INTERNATIONAL REFETION

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School

Nairobi Institute of Technology - Westlands *

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202

Subject

Marketing

Date

Nov 24, 2024

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docx

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Uploaded by DoctorGuanacoPerson736

Self-Reflection Student’s Name Institution’s Affiliation Instructor’s Name Date Contents

1.0 Introduction ................................................................................................................................ 2 2.0 Key Learning’s ........................................................................................................................... 3 3.0 Essential Concepts and Frameworks in the Course ................................................................... 4 3.1 International Marketing Mix (Product, Price, Distribution, Promotion) ............................... 5 3.2 Cross-Cultural Marketing ...................................................................................................... 5 3.3 PEST Analysis (Political, Economic, Social, Technological) ................................................ 5 3.4 International Market Entry Strategy ...................................................................................... 6 4.0 Insights from Guest Speakers .................................................................................................... 6 5.0 Interpreting What I Learned ...................................................................................................... 7 5.1 Revising My Perception ......................................................................................................... 7 5.2 Comprehending the Influencing Factors ................................................................................ 8 5.3 Emphasizing the Role of Market Analysis ............................................................................. 8 6.0 Utilizing Knowledge in My Career as an International Marketing Manager and Future Studies .............................................................................................................................................. 8 Conclusion ....................................................................................................................................... 9 1.0 Introduction

My pursuit of worldwide markets has significantly changed over the worldwide and Global Marketing course, which has a fast-paced global corporate environment. I had hopes of learning about tactics, worldwide business prospects, and global trade as I started on this academic adventure. However, as the training progressed, it became clear how incredibly sophisticated and dynamic global marketing is. Join me as I explore my initial impressions, the difficulties I faced, and the priceless insights I have learned in this reflection piece. Together, we'll explore the dynamic world of international marketing as a growing businessperson equipped to succeed in the increasingly interconnected world we live in. 2.0 Key Learning’s The training started off with a basic overview of the field of international marketing. I initially thought of international marketing as a method of selling goods in other countries, but it soon became clear that it goes beyond simple business dealings. International marketing, on the other hand, involves a nuanced interaction of culture, politics, economics, and strategy. Understanding the global business climate is essential for success in this dynamic world (LO1). Exploring real-world instances helped to solidify this idea. For instance, the Coca-Cola case offers a powerful illustration of the requirement to modify marketing plans in light of cultural variations in various regions. The beverage juggernaut's success is based on its capacity to modify its offerings and marketing strategies to suit regional tastes and practices. My comprehension of the complex web of elements driving international marketing deepened as the course went on. Along with the crucial function that the worldwide business environment plays, I have come to realize other important factors that direct international marketing tactics (LO2). These elements include the means of entry into the market, legal and regulatory frameworks, technical developments, and cultural and societal aspects. Global

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juggernauts like McDonald's are good examples of how market entry techniques, such franchising or wholly-owned subsidiaries, are adapted to fit particular regions. It's crucial to comprehend and navigate a variety of legal laws, especially in sectors like the pharmaceutical industry. Additionally, as demonstrated by Amazon's globalization, technology developments in e-commerce and data analytics are altering worldwide marketing. The significance of cultural adaptability, as demonstrated by high-end companies like Louis Vuitton, cannot be overstated. My journey through this training essentially revealed the several factors influencing effective global marketing initiatives. The course also shed light on the complex nature of cross-cultural marketing and the crucial part that culture plays in communication (LO3). One simply needs to look at the marketing gaffes of multinational corporations that failed to understand the subtle cultural differences of international markets to see how this is done. For instance, because to cultural differences, Kentucky Fried Chicken's (KFC) initial slogan, "Finger-licking good," was incorrectly translated as "Eat your fingers off" when the company entered the Chinese market. This amusing yet instructive story demonstrates that successful global marketing necessitates a comprehensive comprehension of local conventions and values. In addition to these lessons, I learned the need of doing detailed market analyses to determine the size of international markets and spot possibilities (LO4). It became clear how to utilize the global knowledge base for successful marketing initiatives. To guarantee that their products were in line with regional preferences and demand, for instance, businesses frequently depended on thorough market research, according to the results of my examination of effective global market entry strategies (LO6). I've gained a thorough understanding of how international marketing plans must be in line with the distinctive qualities of each market by drawing

