Select a Fortune 500 international company in the service industry. Using your selected company as the basis for your research, prepare a paper that will:
- Describe the main line of business of the company.
- Name four of the countries in which the company operates.
- Explain in detail the implementation of the 4Ps marketing mix concept by the company.
- Describe any differences observed in the implementation of this concept, from one country to another.
Present your findings as a Word document of 4–5 pages that is formatted in APA style.
The following information is provided to help with your assignment:
There are some products and services that can enjoy global success. Global trade has significantly become more convenient for businesses because of improved transportation and communication opportunities. No doubt, technology makes buying and selling easier and faster.
Today, global trade is practical and profitable. The world is a big place and going global is often a good business strategy to expand a company’s brand. The decision to move a brand into the international marketplace takes in account the marketing environment as well as international trade laws, competition, global customers and distribution channels.
Whether a company remains domestic or national, or global knowing the customer remains paramount. Also, as more companies move toward globalization, companies need to consider the international aspects of a global marketing plan. Changes in technology can also significantly influence demand for a company’s product or service.
In addition, cultural aspects such as language, customs and social mores need to be evaluated as well as how results related to revenue and market share will be evaluated.
Companies need to consider:
- Product positioning.
- Global competitors.
- Resources for productions and distribution.
- Customer targets.
- Distribution channels for the product online and in-store.
The decision to go global includes evaluating the uncontrollable variables related to the political, legal, social and economic environments.
Only a company’s product can be controlled, using the marketing mix—product, place, price and promotion. How a company brings the controllable and uncontrollable variables together help in making the marketing decision to go global.
Moving into a country includes various entry options such as exporting, licensing and franchising, contract manufacturing, joint ventures where local firms lend their country expertise.
Many international laws exist, especially related to importing and exporting goods. Depending on the country you are doing business with, complying with global, regional and local laws is important. Understanding trade barriers and tariffs are also important.
Finally, understanding how to communicate a specific message is another consideration when going global. Advertising messages may need to change based on the cultural values of the customers respective to the country. Marketers must also be aware of language differences, cultural, religious and social values may impact the type of message used in the marketing communications campaign.