IB 150 Lecture Notes - Lecture 21: Wendigo, Subcompact Car, French Fries

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IB 150 – Lecture 21
Global Marketing
The Globalization of Markets
“A powerful force drives the world toward a converging commonality, and that force is
technology” (Levitt, 1983)
The role of the WTO and governments
Is the world market really global?
The Influence of the Global Media
Made consumers world-wide more aware of their preferences
The move towards mass consumption in the West and other industrializing countries
Contributed to creation of global brands
Caused certain market segments to emerge across national markets that have converged:
Inter-market segments
“Caveat Emptor”
“Converging commonality” may not have happened universally
Some consumer product tastes may have converged less than other products
e.g., industrial products
International Market Segmentation
The process of identifying distinct groups of consumers whose purchasing behavior differs
from other groups in important ways
Demography, geography, social-cultural factors, psychological factors
Firms adjust their marketing mix to meet the particular needs of different market
segments, e.g.,
The Seniors’ market, the “Global Teenagers” and the luxury goods market – focusing on
the wealthy
Global Marketing Strategy
Standardization (Responding to Cost Pressure)
Inter-market segments
Efficiencies through integrated R&D, Production, Marketing
Adaptation (Responding to Local Responsiveness Pressure)
Buyer behaviors (cultural, economic influence, brand perception--country of origin
stereotypes)
Laws regulations
Local environment needs/development
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