Asssess4 Global Strategy REFLECTION TEMPLATE FINAL (1)

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Assessment 4: Global Strategy REFLECTION TEMPLATE MBS537 Strategic Marketing Management YOUR DETAILS Your name Mougi Tsogtsaikhan Your student number 34765623 Name of videos viewed (at least 5) Mavin-Driving Towards a Greener Tomorrow.mp4 HELEC_Launch Briefing Video.mp4 MBS537_FT Group 2_AKI S6 Launch Briefing Video.mp4 group vido.mp4 A3_R2-1.mp4 Contents What to do ...................................................................................................................................................................... 1 1 Reporting .................................................................................................................................................................. 3 2 Responding ............................................................................................................................................................... 3 3 Relating and Reasoning ............................................................................................................................................. 4 4 Reconstructing .......................................................................................................................................................... 5 Your reference list ........................................................................................................................................................... 7 What to do Instruction Students across all three campuses have developed a launch strategy for a new elective vehicle and brand for one region. In reality, many car brands are now present in multiple international markets and marketers need to give consideration as to which markets they may enter, what adjustments they may need to make to the marketing mix and how the particular launch strategy may need to change. Chapter 20 in the textbook provides an overview of key considerations, and the articles below provide insight into the research being undertaken on international marketing. Akaka, M. A., & Alden, D. L. (2010). Global brand positioning and perceptions: International advertising and global consumer culture. International journal of Advertising , 29 (1), 37-56. Carpenter, J. M., Moore, M., Alexander, N., & Doherty, A. M. (2013). Consumer demographics, ethnocentrism, cultural values, and acculturation to the global consumer culture: A retail perspective. Journal of Marketing Management , 29 (3-4), 271-291. Chatzipanagiotou, K., Christodoulides, G., & Veloutsou, C. (2019). Managing the consumer-based brand equity process: A cross-cultural perspective. International Business Review , 28 (2), 328-343. Chu, S. C., & Choi, S. M. (2011). Electronic word-of-mouth in social networking sites: A cross-cultural study of the United States and China. Journal of Global Marketing , 24 (3), 263-281. Mandler, T., Sezen, B., Chen, J., & Özsomer, A. (2021). Performance consequences of marketing standardization/adaptation: A systematic literature review and future research agenda. Journal of Business Research , 125 , 416-435. Assessment 4: Global Strategy REFLECTION TEMPLATE Page 1 of 7

Nam, H., & Kannan, P. K. (2020). Digital environment in global markets: Cross-cultural implications for evolving customer journeys. Journal of International Marketing , 28 (1), 28-47. Schmid, S., & Kotulla, T. (2011). 50 years of research on international standardization and adaptation—From a systematic literature analysis to a theoretical framework. International Business Review , 20 (5), 491-507. This assessment asks you to view a number of the videos produced by your peers that summarise their launch strategy FOR A REGION DIFFERENT TO YOURS. We’d like you to view these videos, and then complete the reflection which is designed to get you thinking about international marketing strategies. To prepare for this assessment, please watch at least 5 videos from your peers across different regions, read the assigned chapter and do your own reading and research on international marketing – the articles above are a great start. Then complete this reflection template and submit one single document. Please note word count suggestions indicate extent of effort, not strict requirements. Assessment 4: Global Strategy REFLECTION TEMPLATE Page 2 of 7

1 Reporting 1.1 When you watched the videos from other locations, what information were you looking for in your effort to evaluate the marketing plan? Approx. 150 words I concentrated on a few essential factors while viewing the videos from different locations to evaluate the marketing strategies objectively. To understand how these factors affected the development of the launch strategy, I first looked for insights into cultural differences and preferences unique to each location. This reflection is consistent with the research of Akaka and Alden (2010), who highlight the contribution of international advertising to developing a cohesive global consumer culture. Additionally, Carpenter et al.'s (2013) study on ethnocentrism, cultural values, and consumer demographics offered a framework for looking into how these factors might affect people's adaptation to the global consumer culture. This framework was especially helpful in determining whether the suggested marketing strategies were appropriate. I learned how my peers considered and used these theories in developing their international marketing strategies by focusing on the market analysis, segmentation, and adaptation strategies in the videos. 2 Responding 2.1 Considering your own work versus the videos you watched, what are some of the key differences in terms of market analysis and marketing strategy? (These observations can range from the content presented, the depth of insight able to be gained, the quality and creativity of the video.) Approx. 150 words There were distinct differences between my own work and the videos I viewed in terms of market analysis and marketing strategy. While the Australian market was my primary focus, the videos gave me important insights into the intricate dynamics of the markets in Singapore and Dubai. This depth of analysis follows concepts laid out by Carpenter et al. (2013) and Akaka and Alden (2010) regarding the importance of recognizing cultural dimensions and consumer behaviors. The videos showed a broad understanding of local consumer behavior, regulations, and market competition, consistent with the cross-cultural marketing concepts addressed by Chatzipanagiotou et al. (2019). The effectiveness of communication and promotion was also demonstrated by the quality and creativity of the videos, which is consistent with Chu and Choi's (2011) research on electronic word-of- mouth and global marketing. I gained more knowledge of global marketing considerations by watching the videos, which broadened my perspective on market analysis and strategy development beyond my initial regional focus. Assessment 4: Global Strategy REFLECTION TEMPLATE Page 3 of 7

