Textbook Assignment 15

docx

School

High Point University *

*We aren’t endorsed by this school

Course

2110

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by MajorLapwing1822

Textbook Assignment 15 1. What is global marketing? Define its scope and major trends. Global marketing is the focus on marketing a company’s products and services in the international marketplace. It is a company’s ability to be able to sell their products or services anywhere in the world. Some of the major trends of global marketing are financial uncertainty, sustainability, creativity and tech. It is very important for businesses to watch these to ensure that they do well. 2. Name and explain a company’s market entry options for international markets. A company’s market entry options for international markets are exporting, piggybacking, countertrade, licensing, joint ventures, company ownership, franchising, outsourcing, greenfield investments, and turnkey projects. Exporting is when company’s market the products they produce in the countries they plan to sell them in. Piggybacking involves asking other businesses whether you can add your product to their overseas inventory. If both businesses agree, then both make profit from each sale. Countertrading is similar to a barter system which means companies trade each other's goods instead of offering their products for purchase. Licensing occurs when one company gives the right to use or sell a product to another company. Joint ventures are when two companies try to lessen the risk of entering an international market by creating joint ventures with other companies that plan to sell in the global marketplace. Company ownership happens if your company plans to sell a product internationally without managing the shipment and distribution of the goods you produce, so you buy an existing company in the country in which you want to do business. A franchise is a chain retail company where an individual or group buyer pays for the right to manage company branches on the company's behalf. Outsourcing involves hiring another company to manage certain parts of business for your company. Greenfield investments involve buying the land and resources to build a facility internationally and hiring a staff to run it. Lastly, turnkey projects are companies that plan, develop and construct new buildings for their clients. 3. What environmental factors must marketers consider when entering foreign markets? The environmental factors that marketers must consider when entering foreign markets are the economic environment, competitive environment, cultural environment, political/legal environment, and technological environment. All of these are extremely important for businesses to think about when entering foreign markets because it is most likely that these environmental factors are different than the ones they are used to. 4. What are the best ways to develop and execute global marketing strategies? The first step to execute global marketing strategies is conduct market research beforehand to get an understanding of potential markets. The next step would be to assemble a team to help execute the marketing strategy. It would be wise for a few team members to have expertise and experience living or working in the target areas to help with the marketing strategy. The next step is to create a marketing plan. Once the markets are chosen and the marketing team it is time to put together the global marketing strategy. The next step is to localize the brand. This means creating ads and media assets to connect with customers. The last step would be to

improve anything that needs it. Split test elements, track marketing analytics, and improve your marketing message to get the best results. What is the hardest thing for businesses to overcome when it comes to global marketing? The type of pricing strategy that I think is the best one for a company that is selling luxury items is premium pricing because it uses higher prices to suggest better quality and rarity. This strategy is also the one most commonly used for luxury brands. Premium pricing is meant for businesses that make high-quality products and market that to individuals that make high income. The most important part of this pricing strategy is making sure the quality is high enough that customers will consider it to be high value.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Related Documents

mktg_2602_hw_5_.pdf

INF 220 Week 5 Final Project.docx

Assessment3 BSBMKG414.docx

Marketing Case Three- Under Armour.docx

Week 5 Test 2024-02-02 at 7.13.55 AM.png

Key findings.docx

Project 2 Research Essay Draft Template (1) (1).doc

IMT 570 Module 1.docx

mktg3481_sw4_units_pdf.pdf

Business Strategies Discussion Board for Week 2.docx

ADMS1000 (1).pdf

Unit 4 Assignment Questions.docx

Recommended textbooks for you

Marketing

ISBN:9780357033791

Author:Pride, William M

Publisher:South Western Educational Publishing

Management, Loose-Leaf Version

Management

ISBN:9781305969308

Author:Richard L. Daft

Publisher:South-Western College Pub

MARKETING 2018

Marketing

ISBN:9780357033753

Author:Pride

Publisher:CENGAGE L

Principles of Management

Management

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax College

Contemporary Marketing

Marketing

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Cengage Learning

Foundations of Business (MindTap Course List)

Marketing

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:Cengage Learning

SEE MORE TEXTBOOKS

Recommended textbooks for you

Marketing
Marketing
ISBN:9780357033791
Author:Pride, William M
Publisher:South Western Educational Publishing
Management, Loose-Leaf Version
Management
ISBN:9781305969308
Author:Richard L. Daft
Publisher:South-Western College Pub
MARKETING 2018
Marketing
ISBN:9780357033753
Author:Pride
Publisher:CENGAGE L
Principles of Management
Management
ISBN:9780998625768
Author:OpenStax
Publisher:OpenStax College
Contemporary Marketing
Marketing
ISBN:9780357033777
Author:Louis E. Boone, David L. Kurtz
Publisher:Cengage Learning
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning