Global marketing strategies

Discussion: Global Marketing Strategies Purpose This assignment is intended to help you learn to do the following: * Discuss strategies and tactics that are being used to market a product in both your home country and other countries. * Conduct a comparative marketing analysis applying global marketing principles. Overview When you understand the term “marketing” in its most accurate and comprehensive sense, you will become aware of marketing principles in action all around you. One of the common drinks at meals in some parts of Europe is made by pouring a small amount of flavored syrup in a glass and adding water. Many flavors are popular, but one of the most enjoyed varieties is mint. Another is anise. Have you ever sat down to dinner and had a nice glass of mint syrup or anise? If you are from North America, you probably haven’t. It is not common here. Given their popularity in some parts of Europe, why haven’t these drinks made headway in the U.S.? It is most likely because the mint syrup looks and tastes like mouthwash to Americans, and the anise is like drinking liquid black licorice. Similarly, while many Americans guzzle root beer, this soda is not consumed very much by Europeans. To them, it may taste similar to a medicine they have, and they thus typically abhor root beer when they try it. Could European companies market syrup drinks in the U.S.? They could try, and perhaps have, but they would need to offer flavors that Americans like in a beverage. This would be just one consideration in such a marketing venture. With globalization of markets now a norm, and the growing significance of market segments based on cultures within countries, it is critical for companies to address culture in their marketing strategies and tactics. In this assignment, you will get to apply the marketing mix globally/multiculturally. You will assume the role of a new marketing manager. In preparation for offering a new product, you have been assigned to analyze and evaluate the marketing strategies of your company for a product it currently offers in both your home country and other countries. The company executives will review your analysis and evaluation of the marketing strategies and tactics in order to understand the differences between marketing this product in your home country and another nation (you get to choose the other country for purposes of this assignment). They will want to gauge, based on your cultural and environmental scanning, whether they are on the right track with their marketing of this product in the country in question. This will help them prepare their strategies and tactics for the design and launch of new products in both your home country and in the other country. Action Items 1. In this assignment, you will create a posting for your boss to share with the executive team. To create this posting, do the following: * Review the principles of global marketing in Chapter 15 of the textbook. * Choose a product that originates from your home country (or another country) that is marketed in other countries around the globe. * Choose one other country where this product is available. * Search online to find advertising samples for the product in both your home country and the other country. Compare print, TV (many ads can likely be found on YouTube), and web samples (for example, corporate websites for both countries). It is from these samples that you will determine the marketing strategies and tactics that you believe are being used. * Conduct research to find 3 to 5 critical cultural considerations for marketing products in the country you selected. Only cite credible sources. Googling should provide more than enough leads for you. 2. By the due date indicated, prepare a succinct but thorough posting for your boss and the executive team about the strategies and tactics that are being used to market this product in your home country and the other country you have identified. Your posting should include: * The product name and description (e.g., McDonald’s fun meal or McDonald’s Quarter Pounder). * The message of the commercial (e.g., healthy skin is good, invest in gold, eat here during our happy hour, etc.). * A description of who you believe to be the commercial’s target market (e.g., married males, in their 30s or 40s, middle-class, some college, homeowner, athletic, are do-it-yourself type of people). * Relevant cultural characteristics. * Include relevant cultural characteristics of both your home country and the other country. * Macroenvironmental Factors * List and describe the relevant environmental elements legal/regulatory, economic, competitive, technology * Comparative Marketing Analysis – Describe the key marketing elements on the basis of product and customer type: * Compare and contrast marketing strategies of the company you chose for the specific product you identified in the U.S. and another country of your choice. * Analyze the marketing of the product and evaluate whether the marketing is a match for the culture based on what you found in your research and what you have read in the textbook. * Evaluation and Recommendations * Include a link to the images of advertising samples from both countries.