Asssess4 Global Strategy REFLECTION TEMPLATE FINAL (1)

Assessment 4: Global Strategy REFLECTION TEMPLATE MBS537 Strategic Marketing Management YOUR DETAILS Your name Your student number Name of videos viewed (at least 5) Contents What to do ...................................................................................................................................................................... 1 1 Reporting .................................................................................................................................................................. 2 2 Responding ............................................................................................................................................................... 3 3 Relating and reasoning ............................................................................................................................................. 4 4 Reconstructing .......................................................................................................................................................... 5 5 Abstract extension .................................................................................................................................................... 6 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. 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 1 of 9

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 9

Assessment 4: Global Strategy REFLECTION TEMPLATE Page 4 of 9

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 While the videos provided valuable insights into the markets and marketing strategies, they had certain limitations. The visual presentations and storytelling in the videos effectively conveyed the overarching sustainability narratives and key features of the products. The videos were appropriate for capturing attention and communicating high-level strategies. However, there were limitations in terms of the depth of analysis. The time constraints of videos often meant that complex market dynamics, competitor landscapes, and detailed strategic considerations were not thoroughly explored. Observations regarding market reception, potential challenges, and nuanced aspects of the marketing strategies were sometimes lacking. Considerations such as regulatory environments, cultural nuances in different regions, and potential obstacles in the adoption of electric vehicles could have been addressed more comprehensively. Additionally, while the videos showcased the positive aspects of the products, a more balanced presentation that acknowledged potential criticisms or challenges would have provided a more holistic understanding. While the videos were effective in presenting high-level strategies and creating engagement, a more comprehensive exploration of market intricacies and potential obstacles would have further enriched the understanding of the markets and strategies. 2.3 Given the purpose of the videos, is there anything else you would have liked to have seen included? Approx. 50 words I would have liked to see more detailed insights into market research findings, customer feedback, and potential challenges specific to each location. Additionally, a segment on the companies' long-term visions and adaptation strategies in response to evolving market trends would have provided a more comprehensive view of their 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 Assessment 4: Global Strategy REFLECTION TEMPLATE Page 5 of 9

market entry, product adaptation, and the selection of distribution channels are pivotal in navigating the complexities of international markets. Successfully addressing these critical issues ensures that marketers can craft strategies that resonate both globally and locally, fostering sustainable success in diverse markets. 4.2 What are your top 3 tips would you give a marketer about to develop a global launch strategy. 1. Thorough Market Research: Before embarking on a global launch, conduct comprehensive market research to understand the cultural, economic, and social nuances of each target market. This includes not only demographic data but also consumer behaviors, preferences, and local competition. A deep understanding of the target audience in diverse regions will inform product adaptation, messaging, and overall strategy. 2. Localization with Global Consistency: Strive for a delicate balance between localization and global consistency. While adapting products and marketing messages to suit local tastes and preferences, maintain a core brand identity that resonates globally. Ensure that cultural nuances are respected, and marketing materials are translated accurately. A cohesive global brand image helps build trust and recognition across different markets (Dhoke & Athawale, 2022). 3. Flexible and Agile Approach: Global markets are dynamic and subject to rapid changes. Maintain flexibility and agility in your approach. Be prepared to adjust strategies based on emerging trends, competitor activities, or shifts in consumer behavior. A global launch strategy should not be rigid but rather adaptable to evolving circumstances, allowing for quick responses to unforeseen challenges or opportunities in various markets. Regularly reassess and update the strategy to stay relevant and effective. 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 Having completed the process of market segmentation, developing a launch strategy for an electric vehicle, and considering international marketing issues, I would approach assessments with a more integrated and holistic perspective. First and foremost, I would place an even greater emphasis on the dynamic nature of global markets. This means recognizing that market conditions can evolve rapidly, necessitating a continuous assessment and adaptation of strategies. Staying informed about geopolitical changes, economic shifts, and emerging technologies would be a more integral part of my ongoing assessment process. In terms of market segmentation, I would refine my approach by incorporating more real-time data and consumer feedback. Leveraging advanced analytics and artificial intelligence tools for predictive modeling could enhance the accuracy of segment identification and better anticipate evolving consumer needs and preferences. Additionally, I would place a heightened focus on sustainability and environmental consciousness within market segmentation, ensuring that these considerations are not only reflected in the product itself but also in the messaging tailored to different segments. In terms of international marketing issues, a more in-depth analysis of cultural and regulatory landscapes in each target market would be essential. Engaging local experts and conducting on-the-ground research to understand Assessment 4: Global Strategy REFLECTION TEMPLATE Page 7 of 9

the nuances of consumer behavior and societal values would contribute to more effective strategies. Moreover, I would integrate scenario planning into the assessment process to anticipate potential challenges and devise proactive solutions. This would involve not only considering best-case scenarios but also preparing for unexpected events and disruptions, ensuring a more resilient global launch strategy for an electric vehicle. Assessment 4: Global Strategy REFLECTION TEMPLATE Page 8 of 9