GMM

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New Jersey Institute Of Technology *

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Marketing

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Feb 20, 2024

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docx

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1.Levitt’s “Globalization of Markets” is considered to be a seminal article in international marketing a. Summary of Levitt's Article and Factors Leading to Globalization: Levitt’s article argues that the global markets are homogenized because of various factors. Mentiones below are some of the key factors. Levitt argues that the world is moving towards a standardized market. The products and services follow a trend where the preferences and needs of the customers are accepted worldwide. Technology and Communications play a very important role in the globalization of markets. The advancements in technology has made the convergence of consumer preferences across the world very convenient. Standardizing the goods and services globally can help reduce cost and improve the quality and efficiency which can help achieve the economies of scale. Levitt focused on adapting to global marketing where he thinks that products and marketing strategies should not be any region specific rather it should be common to all the consumer needs. b. Meaning and advantages of standardization: According to Levitt, Standardization is having products and services that remain same across different markets which helps in creating an efficiency in marketing of products and services. Advantages: A product which is standardized throughout the world would be able to create a global brand image. It can also lead to cost savings as production can be possible on a larger scale. Meaning, advantages and disadvantages of Customization: Customization is tailoring the products and services as per the customer needs and preferences. Advantages: Customization helps meet the specific needs of customers which provides an advantage in competitive market. Tailoring the products with customer needs can help improve customer satisfaction. Disadvantages: Customization may sometimes increase production costs. On a large scale, managing the preferences on a personal basis can be challenging. c. Relevance of Levitt's Premise Today: The advancement in technologies, cultural diversities can influence the effects of global marketing. The advancement in technologies increases the rate of global markets. It has become easier for brands to maintain a global image. On the other hand, the customization of products as per customer needs enables consumers from around the world to tailor their products which is challenging for the businesses.

2. The Most Common Mistakes Companies Make with Global Marketing a. Summarize the article in detail As per Kelly’s Article, usually the marketing team is responsible for carrying out the market research. Market research helps to understand how the company should expand and in what ways the organization can attract the customers. Kelly specifies some challenges which the companies face while expanding globally. Not Specifying Countries: It is important to conduct market research and break down the markets into individual countries. Understand the cultural norms, laws and local competitors is necessary. Not paying enough attention to internal data: It is important to use the internal data and understand market opportunities. Not adapting Sales and Marketing Channels: Understanding the cultural preferences while sales and marketing of products and services is necessary. Not adapting the product offering: It is important to align the features and prices of products and services as per the country basis. b. Agreement or Disagreement: Recognizing and adapting to the local preferences and leveraging internal data can be some effective strategies to globalize the markets. c. Additional Strategies for Successful Global Expansion: The advancements in technologies can help in the global expansion of markets in various ways. Building partnerships with local businesses, investing in cultural intelligence among the teams and understanding cultural diversity can help. Businesses can conduct agile market testing and implement digital marketing campaigns. Proactively seeking customer feedback on a regular basis can help improve product or service quality and ensure customer satisfaction.

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