Literature Review. As used here, standardization of international marketing strategy refers to using a common product, price, distribution, and promotion program on a worldwide basis.
The issue of standardization first was raised by Elinder (1961) with reference to advertising.
Which are the benefits of standardization?
- Greater clarity & predictability
- Knowledge retention
- Greater flexibility
- Consistent quality
- Easier compliance
- Reduced waste
What is adaptation and standardization international advertising
Adaptation is an approach of detailing the differentiation that exists between products and services.
Standardization of product is the approach for increasing commonality of product in the supply chain management.
Why are global brands successful
Brands enjoy greater success on a global scale by adapting to what consumers in a certain country or region prefer.
When it comes to marketing, global brands adapt their campaigns to include the target audience’s language, as well as relevant images and graphics that reflect the audience’s demographics and geography.
What are the advantages and disadvantages of standardization?
- What is Standardization?
- Advantages of Standardization
- Disadvantages of Standardization
- The Bottom Line
What is an advantage of the standardization strategy
The most obvious advantage of standardization is quality control, guaranteeing the customer of a uniform experience across the brand, irrespective of the ownership of the individual franchise.
What is global standardization strategy
A global standardization strategy refers to the ability to use standardized marketing messaging and campaigns across markets, countries, and cultures.
The world’s biggest brands, such as Adidas and Coca-Cola, use a global standardization strategy to create a consistent brand experience across regions and languages.
What are the 6 advantages of standardization?
- Rationalize different varieties of products
- Decrease the volume of products in the store and also the manufacturer cost
- Improve the management and design
- Speed up the management of orders
- Facilitate the exportation and marketing of products
- Simplify purchasing management
What are the disadvantages of standardization
Disadvantages of product standardization When companies standardize products, they produce more of a smaller number of variations.
This means that consumers have fewer choices between products, which may mean they end up purchasing something that doesn’t meet all their needs or desires.
What is global marketing strategy
A global marketing strategy (GMS) is a strategy that encompasses countries from several different regions in the world and aims at co- ordinating a company’s marketing efforts in markets in these countries.
A GMS does not necessarily cover all coun- tries but it should apply across several regions.
How does standardized vs localized debate apply to global service marketing
Standardization ensures high-quality content and brand consistency in every single market. On the other hand, a localization strategy centers on approaching each market at an individual level.
Both are global approaches that can benefit a company, but each may not be best suited for certain kinds of business.
What are the 4 global marketing strategies?
- Look At Where Your Customers Come From
- Differentiate Your Offerings
- Think About Branding
- Localize Your Messaging
What is an example of global standardization
For example, the Coca-Cola Company uses global standardization in marketing by keeping the appearance of the product relatively unchanged between different markets.
The company uses the same design theme even when different languages are presented on the products.
What is a global brand example
Obvious examples of these can be found from the top brands in both the Interbrand Top Global brands and the BrandZ rankings.
Brands such as Coca-Cola, Microsoft, IBM and McDonalds use the same image, logos and visual wherever they are marketed.
What are the 3 global marketing strategies
What are the three global marketing strategies? They are product, service and pricing. You’ll need to tie together these three types of global marketing strategies in order to ensure the widespread international appeal of your product.
What are global branding strategies
Global branding refers to the management of a brand in different regions of the world, intending to increase its strength and recognition in the markets in which it operates.
This strategy may also be called global branding or international branding.
What are some examples of global marketing strategies?
- Consistent brand names
- Uniform packaging and branding
- Homogenous product listings
- Standardized advertising messages
- Attuned pricing
- Synchronous product launches
What is a standardization in marketing
Standardization means an undifferentiated use of the same Marketing Mix (4-7Ps) in all countries.
In this case, the firm simply replicates, without any changes, the same strategy in the different markets in which it operates.
What are the global standards of globalization
What is the Global Standard? Launched as a concept by the Italian G8 Presidency in early 2009, the Global Standard aims to develop a set of common principles and standards for propriety, integrity and transparency in international business and finance.
The OECD has been associated with this initiative since its start.
What is standardization in international business
The process of creating standards to guide the creation of a good or service based on the consensus the industry.
What is standardization and adaptation in international marketing
Product adaptation means that the firm adapts the product to the local markets. It is the process of modifying products for different countries and regions or designing new products for foreign markets.
Product standardisation means that the firm sells and advertises a standardized product in the international context.
What is standardized marketing information they are looking for
Standardized information can have many applications, in general, it includes measuring the consumer attitudes, clarifying market segments, conducting market tracking and monitoring the usage of media and effectiveness of promotional activities.
What prevents companies from using a standardized message worldwide
The major impediments of standardized campaigns are perceived to be cultural differences, alternatives in consumer lifestyles, language diversity, variations in worldwide market infrastructure and government regulations.
What is the approach of advertising
Basically, such a campaign must draw the market’s attention to your product/service. It should also help in creating a long-lasting positive image for your business.
You should therefore design effective advertising campaigns suitable for the short-term or the long-term.
What are the characteristics of a global brand?
- Keep strategy consistent
- Fulfill your brand promise
- Deliver value
- Demonstrate thought leadership
- Foster positive relationships
- Show integrity
What are standards in globalization
Standards that describe globalization within an economic context highlight the global economy or international trade.
Economic contexts of these standards focus on how globalization has impacted finance, business, competition, employment, and the wealth of nations throughout the world.
What are the reasons for standardization?
- STANDARDS FACILITATE TRADE: From container sizes to coffee
- STANDARDS
- STANDARDS MAKE THE WORLD A SAFER PLACE: No matter if it
- STANDARDS GUIDE AND CERTIFY BUSINESS QUALITY: Standards
- STANDARDS
- STANDARDS CARE FOR THE CUSTOMER: Ranging from the
- STANDARDS FOSTER THE SHARING OF TECHNOLOGY & INNOVATION:
Which is a major advantage of a global strategy
The global strategy offers greater opportunities to take innovations developed at the corporate level or in one market and apply them to other markets.
Research suggests that the performance of the global strategy is enhanced if it deploys in areas where regional integration across countries is occurring.
What is international product standardization
Product standardization refers to marketing a product in the overseas markets with little change except for some cosmetic changes such as modifying packaging and labelling.
Generally, products with high technological intensity such as heavy equipment’s, plants and machinery, microprocessors, hard disks, projectors etc.
What are the objectives of standardization
The goal of standardization is to ensure uniformity to certain practices within the industry.
Standardization focuses on the product creation process, operations of businesses, technology in use, and how specific compulsory processes are instituted or carried out.
Citations
https://quizlet.com/533935649/econ-midterm-chapter-3-flash-cards/?src=set_page_csr
https://verloop.io/blog/the-best-global-marketing-strategies-for-2020/
https://courses.lumenlearning.com/suny-marketing-spring2016/chapter/reading-approaches-to-global-competition/
https://opentext.wsu.edu/cpim/chapter/9-2-global-branding/
https://blog.hubspot.com/marketing/global-marketing-and-international-business
