Posted on : 2024-01-12 03:53:17
Article : Good Evening Friday -Management TASK 60- Think global and Act local is a convincing Marketing strategy - What it really needs is…
Think global and act local is a popular business strategy that is more and more relevant in a globalized world where there are no boundaries when it comes to movement of goods and global marketing services. Now it has become evident that companies cannot insulate themselves from Global marketing competition by remaining in the domestic market or a few select markets.
Several global brands such as MacDonald’s, Coca-Cola, Domino’s Pizza, Red Bull energy drink, KFC, Nike, Star Bucks have done it with great success. To a certain extent global marketing goes through the same process as in local marketing strategies – as the four P’s are relevant in any market.
Global marketing strategies require considerable investment in money, resources, manpower to understand various markets in the country, cultures, local tradition, manners and etiquette
When it comes to consumer tastes, preferences and interests there is nothing universal about it. They differ from country to country, climatic zones, GDP levels (Gross Domestic Product), customs and traditions. The food industry for the one has successfully used ‘local flavoring’ strategy with good success.
In many countries, it is not mass media campaign, or money pumped into marketing and distribution that will bring result. A good understanding of the local market is a pre-requisite for success and the best way to ensure is through a joint venture global marketing partnerships or marketing tie-up with a local partner in the same business. This will enable the global firm to attain market supremacy at a much rapid pace.
On a global scale none is more powerful than social media to reach a wide audience. For campaigns with picture, video and lesser text, Facebook would be the appropriate medium while for sharing industry global marketing news especially those involving B2B products Twitter marketing may be effective. Paid campaigns can create good reach, even YouTube videos can be shared effectively to reach a large audience. Despite the many success stories one may find in global marketing, several others don’t succeed because of lack of localization strategy. A marketing campaign that does not respect local cultures, sentiments, tradition and the consumer as an individual is bound to fail. Therefore, it pays to employ local talent in marketing and branding to help understand the regional tastes and attitudes so that the right branding message is delivered in promotions.
Having consistency in brand promotions, localizing the product to the regional markets, extensive use of social media and inbound marketing, appropriate pricing and packaging will go a long way in making global campaign a grand success. It is important not to upset the local sentiments in any nation and campaigns should look credible. Share your valuable suggestive inputs with real-time examples or comments in our comments box or mail us. Our Management solution of the TASK would be posted on our Good Morning Management Solution for TASK 276 on 15th Jan 2024.
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