Key Strategies of Global Marketing Globalization means many things to many people. For some it is a new paradigm – a set of fresh beliefs, working methods and economic, political and socio-cultural realities in which the previous assumptions are no longer valid. For developing countries, it means integration with the world economy. It can be better understood if we look it at this perspective- “the world integrated into one huge market”. It calls for the removal of all trade barriers among countries and a perfect competitive market prevails and the stress can lead to many positive and possible outcomes in terms of QualityQuantityUniquenessForeign exchangeBenefits to the host countryIncreased productivity leading toEconomic growth Well, it does not end there. An MNC (multi national company), by operating in more than one country gains r and d, production, marketing and financial advantages in terms ofcost and labor that other competitors may not enjoy. The global company views the world as one market, minimize the importance of national boundaries, sources, and raise capital and markets wherever it can do the job best. Why do companies go global? One reason could be the rapid shrinking of time and distance across the globe thanks to faster communication, speedier transportation, growing financial flows and rapid technological changes. It is being realized that the domestic markets are no longer adequate and rich. Japanese have flooded the U. S. Market with automobiles and electronic goods because the home market was not big enough to absorb whatever was produced. Companies at the first stage of globalization have only passive dealings with foreign individuals and organizations. By the second stage, companies deal directly with their overseas counterparts, though they might continue to use third parties also. The company might decide to set up an import or export department. Next comes the shedding of domestic capacity and floating an international organization and have a direct hand in exporting, importing, and perhaps producing goods and services abroad. Seldom companies reach this stage, even if they do, they recede later. The company can have a strong foothold in the countries it is organizing its activity only by way of * Superior product quality* Demand* Customer preference for that particular product range that the company offer* A dynamic CEO projecting and boosting company’s image,* Brand image* Availability of skilled labor* Licenses* Access to necessary infrastructure* Feasible financial structure* Viability in the long run* Marketing mix Chennai in India has become a hub for so many corporate as well as global companies since the business climate is very favorable and enterprising. Some of the strategies in globalization would be * Deciding whether to go global* Deciding which markets to enter* Deciding how to enter the market* Learning to handle differences* Adjusting the managing process* Deciding organization structure* Selecting a managerial approach. Developing countries like India have adopted new economic policies that are expected to encourage the international companies setting their foot in India, by which it compels many Indian companies to pursue internationalization vigorously. True globalization marks the beginning of a new economic era of growth and...

The Management Planning Process We have heard of “Master Plans” being structured and engineered to give astounding results that is purely systematic in approach and masterly in execution. Planning facilitates to make use of the opportunities that are available in the environment to make it to the top. Opportunity Analysis is nothing but, an awareness of the factors in the external environment; understanding of the strength and weaknesses of the organization. This is the first step of planning where we have to scrutinize the market, competition, customers’ preferences, tastes, our strengths and weaknesses. Establishing Objectives is another criterion that ensures “Where we want to be, and what we want to accomplish and when”. What are Objectives? Objectives are set for the organization and each subordinate is also entrusted with them. Objectives lay emphasis on goal setting which normally emanates from the top, but it may also originate from the bottom. Management by objectives is a great concept that involves all the employees working for the organization to be a part of goal setting and decision making.  Planning Premises: Premises are “Assumptions” about the ‘environment.’ It involves identification of critical factors of the environment that affect the planning. Examples of critical factors are government policies, tax rates, business cycle development, economic indicators, economic forecasts etc. No body can precisely predict the environment factors precisely and make an accurate forecast. However one can fairly predict the critical factors required for the plan. Identifying Alternatives is very significant in a corporate business environment as every plan has got a set of alternative course of action. A reasonable number of alternatives can be developed for a plan. Evaluating Alternatives and Selecting the Best: A reasonable number of alternatives can be evaluated on the basis of the principle of limiting factor. The limiting factors may be costs, time, manpower and other resources. By applying techniques of operations research, every alternative can be evaluated. For e. g. alternative ‘A’ may benefit the organization in the short term but may be more expensive and alternative ‘B’ may benefit in the long run but may be less expensive. If one wants to earn immediate profits by spending more money he can choose alternative ‘A’. If the limiting factor is cost, he is forced to choose alternate plan ‘B’. Planning is not complete with selecting the best alternative; a set of derivative plans are developed to support the basic plan. For example an educational institution might like to own a fleet of buses, for which derivative plans for selection has to be made- training of drivers and maintenance staff are supportive plans for the main plan-procurement of buses. Developing budgets completes the planning course of action and budget is referred in financial terms and they are required to control the plans. Planning is the Prime Function: Planning is the prime function of all as it precedes all functions. 1. The objectives must be clear, verifiable and attainable. 2. Planning premises are vital to the success of planning as they supply information related to future like probable competitive behavior, general economic conditions, capital and material availability, government control etc. 3. All the critical factors are clearly and thoroughly analyzed and taken into consideration. One should be able to identify clearly the critical factors that limit the attainment of the goal. It could be costs, time, manpower or any other resources. 4. In a practical business situation, one should be clearer in identifying these factors, only then the selection of the best alternative is possible. 5. Any decision taken in a plan is valid for a particular period i.e., the plan may be short term or long-term, the commitment principle...

