Global Marketing Strategies: Ethics, Entry, and Analysis
School
Wilfrid Laurier University**We aren't endorsed by this school
Course
NAS 219
Subject
Marketing
Date
Dec 12, 2024
Pages
27
Uploaded by CountFire17605
Global Marketing
•Global market assessments•Global market entry strategies•Explain how ethical issues affect global marketing practicesLearning Objectives
Why Go Global?
GlobalizationThe increasedflow of goods, services, people, technology, capital, information, & ideas around the world.
What fueled globalization?Reductions in trade barriersStandardization of lawsDistance less of a concernGlobally integrated productionTrade agreements
Major Global Marketing DecisionsAssessing global environmentAssessing global environmentChoosingglobal marketingmixChoosingglobal marketingmixChoosing globalentry strategyChoosing globalentry strategy
Assessing global markets(PEST orSTEP)
1. Assessing the Political & Legal Environment
Trade Sanctions and Boycott•Trade sanctions: •Boycott:
Tariffs: a government tax on goods or services entering a country. Quota: A restriction placed on the amount of a product allowed to enter or leave a country. Tariffs and Quotas
Exchange controlExchange RateExchange Control
Trade AgreementsEU: 28 countries; 513 million consumers; single currencyUSMCA: 3 countries; 400 million consumersCAFTA: 7 countries; ASEAN: 10 countries600 million consumers
2. Analyzing the Economic Environment Using Metrics
Evaluating the general economic environmentGross Domestic ProductTrade Surplus or DeficitPurchasing Power ParityHuman Development IndexNation Master Website
Evaluating real income•The real incomeis in terms of purchasing power while the money or nominal incomeis your current income. In real incomethe inflation rate is adjusted.
Evaluating market size & population growth rate•It is estimated that by 2050, the world population will reach ___ billion people•Less developed nations, by and large, are experiencing _____ population growth, while many developed countries are experiencing _____ natural population growth.
3. Analyzing Sociocultural FactorsCulturePower distanceUncertainty avoidanceIndividualismMasculinityTime orientationIndulgence
CommunicationCommerceTransportationDistribution Channel4. Analyzing Technology & Infrastructure Capabilities
The appeal of the BRIC countriesGreatest change is the growth & expansion of four countries that together are known as the BRIC countries:Brazil RussiaIndiaChina
Choosing global entry strategy
The Global Marketing MixGlobal Product or Service StrategiesGlobal Pricing Strategies Global Distribution StrategiesGlobal Communication Strategies
Marketing EthicsMoral principles and values that govern the business practice in the domain of marketing.Personal EthicsCorporate Social Responsibility (CSR)
Ethics vs. social responsibility
CONSUMERISM:A social movement aimed at protecting consumers from business practices that infringe upon their rights.EmployeesCustomersMarketplaceSociety
A framework for ethical decision making
Ethical decision-making metricTest1. The Publicity TestWould I want to see this action that I’m about to take described on the front page of the local paper or in a national magazine?2. The Moral Mentor TestWould the person I admire the most engage in this activity?3. The Admired Observer TestWould I want the person I admire most to see me doing this?4. The Transparency TestCould I give a clear explanation for the action I’m contemplating, including an honest and transparent account of all my motives, that would satisfy a fair and dispassionate moral judge?5. The Person in the Mirror TestWill I be able to look at myself in the mirror and respect the person I see there?6. The Golden Rule TestWould I like to be on the receiving end of this action and all its potential consequences?Source: Adapted from Tom Morris, The Art of Achievement: Mastering the 7 Cs of Success in Business and in Life (Kansas City, MO: Andrews McMeel Publishing, 2002);
Integrating ethics and CSR into marketing strategy