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1. What is the danger in oversimplifying the globalization approach? Would you agree with the statement that “if something is working in a big way in one market, you better assume it will work in all markets”? Globalization and International marketing is quite different from each other, the primary difference being the two is; global and international marketing management is that global marketing management is guided by the global concept which views the world one market and is based on indentifying and targeting cross-cultural similarities.
There are at least three factors that help define the global approach to international marketing: 1. The world is viewed as a market. 2. Homogeneous market segments are sought across country markets. 3. Standardization of the market mix is sought whenever possible but adapted whenever culturally necessary. Using the information that is mentioned above, we can state the danger of oversimplifying globalization. With globalization being a broad concept, if marketer insist on oversimplifying the approach it will be disastrous to them.
All company wish that they can venture their business globally but most often quite a few of them fall short. When a company decides to go global they must remember globalization looks at the world as one market, but they need to remember that they cannot treat all the markets as one nor the same way they treat their home markets. Each country has their own cultures, norms, way of life and their own way in doing certain things, which often it is done differently from the way the consumers form the marketer’s home market do.
By treating all the markets the same way the marketer will be bound to find themselves in problems, in most extreme product failure. So when deciding to go globally the marketer must think thoroughly about what they are getting into and all the aspects of globalization and understand the concept as fully as possibly. So that they won’t look at it too narrowly and fail. I disagree with the statement, ‘If something is working in a big way in one market, you better assume it will work in all markets’. Marketing differences do not permit that.
Each market has its own government and trade restrictions, differences in the availability of media, differences in customer interests and response patterns, and the whole host of cultural differences. There are so many factors that a marketer has to take into consideration before entering a new marketing. A product maybe doing well in one market, let’s say because it is of an essential part of the consumers day to day operation. But not just because it works well in that market means it will work too in the every market, the demand of that product may not be present anywhere else except for that one market.
Globalization is not standardization; therefore marketing concepts has to be customized to local tastes. Products must be launched as if they were developed only for their market. Hence my opinion to the mentioned statement ‘if something is working in a big way in one market, you better assume it will work in all markets’ is incorrect. 2. In addition to teenagers as a global segment, are there possibly other such groups with similar traits and behaviours that have emerged worldwide? ?
Effective use of segmentation, that is, the recognition that groups within markets differ sufficiently to warrant individual marketing mixes, allows global marketers to take advantages of the benefits of standardization while addressing the unique needs and expectations of a specific target group. Global marketers have already successfully targeted the teenage segment, which is converging as a result of common taste in sports and music fuelled by their computer literacy, travels abroad and in many countries financial independence.
Yes, other than the teenagers as a global segment, there are other global segments that are evident in the global market. These include: ??? Trendsetters ??? Europe’s business people The trendsetters are wealthier and better educated and tend to value independence, refuse consumer stereotypes, and appreciate exclusive products. Whereas, the Europe’s business people are well-to-do, regularly travel abroad, and have a taste for luxury goods. Bibliography http://books. google. gy. com