Integrated Marketing: Strategy aimed at combining different marketing methods such as mass marketing, one-to-one marketing, and direct marketing. Marketing in simpler terms means “to take your product to the customers in a convincing manner and coax them to buy it”. And not only that, you need to retain your old customers and lure new customers to your niche. How is that possible! Marketing is a concept that works magic when you project your product in such a way as to attract the customer and also your product should have an edge over that of your competitors’. Many new channels of marketing have flooded the market; the evergreen being advertisements in radio and televisions. The audio visual of your product that is being telecast in a span of thirty seconds to one minute should capture the attention of the viewers and you should see to it that the benefits of your product is communicated to the viewers in a precise manner. The questions that are inevitable to the sales force are, What is your product’s unique selling proposition? What is your distinctive competence? Are you motivating the target audience? Does your product have a brand image? So many things have to be taken into consideration and here comes the word integrated marketing. The exclusive sales force you own is your strength, without which you cannot succeed in the market. Whatever strategies you formulate, action plans you correlate, it is in the hands of your sales team that you are going to capture the market. The marketing plan and ideas have to be communicated to them from the point of conception and the innovative ideas generated from your team can be definitely put into use. Integrated marketing operates on two levels. First the various disciplines of the marketing department that includes, sales force advertising product management new product launch Marketing research, must work in tandem. Secondly, coordination with all the other departments in the firm. After all, business is done for profit. But even then there are some etiquettes to be followed when you are planning to introduce your product into the market. customer satisfaction quality quantity eco friendly Competitive price, are some of the basic principles that go without saying. Besides, the producer also should not deceive the customer or take advantage of the ignorance of the consumer while campaigning for his products. A product should reap you profit and at the same time the customer should get the value for the money paid. A satisfied customer can bring in hundred more customers; it is part of your marketing plan. If you lose one customer then you have lost thousand customers. You cannot bring back a dissatisfied customer into your groove. So the sociology and psychology which you have read only in literature will give you a helping hand in times of need, when you want to satisfy a customer. Integrated marketing combines all the marketing plans; it is a marketing mix that makes a customer happy with the product’s price, availability, promotion and the product as a whole. Hotels and restaurants Hospitals Malls and Departmental stores, are some of the ventures to be mentioned that stands as a testimony for integrated marketing, as they talk about “feasible packages for different classes of economy”. Ultimately marketing can be defined as a network that starts with the customer and ends with the customer in its supply chain...

Product Forecasting – An Analogy What is Product Forecasting: It is the science of predicting the degree of success a new product will enjoy in the marketplace. Forecasting is said to be the first and foremost step in the planning process. One of the requirements for effective long-term planning by managers is to assess the changes in technology and environmental conditions that could affect the firm. This is termed as environmental scanning which facilitates the firm to benchmark its performance as against the top industry standards. Technological forecasting involves anticipating development of new products and processes and the time taken for such kind of innovations to be accepted and absorbed in the market. External Environmental Scanning: Environmental forecasts focus on factors such as population growth, availability of resources, social and political trends that may affect the firm’s future. Business firms become more informative on, The percentage of market share for existing products of the firm Future demand for its product range Decline in sales proportions Consumer feedback about product performance Customer satisfaction Sales team performance level Pitfalls in marketing strategies Need for new product development Unidentified customer needs and so on  All predictive activity is subject to error, but technological and environmental forecasting is particularly different because they often involve assessing ideas and relationship that do not exist at the time the analysis is being performed. These forecasts are best suited for predicting performance a year or two in the future. Plan of Future Course of Action: Based on forecasting, the firm decides the future course of action. Sales forecasts help the firm to decide on the volume of production for the next few months and aid in aggregate capacity planning. Labor productivity is a crucial factor in determining the success of a business environment, especially a production environment. Manpower planning is purely based on production forecasts where in, the labor hour productivity is also taken into consideration. Forecasting Techniques: In the absence of empirical data, the forecasts must be based on expert opinions. Techniques like Delphi method can be used for this purpose. A group of experts is asked to assess a particular situation, presented with the judgments of others in the group, and then asked to reevaluate their individual positions based on what they have heard. The process continues until a consensus is arrived or until it is apparent that there will be no consensus. This helps the firm to consolidate its position with respect to specific problem situations. The Delphi method has been successfully used to forecast the nature and timing of technological change. Techniques like Delphi and Brain storming also help in the process of identification of bottlenecks, the current business trend, the firm’s future prospects, range of estimates for the desired breakthroughs etc. Although the pattern of a business cycle or a product cycle for the most part, follows a fairly predictable pattern, the firm cannot overlook probabilities, upon which the firm has to capitalize on. The firm has to become alert and employ some innovations at that point of time, when the market becomes saturated. Or else, the rate of growth declines and the firm has to decide whether to continue with the operations which calls for additional investment or close down the...