Here I sit and fantasize, should I adapt or should I standardize? New Markets Here I sit and fantasize, should I adapt or should I standardize? Examining the influence of uncertainty on marketing mix strategy elements in emerging business to business export-markets – Doing business in Libya: Assessing the nature of effectiveness of international marketing programs in an evolving economy - - Simon Schram - Abdelkader Fares Kristaps Kokins

Introduction Uncertainty Marketing mix Emerging markets Key to success in international market Strategy Case study Libya Conclusion Discussion Examining the influence of uncertainty on marketing mix strategy elements in emerging business to business export-markets Doing business in Libya: Assessing the nature of effectiveness of international marketing programs in an evolving economy

What is a good global marketing strategy? Industry & country specific A well planned marketing mix strategy Dealing with uncertainties One fits all?

Environmental uncertainty Effect uncertainty Response uncertainty The future is completely uncertain… …I am completely certain of this. Environmental uncertainty Effect uncertainty Response uncertainty Lowering risk of uncertainty gives you competitive advantage

International entrepreneurship Remember this! International entrepreneurship Adaptation Product Adaptation price Uncertainty Adaptation place Use of Network Adaptation Promotion

International entrepreneurship Positive relation between entrepreneurship and the response to fast changing environment? Wanting to be innovative Being proactive Risk seeking behaviour

Use of Network Network can help to understand the foreign customer needs. SMEs Partners, suppliers, customers. Help reduce uncertainty about a foreign market about implementing about the appropriate marketing strategy.

Degree of the change in the physical product across national boundaries. Adaptation Product Adaptation price An adapted price varying to the different living standards. The difference between the use in sales channels across national boundaries Adaptation place Promotional differences between countries and the promotional approach. Adaptation Promotion

International entrepreneurship Remember this? International entrepreneurship Adaptation Product Adaptation price Uncertainty Adaptation place Use of Network Adaptation Promotion

To conclude Uncertainty How to handle uncertainty Entrepreneurship Use of network Marketing mix

Discussion question: Considering the age of the article (2013) what would you say has changed in creating a global marketing strategy? Are their new ways to reduce uncertainty? What are the main elements to take in consideration when entering a new market ?