Ries - Consumer Insight 2-1

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Marketing

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Apr 3, 2024

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Ries - Consumer Insight 2-1 Task 1: Respond to question 2: Think about the seven global considerations when entering a foreign market that are discussed in the chapter and evaluate Coca-Cola on the following four (a few sentences on each is sufficient): 1. Cultural Homogeneity I think that after reading about Coca-Cola they have done an excellent job entering foreign markets when it comes to the considerations of cultural homogeneity. It is important to understand that country boundaries represent general tendencies, but differences within a specific country are also critical to consider. In addition, marketing campaigns must be developed for both cultural and demographic groups, not just countries themselves. I think that Coca-Cola has been successful in this element of entering the foreign market because they have focused on localizing their messages to specific cultural preferences and have customized their products to specific cultural preferences as well. 2. Needs After reading this consumer insight on Coca-Cola I did not see a lot of information about how their products can fill a specific unmet need in different cultures across the world. I believe that a lot of their advertising campaigns have underlying messages that could be seen as filling the needs of consumers, but it could still be more clear. For example, two of their campaigns were “Can’t Beat the Feeling” and “Can’t Beat the Real Thing.” I think that it could be said in these examples that the need being fulfilled is how Coca-Cola products are so good that once you taste them you can’t live without them. The need in this instance would be that consumers always want the best (Coca-Cola) at their disposal. But, marketers must have a concrete answer to what needs their existing or modified product can fill in the various cultures involved. 3. Affordability When entering foreign markets it is required to conduct an initial demographic analysis in order to determine the number of individuals or households that might need the product and who can afford it. Based on the consumer insight into the Coca-Cola brand there was no information available on the affordability of the product or a discussion of money in general. This is a crucial piece of the puzzle that must be involved. Therefore, I was not able to truly evaluate this global consideration for Coca-Cola since it was not provided in the reading. 4. Communication

Finally, when it comes to the ways a brand can communicate about their products I think that Coca-Cola has been very successful in most elements. This aspect of entering foreign markets requires an investigation into (1) available media and who attends each type, (2) the needs the product fills, (3) values associated with the product and its use, (4) the verbal and nonverbal communication system(s) in the culture. Coca-Cola has been able to maintain its brand image and message while also creating websites with customized culture for each country in one of their FIFA World Cup campaigns. They have also been able to associate the value of their products with being for every type of person in their “Taste the Feeling” campaign. While they did not explicitly state how they incorporated verbal and nonverbal communication system(s) for each culture it can be seen that they have done this. Choosing to customize their products and messaging to each culture indicates that the individual verbal and nonverbal communication system(s) are present and taken into consideration. But, there is not a lot of information on what specific needs the product fills which could be a place of improvement. Task 2: Most companies are not as committed as Coca-Cola to balancing their global strategies with their local strategies. How might organizations benefit from learning about Erin Meyer's Compass Mapping approach? Be specific in your response. A thorough paragraph is sufficient. I think that there are a lot of ways in which organizations and brands could benefit from Erin Meyer’s and her Compass Mapping approach. Due to globalization, there has been a rapid increase in connection with international people from all levels of international businesses. Even with this increase in having to work with others from different countries, there are still a lot of people who do not fully understand how local cultures and behaviors directly impact global interactions. If organizations are aware of this approach by Erin Meyers they are more likely to work effectively and efficiently with those who are different from them culturally. The idea behind her approach is that understanding the positioning of one culture in relation to another will assist someone in figuring out how specific cultures influence foreign interactions. Therefore, the Compass Mapping concept will benefit organizations and brands in a variety of ways like getting along with clients, facilitating meetings, and being a more productive leader.

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