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2.2 Do you believe the videos you watched gave you a sufficient understanding of the markets and the strategy/strategies? What observations were appropriate? What considerations were missing? Approx. 200 words The videos I viewed gave me an informative and perceptive overview of the Singaporean and Dubai markets and related marketing strategies. The presentations comprehensively understood the regulatory, cultural, and economic aspects affecting consumer behavior in each area. This type of analysis is similar to ideas suggested by Carpenter et al. (2013), Chatzipanagiotou et al. (2019), and Akaka and Alden (2010), who emphasize the significance of market segmentation, consumer demographics, and cultural awareness. The videos effectively highlighted essential components, including product positioning, pricing strategies, and promotional tactics appropriate to the specific situations of Dubai and Singapore, reflecting the global marketing concepts covered in the literature. However, some considerations seemed to be missing. While the videos covered cultural topics, Nam and Kannan's (2020) suggestion of a deeper examination of local consumer preferences and lifestyle trends could have added depth. Furthermore, as Schmid and Kotulla (2011) mentioned, a deeper examination of possible challenges and strategies for risk reduction specific to each market would have enhanced the analysis as a whole. Insights into how the proposed marketing strategies aligned with broader industry trends and global market dynamics, a consideration highlighted by Mandler et al. (2021), could have added a strategic perspective. Although the videos provided an excellent overview overall, the analysis could have been enhanced by delving deeper into specific aspects and considering an overall strategic background. 2.3 Given the purpose of the videos, is there anything else you would have liked to have seen included? Approx. 50 words Given the goal of the video, it would have been more insightful to provide more details about the presented products, such as features, innovations, and sustainability aspects. This would enhance the evaluation of how electric vehicles fit into various segments of the international market and complement proposed marketing strategies. 3 Relating and Reasoning 3.1 Describe the key concepts and theories that marketers must consider when developing international marketing strategies Approx. 300 words Developing international marketing strategies requires an in-depth knowledge of various essential concepts and theories to navigate the complexities of diverse markets. Hofstede's theory highlights the importance of cultural dimensions. The work of Akaka and Alden (2010) on global brand positioning emphasizes how crucial it is to understand and respect cultural differences to create a cohesive global consumer culture. Cultural factors influence consumer behavior, and strategies for different markets must consider these insights. Segmenting the market is another crucial idea. Carpenter et al. (2013) stress how important it is to consider Assessment 4: Global Strategy REFLECTION TEMPLATE Page 4 of 7

ethnocentrism, cultural values, and consumer demographics. Marketers can classify a variety of consumer segments through effective market segmentation, which makes it possible to develop targeted and culturally appropriate strategies. This is consistent with the broader concept of global branding, which aims to keep a consistent brand image while accommodating local preferences. The theory of the product life cycle is crucial for creating global strategies. Knowing a product's life cycle stage enables marketers to make well-informed decisions regarding standardization and adaptation. The systematic review by Mandler et al. (2021) on marketing standardization/adaptation places an essential priority on the impact of decisions on performance. Marketers must strike an acceptable balance between the requirement for local market adaptation and the need for a standardized global approach. Entry modes are a vital factor to consider. According to the Uppsala model, companies often start in lower- commitment modes before moving up to higher-commitment ones as they gain international market experience. This acknowledges that the degree of adaptation may change over time, consistent with the larger theme of strategic localization. Political and legal considerations are also essential. Understanding intellectual property laws, trade regulations, and political stability is crucial to ensure compliance and reduce risks. Exchange rates and income levels are two examples of economic factors affecting consumer purchasing power, pricing strategies, and market potential overall. Technology innovation is yet another critical factor. Marketers must keep up with the latest technological developments and implement digital strategies that suit local preferences. The emphasis Nam and Kannan (2020) place on the digital environment highlights the importance of evolving customer journeys in global markets. By combining these ideas, marketers can create international marketing strategies inclusive of various cultural perspectives, responsive to the specifics of local markets, and capable of successfully navigating the obstacles of the global business environment. 4 Reconstructing Arising on your comments and reflections with reference to all sections above – Reporting, Responding, Relating & Reasoning – think about what you learned through this unit. 4.1 In your own words, what do you believe are the critical issues that marketers must consider when developing a global marketing strategy versus a local marketing strategy? Approx. 150 words Developing international marketing strategies requires an in-depth comprehension of fundamental ideas and theories. Hofstede's theory highlights the cultural aspects essential to creating a cohesive global consumer culture (Hofstede, 1980). The findings of Akaka and Alden (2010) emphasize how crucial it is to comprehend cultural nuances to position a global brand effectively. Carpenter et al. (2013) highlights that market segmentation makes developing focused strategies that correspond with different customer segments easier. Mandler et al.'s review (2021) echoes the product life cycle theory, which directs decisions regarding standardization and adaptation. Entry modes highlight the steady progression to higher-commitment modes, consistent with the Uppsala model (Johanson & Vahlne, 1977). Compliance and strategic adaptation to various global markets are ensured by considering political, legal, economic, and technological factors. Integrating these ideas provides a comprehensive guideline for crafting international marketing strategies that resonate with diverse cultures and effectively Assessment 4: Global Strategy REFLECTION TEMPLATE Page 5 of 7

