While the company no doubt wants to maintain a consistent image across different markets, it must also take into account the cultural context into which its marketing material is entering. A message that works in the United States may be received very differently in, say, Sudan.
As a business owner, a key component to your business plan is likely how to promote your product.
It's important to create an efficient, results-driven marketing and advertising strategy, especially if your product will be sold internationally. If this is the case, you may consider using a global standardization of marketing to sell your product, gain a larger customer base and increase sales and profits.
What It Is Global standardization in marketing is a standardized marketing approach that can be used internationally. This type of marketing strategy conforms to work across different cultures and countries to promote a product.
A good example of a company that uses global standardization in marketing is Coca-Cola, according to University of South Carolina professors Saeed Samiee and Kendall Roth. The company uses "relatively standard brands, formulations, packaging, positioning and distribution in its global markets," the pair state in their paper entitled "The Influence of Global Marketing Standardization on Performance.
By laying out a unified marketing framework that is effective across different time zones, a company can save time and money in its marketing efforts, since individual marketing strategies in each country or region are unnecessary. Demographic Concerns Not every market has the same wants and desires.
For example, one market may view soda as commonplace, while another market may view soda as a luxury. By applying a global standardization to marketing, a homogenized soda campaign may not necessarily work in certain regions.
This may especially be the case across countries of varying economic statuses. A poorer country where inhabitants have less discretionary income may not respond as well to a marketing strategy that works in a more economically developed country. Differentiation If you are a business owner who uses global standardization to market your product, you may also run the risk of losing out to local competitors who can tailor their goods and marketing efforts to the local population.
For example, if you run a global fast-food chain that sells the same hamburgers internationally, in some cities you may lose customers to local competitors who can customize hamburgers to what is popular in the area.
In these type of cases it's important to be able to adapt your global marketing tactics to specific local markets when needed.
For example, if research shows that Parisians enjoy avocados on their burgers, market your burgers in Paris to include avocados.A Localized Global Marketing Strategy Dr Nitish Singh Jun 25 Finding the balance between standardization and localization of the web content is one of the preeminent dilemmas that companies face when tapping international markets.
A standardized strategy is seen as a global commonality where businesses sell the standardized products in the same way everywhere (Levitt, ).
A standardized marketing strategy includes the traditional marketing mix, sourcing of required inputs and a design of production, management and logistical systems (Douglas & STANDARDIZED AND LOCALIZED MARKETING STRATEGIES 3 Craig, ). All these strategies have definitely done a world of good for increasing the revenues of most of the telecom players. Talking about all leading brands that encompass various product categories, usually standardization of product designing is . Jopurnal of Accounting J Marketing o u r n a l o f A c c o u nti n g & M a r k e t i n g ISS: of markets allowing for standardized strategies . Medina et al. defined Haron AJ () Standardized Versus Localized Strategy: The Role of Cultural Patterns in Society on Consumption and Market Research.
Standardization is build on the idea that, customers will prefer the world standardized products of the company that is able to force costs and prices down while at exactly the same time maintaining. A standardized marketing strategy includes the traditional marketing mix, sourcing of required inputs and a design of production, management and logistical systems (Douglas & STANDARDIZED AND LOCALIZED MARKETING STRATEGIES 3 Craig, ).
Global Marketing, Localized or Standardized Strategy Selection When considering the marketing, product, and positioning strategies involved with taking a US based consumer product global, there are many variables to consider.
A standardized marketing strategy includes the traditional marketing mix, sourcing of required inputs and a design of production, management and logistical systems (Douglas & STANDARDIZED AND LOCALIZED MARKETING STRATEGIES 3 Craig, ).
The international marketing and advertising literature is replete with conceptual and empirical assessments of the suitability of standardized advertising strategies in the international marketplace. The overwhelming body of published work in this area focuses on standardization and customization.