conclusions from real-world examples and the complexities of international marketing. These important lessons will surely influence how I conduct myself as a business professional entering a global market. 3.0 Essential Concepts and Frameworks in the Course I discovered several important ideas and frameworks in the "International and Global Marketing" course to be really helpful in comprehending the nuances of international marketing. These revelations have expanded my knowledge while also giving me useful tools that I may use in a variety of professional contexts. 3.1 International Marketing Mix (Product, Price, Distribution, Promotion) The International Marketing Mix framework (LO2, LO3, and LO4) provides a thorough grasp of how to adjust product offerings, price plans, distribution avenues, and promotional techniques to meet the needs of various international markets. This information is immediately useful when developing marketing plans for various international regions. I have the ability to customize products to meet regional tastes, establish aggressive price plans, pick sensible distribution avenues, and design successful marketing campaigns. This framework is essential for helping me make wise judgments, whether I'm engaged in product creation, market analysis, or marketing management. 3.2 Cross-Cultural Marketing Marketing success in varied overseas markets requires an understanding of and sensitivity to cultural differences (LO1, LO5). I can use this idea while creating marketing strategies or product lines for markets with a variety of cultures. Recognizing cultural nuances and preferences can improve the success of my work, whether I'm a marketing manager, product

designer, or content creation. In the context of global branding and communication, this idea is particularly crucial. 3.3 PEST Analysis (Political, Economic, Social, Technological) A structured method for analyzing external environmental issues that can affect global marketing strategy is provided by the PEST Analysis framework (LO3). When conducting market research, strategic planning, or analyzing market entry opportunities, this tool is useful. I may decide how to enter markets, expand, and adjust marketing techniques to changing circumstances by determining the political, economic, social, and technological aspects that exist in diverse nations. 3.4 International Market Entry Strategy This framework (LO1, LO2, LO3, and LO5) includes suggestions for picking the best method of entering international markets, estimating market size, and taking into account international alliances. It is immediately relevant while developing market expansion strategy. Understanding various market entry methods and their effects is essential, whether I'm engaged in business development, market research, or strategic planning. I can use this information to decide wisely whether to enter new global marketplaces. Numerous jobs and sectors can benefit from these ideas and frameworks. These tools will act as a basis for making knowledgeable, culturally aware, and strategically sound judgments, regardless of whether I choose to pursue a career in marketing, foreign company development, market research, or strategic planning. 4.0 Insights from Guest Speakers We went into the principles of pitching and the three key components that make a great pitch: problem characterization, solution proposal, and team presentation in a special session with Dr. Jarrod Vassallo and Jared Harrison. In addition to deepening my comprehension of the

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course subject, this session offered insightful practical advice that I can use in a variety of situations. First of all, it opened my eyes to the importance of problem definition in a pitch. The presenters underlined how crucial it is to express the issue or challenge that your pitch seeks to solve effectively. This struck a chord with me because it emphasizes how crucial great communication is to any marketing effort. I may more effectively link my marketing efforts with the needs and pain points of the target audience in international markets by precisely describing the problem. The second component, the suggested solution, was similarly instructive. It highlighted the requirement to present a workable and original solution to the issue. This is specifically true to global marketing, where innovation and adaptation are crucial. I can improve the efficacy of my marketing efforts by offering solutions that connect with the cultural, economic, and social facets of overseas markets. The team presentation, the final component, emphasized the value of cooperation and the capacity to inspire confidence and competence in the audience. Working with various teams is typical in international marketing, and the capacity to project a sense of unity is essential. I may use this knowledge to promote efficient teamwork and make sure that our global marketing initiatives are presented as a coordinated and expert strategy. These lessons from the session with Dr. Vassallo and Jared Harrison can be used in a variety of international marketing situations. I may use the problem definition and solution proposal principles to build foreign marketing campaigns that are specifically tailored to the demands and difficulties of each international market. Additionally, in group situations, I can guarantee productive communication and presentation, both of which are essential in the context of international marketing.