navigate the challenges of the global business environment. 4.2 What are your top 3 tips would you give a marketer about to develop a global launch strategy. 1. Make thorough market research a top priority to fully understand the target markets' social, cultural, and economic nuances. 2. Adopt a flexible strategy for adaptation and standardization. While it's crucial to maintain a consistent global brand image, be ready to adapt some aspects of the marketing mix to suit the demands of particular markets. 3. Adapt communication channels to the preferences and behaviors of each market's target audience. This involves using social media, digital platforms, and other channels of communication that are popular and effective in particular areas. 4.3 Having now completed the process of looking at market segmentation, developing a launch strategy for an electric vehicle and considering international marketing issues – how would you go about the assessments differently? Your answer can be broad – covering both your own approach as well as technical knowledge. Approx. 250 words After reflecting on the market segmentation process, developing an electric vehicle launch strategy, and considering global marketing concerns, I would approach assessments in the future with a more integrative and cooperative mindset. First and foremost, I emphasize the value of collaborating amongst various regions, acknowledging the distinct perspectives and insights that each region brings to the table. By adding a more comprehensive range of cultural and market-specific factors, this collaborative approach would improve the market segmentation process. Furthermore, I would give more attention to preventing and solving difficulties related to global marketing concerns. This involves conducting a more thorough risk analysis and considering potential regulatory hurdles, economic instability, and geopolitical risks. An in-depth understanding of these challenges would guide the development of more durable and adaptable launch strategies. Furthermore, I would support a thorough evaluation framework that considers the strategies' long-term sustainability and their immediate market potential. This means integrating sustainability factors into the evaluation procedure in line with the automotive industry's increasing focus on environmental consciousness. Finally, I would support more significant emphasis on technological developments and breakthroughs in electric vehicles. Incorporating the most recent technological trends into the marketing strategy and staying up to date with them will ensure that the launch remains competitive and meets consumers' evolving requirements internationally. In this dynamic and globally interconnected business landscape, a collaborative, predictive, and forward-thinking approach would improve the effectiveness of future assessments. Assessment 4: Global Strategy REFLECTION TEMPLATE Page 6 of 7

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Your reference list Akaka, M. A., & Alden, D. L. (2010). Global brand positioning and perceptions: International advertising and global consumer culture. International journal of Advertising , 29 (1), 37-56. Carpenter, J. M., Moore, M., Alexander, N., & Doherty, A. M. (2013). Consumer demographics, ethnocentrism, cultural values, and acculturation to the global consumer culture: A retail perspective. Journal of Marketing Management , 29 (3-4), 271-291. Chatzipanagiotou, K., Christodoulides, G., & Veloutsou, C. (2019). Managing the consumer-based brand equity process: A cross-cultural perspective. International Business Review , 28 (2), 328-343. Chu, S. C., & Choi, S. M. (2011). Electronic word-of-mouth in social networking sites: A cross-cultural study of the United States and China. Journal of Global Marketing , 24 (3), 263-281. Hofstede, G. (1980). Culture’s consequences: International differences in work-related values. Sage Publications. Johanson, J., & Vahlne, J. E. (1977). The internationalization process of the firm—A model of knowledge development and increasing foreign market commitments. Journal of International Business Studies , 8(1), 23- 32. Mandler, T., Sezen, B., Chen, J., & Özsomer, A. (2021). Performance consequences of marketing standardization/adaptation: A systematic literature review and future research agenda. Journal of Business Research , 125 , 416-435. Nam, H., & Kannan, P. K. (2020). Digital environment in global markets: Cross-cultural implications for evolving customer journeys. Journal of International Marketing , 28 (1), 28-47. Schmid, S., & Kotulla, T. (2011). 50 years of research on international standardization and adaptation—From a systematic literature analysis to a theoretical framework. International Business Review , 20 (5), 491-507 Assessment 4: Global Strategy REFLECTION TEMPLATE Page 7 of 7

Asssess4 Global Strategy REFLECTION TEMPLATE FINAL (1)

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