Thursday, September 26, 2019

Qualities of a Successful International Marketing Strategy Essay

Qualities of a Successful International Marketing Strategy - Essay Example International marketing strategy is rooted in an investigation of the level of globalisation of different features of the market setting, such as variations and similarities in consumer preferences, culture, socioeconomic standing, technological standards, and so on. Therefore, it is evident that companies aspiring to compete successfully in global markets have to develop a decisive, purposeful, and appropriately designed international marketing strategy that is derived from a comprehensive knowledge of the markets which the organisation is operating in or aiming at. The Three Qualities Global markets are an aggressive environment that demands regular monitoring and assessment. Marketing strategies should be able to adapt to the dynamic nature of global markets. Innovation is an integral success factor, not merely with regard to product and/or service but the entire process of marketing. Value-oriented marketing and financial strategies are all turning out to be vital factors in the execution of a successful international marketing strategy (Doole & Lowe, 2008). Therefore, the mission of international marketing is to guarantee that all global strategies have the strength of comprehensive analysis and knowledge and precise assessment of what is needed to gain the most coveted competitive advantage. There are numerous essential qualities for successful international marketing strategy. But this essay focuses only on three qualities, namely, successful development of recognised local brands, strong brand extensions, and solid customer relations. First, a successful international marketing strategy is able to expand a local brand into a global brand, bringing brand strategy and value to a larger number of countries. The most excellent case in point of an initially national brand that eventually became international is Coca-Cola. In 1902, Coca-Cola decided to go beyond the United States. It was able to penetrate the market of 76 nations by 1929 (Hill & Jones, 2012, p. 286). During the Second World War, the company already has 63 factories across the globe. Its international expansion carried on after the war, motivated partly by the assumption that the U.S. market would sooner or later mature and by the belief that massive prospects for growth rest abroad (Hill & Jones, 2012, p. 286). Until the 1980s, Coca-Cola’s marketing strategy may most appropriately be described as a localisation strategy. Local marketing activities were given a high level of autonomy to handle their own activities. But everything changed when Roberto Goizueta became the company’s chief executive in 1981. He restored focus on the leading brands of Coca-Cola, which were expanded with the launching of Cherry Coke, Diet Coke, and others (Doole & Lowe, 2008, p. 8). His main assumption was that the major dissimilarity between the global markets and the United States was the lower consumption level of the global markets. Goizueta transformed the company into a glo bal one, consolidating much of the marketing operations and management at the company’s head office in Atlanta, placing emphasis on major brands. This wholesale strategy was based on standardisation by, for instance, employing the same marketing strategy across the globe (Hill & Jones, 2012, p. 286). However, this wholesale marketing strategy eventually became

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