A group of managers within a firm that determines which elements of the product will be standardized and which will be locally adapted.
A global new product planning team
A global development team
A global research team
Business development team
Answers
Answer:
Global Marketing Startegy
a plan of action for foreign markets that guides the firm in deciding
- how to position itself and its offerings
- which customer segments to target
- the degree to which it should standardize or adapt its marketing program elements
International Marketing
the cultural, social, political, legal, and regulatory environment of international markets influences the was the firm develops, adapts, and markets products and services
Market Segmentation
- the process of dividing the firm's total customer base into homogeneous clusters that allows management to formulate unique marketing strategies for each group
- within each market segment, customers exhibit similar characteristics regarding income level, lifestyle, demographic profile, or desired product benefits
Global Market Segment
- a group of customers that share common characteristics across many national markets
- firms target these buyers will relatively uniform marketing programs, regarding product, pricing, communications, and distribution
Adaptation
modifying elements of the marketing program to accommodate specific customer requirements in individual foreign markets
Standardization
efforts to make marketing program elements uniform, so as to target entire regions of countries, or even the global marketplace, with a similar product or service
What are the benefits of standardization?
- cost reduction
- improved planning and control
- ability to portray a consistent image and build global brands
What are the advantages of adaptation?
- meet needs of customers more precisely
- enjoy unique appeal
- comply with government regulations
- achieve greater success in combating customer resistance
Why is adaptation needed?
- differences in national preferences
- difference in living standards and economic conditions
- differences in laws and regulations
- differences in national infrastructure
Global Product Development
- in developing international products, managers emphasize their commodities across countries rather than the differences between them
- a basic product incorporates only core features that are then varied at the margins for individual markets