Asssess4 Global Strategy REFLECTION

Assessment 4: Global Strategy REFLECTION TEMPLATE MBS537 Strategic Marketing Management YOUR DETAILS Your name Your student number Name of videos viewed (at least 5) Group 1-Mavin-Driving Towards a Greener Tomorrow, Dubai Group 2, Dubai Group 2, Singapore Group 3, Singapore Group 5, Singapore 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. Assessment 4: Global Strategy REFLECTION TEMPLATE Page 1 of 8

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 8

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 Video 1 from Dubai gives us a good understanding of the market and their strategies. All the videos from Singapore missed information on their target market and priority segmentation, both very essential while designing the marketing strategy. Although some of the groups mentioned the pricing, most of them have not mentioned the price which is one of the most important pieces of information to market a product. 2.3 Given the purpose of the videos, is there anything else you would have liked to have seen included? Approx. 50 words Most of the videos, especially the Singaporean ones do not address segmentation, profiling and clear positioning which are all important for developing the marketing strategy. I think that is very important while launching a product. 3 Relating and Reasoning 3.1 Describe the key concepts and theories that marketers must consider when developing international marketing strategies Approx. 300 words To effectively navigate the complexities of global markets, marketers must consider important concepts and theories when developing their international marketing strategies. The following are some basic ideas and theories: 1. Cultural Dimensions Theory: Developed by Geert Hofstede, a framework describing the effects of culture on the values in the workplace and how these values affect the behaviour of people from that cultural background (Nickerson, 2023). Cultural dimensions like individualism versus collectivism, power distance, masculinity versus femininity, uncertainty avoidance, and long-term orientation are identified by this theory. Understanding these dimensions helps marketers tailor strategies to cultural preferences and behaviours in different markets. 2. Porter's Diamond Model: Developed by Michael Porter, this model outlines the elements that influence a country's ability to compete in each industry, comprising of, related, and supporting Assessment 4: Global Strategy REFLECTION TEMPLATE Page 4 of 8

industries; factor and demand conditions; firm strategy, structure, and rivalry. With the help of this model, marketers can comprehend the distinct competitive advantages of various countries and adjust their approach accordingly (de Bruin, 2018). 3. Cultural Convergence vs. Cultural Divergence: This concept explores whether global markets are becoming more similar (convergence) or remaining distinct (divergence) because of cultural influences (Nebojsa, 2018). To determine the level of standardisation or localisation require in their strategies, it is essential to to assess the degree of cultural homogeneity or heterogeneity. 4. Localisation vs. Globalisation: Finding a balance between local customization and global standardisation is crucial. Marketers must determine which components of their strategy need to be localised to fit the unique requirements of various markets and which can be standardised globally for efficiency and consistency (Knights, 2022) 5. PESTLE analysis: In the field of marketing and strategic management, PESTLE analysis is a commonly used and recognised technique that businesses and marketers use to methodically examine and comprehend the external macroenvironmental elements that have the potential to affect operations. It is a useful method for evaluating the larger environment in which a company functions and offers insightful information for making strategic decisions (de Bruin, 2016). 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 In contrast to local marketing strategies, developing a global marketing strategy necessitates addressing several important concerns. These are a few issues that marketers must consider: i. Cultural difference: It is essential to comprehend and respect various cultures. Cultural nuances can have a huge impact on how people perceive a message or product. ii. Language and Communication: To ensure that the message is clear and culturally relevant, it may require careful adaptation of language differences and cultural references. iii. Market Research: It's imperative to conduct thorough market research. Successful global Assessment 4: Global Strategy REFLECTION TEMPLATE Page 5 of 8

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Your reference list: de Bruin, L. (2016, September 18).   Scanning the environment: PESTEL analysis. B2U - Business-To- You.com. https://www.business-to-you.com/scanning-the-environment-pestel-analysis/ de Bruin, L. (2018, October 23).   Porter’s Diamond Model EXPLAINED with EXAMPLES | B2U. B2U - Business-To-You.com. https://www.business-to-you.com/porter-diamond-model/ Janicijevic, Nebojsa. (2018). CULTURAL CONVERGENCE OR DIVERGENCE? 10.20472/AHC.2018.004.005. https://www.researchgate.net/publication/327857040_CULTURAL_CONVERGENCE_OR_DIVER GENCE Knights, J. (2022, April 25). The Difference Between Localization and Globalization. https://vistatec.com/the-difference-between-localization-and-globalization/ Nickerson, C. (2023, February 8).   Hofstede’s Cultural Dimensions Theory. Simply Psychology. https://www.simplypsychology.org/hofstedes-cultural-dimensions-theory.html The 4 Ps of Marketing and How to Use Them in Your Strategy. (n.d.). Investopedia. https://www.investopedia.com/terms/f/four-ps.asp#:~:text=A%20careful%20analysis%20of %20these YEC. (2023, September 12). Council Post: What Brand Positioning Is And Why It’s Important For Your Business .   Forbes. https://www.forbes.com/sites/theyec/2022/01/14/what-brand-positioning-is-and- why-its-important-for-your-business/?sh=7d155a895a63 Assessment 4: Global Strategy REFLECTION TEMPLATE Page 8 of 8