Core Concepts of Marketing by John Burnett - HTML preview

CHAPTER 6

MARKETING IN GLOBAL MARKETS

Marketing Objectives

Having identified stakeholder expectations, carried out a detailed situation analysis, and made

an evaluation of the capabilities of the company, the overall marketing goals can be set. It

important to stress that there is a

for realism in this, as only too frequently corpo-

rate plans are determined more by the desire for short-term credibility with shareholders

than with the likelihood that they will be achieved.

The process adopted for determining long-term and short-term objectives is impor-

tant and varies significantly, depending on the size of the business, the nature of the mar-

ket and the abilities and motivation of managers in different markets. At an operational level,

national managers need to have an achievable and detailed plan for each country. which

will take account of the local situation, explain what is expected of them and how their per-

formance will be measured. Examples of objectives might be:

Financial performance, including return on investment and profitability

• Market penetration, including sales (by volume and value), market share by prod-

uct category

• Customer growth, by volume and profitability

• Distribution, including strength in supply chain, number of outlets

• Brand awareness and value

• New product introductions and diffusion

• Company image, including quality and added value (or service)

THE WALL STREET JOURNAL.

IN PRACTICE

In the Economy section, you 'll

International markets offer organi-

find an International Calendar of

zations market expansion and

Economic Events. On the Front

profit opportunities. However,

Section, select Economy from the

entering international markets

left menu. In this section you 'll also

poses risks and valid reasons to

find articles about noteworthy eco-

avoid entering these markets exist.

nomic developments in various

International marketing plans must

countries.

identify the benefits and risks

Travel news is found in the

involved with international expan-

Business Fare section of Market-

sion, and detail the options for

place. Here you'll find a Currency

entry into the foreign market.

Converter as well as travel related

Deciding whether or not to

business articles.

adjust its domestic marketing pro-

gram is a critical issue for any

DELIVERABLE

organization planning to expand

Select one major headline in the

internationally. Organizations must

Asia, Europe, and The Americas

understand the various environ-

sections. Use the Country News

mental factors affecting interna-

menu to select the specific coun-

tional marketing to determine

tries discussed and to look for addi-

whether a standardized or cus-

tional information about the

tomized marketing mix will be the

articles you've chosen. Review the

best strategy.

articles and write a one-paragraph

The Interactive Journal pro-

synopsis of each.

vides extensive information about

world business. On the Front Sec-

DISCUSSION QUESTIONS

tion, select World-Wide from the

1. How can an organization deter-

main page.

mine its best option for enter-

World-Wide focuses on inter-

ing an international market?

national news and events. You'll

2. What impact do international

find information about trade agree-

trade agreements such as

ments, international governing

NAFTA and international gov-

organizations, and regional conflicts

erning organizations such as

in this section. Under the Asia,

the World Trade Organization

Europe, and The Americas head-

have on decisions to expand

ings, you 'll find information specific

internationally?

to these regions. General news sto-

3. Other than the Interactive

ries, financial markets activity, and

Journal, what other sources

technology issues are all discussed

provide relevant information to

as they pertain to the specific

organizations facing interna-

region. For country specific infor-

tional marketing decisions?

mation, page down to Country

4. What changes do you anticipate

News in any of the regional sec-

in international marketing?

tions. Using the drop down menu,

What countries will influence

you'll find links to recent news and

international trade?

business articles.

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