5.0 Interpreting What I Learned I've been on a transforming journey throughout the "International and Global Marketing" course, moving from my early perceptions of international marketing as an easy task to an awareness of its complex dynamics and complexities. The observations that follow show how I've organized my knowledge and how I intend to use it in my profession and future academic endeavors. 5.1 Revising My Perception As the course progressed, I moved from considering international marketing to be only the act of selling goods internationally to appreciating its diverse nature. I discovered that the complex balancing act of culture, politics, economics, and strategy is what international marketing entails (LO1). As shown by instances like Coca-Cola, which skillfully modified its marketing methods to coincide with cultural diversity in various locations, the relevance of the global corporate environment became clear. 5.2 Comprehending the Influencing Factors My knowledge of the various issues that impact global marketing strategy (LO2) has increased as a result of this training. A number of elements, such as market entry tactics, legal and regulatory frameworks, technological advancements, and cultural considerations, influence successful international marketing initiatives. The variety of adaptation strategies required in this market was highlighted through the study of well-known companies like McDonald's, Amazon, and Louis Vuitton. Understanding cultural differences and how cross-cultural marketing affects communication became a vital part of my education (LO3). Kentucky Fried Chicken's (KFC) translation blunder in China served as a comical yet instructive case study on the significance of regional customs and values in international marketing campaigns.

5.3 Emphasizing the Role of Market Analysis Additionally, the importance of performing thorough market analysis to determine the size of the market and available prospects was made evident (LO4). The importance of developing products and strategies that are in line with regional preferences and needs was highlighted by the knowledge base for international marketing. 6.0 Utilizing Knowledge in My Career as an International Marketing Manager and Future Studies The information and understanding I got from the "International and Global Marketing" course will be essential in my future profession as an international marketing manager. Here is how I want to apply everything I've learned: My career will be greatly impacted by my ability to comprehend the intricate interactions between culture, politics, economics, and strategy (LO1). As a manager of international marketing, I will use this knowledge to develop cutting-edge marketing plans that take into account the complex dynamics of global marketplaces. This entails adjusting product offers, price plans, distribution avenues, and marketing efforts to suit particular international markets (LO2, LO3, LO4). I'll make sure that while honouring their various cultural origins, our marketing initiatives connect with a wide range of audiences. Numerous aspects that affect tactics are present in international marketing (LO2). I can now decide with confidence about technology issues, legal and regulatory frameworks, and market entry strategies thanks to this course. These insights will play a crucial role in assuring the success of our organization on a worldwide scale, directing choices regarding market expansion, picking the best entry strategies, and adhering to various legal frameworks.

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Conclusion Understanding cultural differences and how they affect cross-cultural marketing and communication will be emphasized above all else (LO3). I will collaborate with numerous international teams and target markets in my role as an international marketing manager. By ensuring that our marketing initiatives are culturally appropriate, I will be better able to establish trust with international clients and stakeholders. In order to avoid mistakes like those made by Kentucky Fried Chicken (KFC) in China, I will use tactics that speak to the values, viewpoints, and tastes of particular cultural groups. The concepts and frameworks learned in this course will serve as a strong foundation for future research in international marketing or related subjects, beyond my current profession. These insights will equip me for more difficult courses in international marketing and provide a framework for my future work as a researcher, author, and member of the academic community. Because international marketing is dynamic, experts must keep up with the most recent trends and tactics. With the core information I've acquired through this course, it will be simpler for me to participate in ongoing learning through workshops, seminars, and other studies, ensuring that I stay on top of emerging trends in global marketing.

INTERNATIONAL REFETION

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