The Six Rules Of Revitalization

The first recommendation for this firm is to adopt a global policy and try and explore new markets so that market growth and market share can be expanded. In case of a firm entering an international market, it requires to analyze the nature of the market and suitably form its marketing strategies in alignment with its business strategy and decide whether it is more beneficial to adopt a global approach or use a strategy that is customized to suit the needs of the local customers.

The only way to build a great global company is with a single global standard of business practices, vigorously communicated and rigorously enforced. Companies must layout the same business standards in Chicago, Paris, and Shanghai as in London.

The article is divided into four parts. First part focuses on the traditional perspective on international marketing strategies focusing on the dichotomy between standardization and adaptation. The second part examines key assumptions underlying the philosophy of global standardization. The third part focuses on the constraints to implementation of global standardization. The last part of the article concludes on the bases of its review that a more general approach is suitable which incorporates various degrees of standardization or adaptation strategies. It is an important article as it concludes that an effective global marketing strategy does not guarantee the marketing of standardized products and global brands worldwide. It might work for some companies but cannot work for all.

A firm 's international marketing program must generally be modified and adapted to foreign markets. This international marketing program uses strategies to accomplish its marketing goals. Within each foreign nation, the firm is likely to find a combination of marketing environment and target markets that are different from those of its own home country and other foreign countries. It is important that in international marketing, product, pricing, distribution and promotional strategies be adapted accordingly. In order for an international firm to function properly, cultural, social, economic, and legal forces within the country must be clearly understood.

To be effective, organizational structure should be established after an organization’s strategy (Pryor, et.al., p. 1-4). Because an organization is tied closely to the Five P’s (Purpose, Principles, Processes, People, and Performance), Strategic Quality Management should permeate its entire breadth. An organizations mission, vision, goals, and objectives should include dedication to the act of providing customer satisfaction through a clear definition of quality. Its principles should include a focus on customer-based quality management, as should its processes people, and performance. Once the strategy is determined, the organizations systems and structure should compliment its dedication towards Strategic Quality Management.

“10 Rules for Managing Global Innovation” is written by the authors to pin point ten rules that the authors see crucial for a multinational company to manage its globally

This is an international marketing strategy that largely focuses on the commercial efforts and advertising on the benefits of concentrating on local markets rather than using global or universal approach. This, therefore, means that the company will employ work towards understanding culture of different local markets in various countries and try to enter into the studied market using the demographics in that area. The greatest effort required in this strategy is using advertising as well presentation to try and appease local sensibilities in various countries rather than applying a mass market strategy. So that this strategy can be successful it is crucial to carry out extensive research in different countries that the company hopes to invest (Leontiades, 2010). By learning how the company can be able to create a good connection with the consumers in various countries using multi-domestic strategy can assist to build a lot of tactics which can be integrated into markets that have many similarities. Learning how to closely associate with customers will also assist customize marketing and advertising efforts to match with the present local culture. Although multi-domestic strategy may be somehow expensive to employ its end result are more profitable to the company. When the company’s products are able to

Our company’s competitive advantage over both domestic and international is brand equity. Brand equity is the value of a products brand in the market, or the number of consumers that can identify the brand, especially consumers who can name the brand as top in its category. Good brand equity is most often the result of effective advertising and promotion. On the international scene many brands have global equity, meaning consumers around the world recognize them because of the exposure the brand has had in various media, such as television and movies, as well as through their presence

Awareness of social and cultural norms has helped major multinational companies such as Coca-Cola, IBM, Marlboro and Pepsi succeed in being recognized as truly international brands. (Paul Gibbs, 1992)

The essentialness of these six values has grown to an extent that they have developed to be the key pillars of the organization. The next section evaluates the plans and strategies laid out to advance the goals of the organization and enhance adherence to the

contributed to faster transfer of ideas and a global convergence in consumer tastes and values (Quelch, 1999). Global brands, as defined by Aaker and Joachimsthaler (1999), are those brands whose positioning, advertising strategy, personality, look, and feel are in most respects the same from one country to another. Reviewing the top 10 global brands, Quelch identified

The world offers significant business opportunities for every company, however, opportunities are accompanied by significant challenges for managers. Managing global operations across diverse cultures and markets represents a big challenge and opportunity for companies. To compete in the global market and be successful, companies must learn the strategies, policies, norms and technology necessary to conduct international business. The opportunities for global expansion are numerous, and attaining success is a matter of developing the right strategy to win local markets and its consumers.

After identifying the problem, Company X is ready to define the goals and objectives. First off, the company knows that it needs to increase the amount of revenue and profit. To do this the company needs to grab back its customers and possibly gain new ones. Company X knows that regaining customers means a change in company policy and building high quality programs. Upper management has decided the company must implement a standardized list of procedures and processes in order to gain structure and organization.

It is true that there is evidence to show uniform strategy can create a consistent brand image and gain loyalty of global consumers whose perception becomes more convergent with less cost to the company. However, a non-uniform strategy is more profitable for global advertising instead of a uniform one, especially at the execution stage rather than the creative stage, because evidence shows that a non-uniform strategy could adapt to the differing advertising infrastructures and regulations internationally. In addition, a non-uniform strategy leads global brands to integrate with local culture, attract consumers and can also create a more positive image and overcome perceived quality

Benetton’s International strategy is based on the above philosophy and it can be broadly classified in four different parts.