate and select specific foreign markets to enter? • What are the major ways of entering a foreign market? • To what extent must the company adapt its products and marketing program to each foreign country? • How should the company manage and organize its international activities? Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-2 What is a Global Firm? A global firm is one that operates in more than one country and captures R&D, production, logistical, marketing, and financial advantages in its costs and reputation that are not available to purely domestic competitors. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-3 Major Decisions in International Marketing • • • • • Deciding whether to go Deciding which markets to enter Deciding how to enter Deciding on the marketing program Deciding on the marketing organization Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-4 Four Stages of Internationalization • • • • No regular export activities Export via independent agents Establish sales subsidiaries Establish production facilities abroad Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-5 Top Global Firms Based in Developing Markets • • • • • • • • America Movil Cemex China Mobile CNOOC Embraer Gazprom Haier Hisense • Huawei Technologies • Infosys Technologies • Koc Holding • Lenovo Group • MMC Norilsk Nickel • Mahindra & Mahindra Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-6 Regional Free Trade Zones • • • • • European Union NAFTA MERCOSUL APEC ASEAN Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-7 Key Developing Markets Brazil Russia India China South Africa Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-8 Desired Country Characteristics for Market Entry • Rank high on market attractiveness • Rank low in market risk • Possess a competitive advantage Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-9 Five Modes of Entry into Foreign Markets • • • • • Indirect exporting Direct exporting Licensing Joint ventures Direct investment Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-10 Direct Exporting Methods • • • • Domestic-based export department Overseas sales branch or subsidiary Traveling export sales representatives Foreign-based distributors or agents Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-11 Table 21.2 Global Marketing Advantages • Economies of scale • Lower marketing costs • Power and scope • Consistency in brand image • Ability to leverage • Uniformity of marketing practices Disadvantages • Differences in consumer needs, wants, usage patterns • Differences in consumer response to marketing mix • Differences in brand development process • Differences in environment Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-12 What Marketing Aspects Might Be Adapted for International Marketing? • • • • • • Product features Labeling Colors Materials Sales promotion Advertising media • Brand name • Packaging • Advertising execution • Prices • Advertising themes Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-13 Cultural Dimensions • • • • Individualism vs. collectivism Masculine vs. feminine High vs. low power distance Weak vs. strong uncertainty avoidance Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-14 Commandments of Global Branding • Understand similarities and differences in the global branding landscape • Do not take shortcuts in brand building • Establish a marketing infrastructure • Embrace integrated marketing communications • Establish brand partnerships Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-15 Commandments of Global Branding (cont.) • • • • Balance standardization and customization Balance global and local control Establish operable guidelines Implement a global brand-equity measurement system • Leverage brand elements Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-16 Levels of Product Adaptation • • • • Production of regional product versions Production of country versions Production of city versions Production of retailer versions Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-17 Communications • Communications adaptation • Dual adaptation Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-18 Price Choices • Set a uniform price everywhere • Set a market-based price in each country • Set a cost-based price in each country Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-19 What is a Gray Market? A gray market consists of branded products diverted from normal or authorized distributions channels in the country of product origin or cross international borders; dealers in lower priced countries sell products in higher priced countries Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-20 Whole-Channel Concept for International Marketing • • • • • Seller International headquarters Channels between nations Channels within nations Final buyers Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-21 Global Organization Strategies • World as single market • Multinational • Glocal Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 21-22