FMA 601 Foreign Market Analysis Module 7: Global Integrated Marketing and Future

Global Integrated Marketing Communications Reasons for Developing an Effective Global Campaign: Helps determine the global market for a product Acts as a cornerstone for coherent global strategy www.mygbs.org

Factors Influencing International Marketing Strategy Demographic/ Economic environment Technological/ Physical environment Marketing Intermediaries Information system Planning system Product Publics Promotion Organisation system Control system Target Customers Suppliers Price Place Competitors Political / Legal environment Social / Cultural environment www.mygbs.org

The Marketing Communication Process Sender (Encodes Message) Message Message Channel Receiver (Decodes Message) Noise Feedback Communication Outcome www.mygbs.org

Global Integrated Marketing Communications Advertising: Any sponsored paid message placed in a mass medium Global Advertising is the global use of the same advertising appeals and messages www.mygbs.org

International Advertising Perform marketing research. Specify the goals of the communication. Develop the most effective message(s) for the market segments selected. Select effective media. Compose and secure a budget. Execute the campaign. Evaluate the campaign relative to the goals specified. www.mygbs.org

Growing Popularity of Global Advertising Spur short-term sales Build long-term product identities Significant savings in production costs Growth of pan-European or pan-Asian brands www.mygbs.org

Negotiation Business negotiations are perhaps the most fundamental business rituals. The basic elements of business negotiations are the same in any country. They relate to the product, its price and terms, services associated with the product, and finally, friendship between vendors and customers. One standard rule in negotiating is “know thyself” first, and second, “know your counterpart.” www.mygbs.org

Customer Engagement The future of marketing is about relevance and engagement The web is all about value exchange We are witnessing a consumptive shift from mass consumption to individualized consumption www.mygbs.org

Encouraging Social Engagement Traditional consumption of media is not engaging To foster engagement, action on the part of the consumer is required “Curation” is the act of rating, reviewing and otherwise passing judgment on content available in a social setting www.mygbs.org

Using Data to Drive Business Value Customer Experience Dashboard: Web analytics Customer experience Voice-of-the-customer programs User testing Experience research Social listening www.mygbs.org

Management and promoting Internal cooperation Moving human capital within the organization Teaching about what a person knows and believes about what it takes to succeed. Developing a “boundary-less” organizational perspective. www.mygbs.org

The Future of Foreign Market Analysis and global marketing International markets source of high profits cushion slack in domestic markets Common sense for a new global age as emerged characterized by: vulnerability outrage collaboration politics connection www.mygbs.org