Marketing Paradoxes Meeting 11. Marketing Elements Product - what are you selling Place - where are you selling it Price - how much will you charge Promotion.

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Presentation transcript:

Marketing Paradoxes Meeting 11

Marketing Elements Product - what are you selling Place - where are you selling it Price - how much will you charge Promotion - how will you use advertising, PR, sales and sponsorships People - to whom are you selling

Product Combination of features, benefits and end benefits Utilitarian or service orientation Hi or low involvement decisions Name and brand elements

Place Mass, selective, exclusive distribution Wholesale clubs, outlet malls Direct marketing - Internet, catalog Direct sales - person to person Pyramid marketing

Price Competitive Discount Low-price matching Premium Flexible (auctions)

Promotion Media advertising Place-based advertising Product placement Public relations, media exposure Sponsorships Sales promotions (retail and consumer) Event promotion (trade shows) Direct sales (employee training)

People Relationship building Consumer behavior Account planning Incentive rewards for employees Qualitative research

Paradoxes Values reflect where people grew up; no global values Markets must think global (products), act local (people) Technology void Media control Brand culture reflects country of origin Research is culture-bound

Global Branding Strategies By Brand Type Single product brand (Club Med) Line brands (Bud light, dark) Umbrella / corporate brands (GM, Nestle)

Branding Strategies 1.Cultivate established local brands - national to international brand 2.Global platform, local adaptations (Coke) 3.Create new brands (Nintendo Gameboy) 4.Purchase local brands (Kraft) 5.Develop line extensions (Pepsi Max) 6.Multi-local: mono to endorsement or concentration on core brands

Standardization Same products at same prices via same distribution channels and promotions Influencing factors Product category (hi-tech, hi-touch) Positioning - same life cycle in different markets International media (few) Advertising concept and execution

Localization Considerations of language, tradition, habit, perception, nationalism, media, technology Advertising adapted to culture and lifestyle Utilization of local talent and production Reflects social values, feelings, emotions Connects product with role in consumer’s life