Principles Of Responsible Marketing And Advertising
Once you realize that a new strategy is picking up steam, dive in, and leverage it to your advantage. The promotion principle of marketing comprises sales strategies, advertising, promotion, direct sales, and public relations.
Lastly, I would add more current marketing articles, one-page cases and small group discussion questions to each chapter. For marketing majors, I would add an appendix at the back of the book discussing the various career opportunities in marketing. Placement decisions must also consider the product’s positioning in the marketplace.
The product packaging in every country incorporates Coca-Cola’s contour bottle design and signature ribbon in some shape or form. However, the bottle can also include the country’s native language and appear in identical sizes as other beverage bottles or cans in that country’s market. If you want to expedite your growth, you need to see the bigger picture. From analytics that track performance, to insights from your salesforce, to market research and environmental scanning, to internal processes, keep these insights at your fingertips. Information allows you to sell, upsell, and boost your customer retention rate.
Pricing considerations become more complicated in the global context when it comes to factors affecting global trade. Multinational companies must operate with different currencies, exchange rates, and interest rates. Pricing needs to account for risk associated with fluctuations in the relative value of different currencies in the markets where businesses operate. When the dollar is strong against a foreign currency, for example, imported American goods are more expensive relative to the local competition, so local sales may decrease. When a weak dollar makes product imports more expensive, the final good must carry a higher price tag to cover production costs.
Take charge of visualizing the customers’ journey through your sales funnels with an eye toward improving performance. While being the first business to adopt and implement a new marketing strategy is not necessary, you may want to ensure that you adopt them early. Hence, as digital marketing moves away from the old standards like Facebook, especially for younger consumers, think about adding TikTok or other platforms where your younger demographic now hang out. Being the first person to try unproven marketing principles is scary; however, if things work, it’s very rewarding as you have the landscape to yourself until your competitors catch up.
A global luxury brand would not want to be distributed via a discount chain in the United States. Conversely, low-end shoemakers would likely be ignored by shoppers browsing in an Italian boutique store. Global marketers must also consider how their products will be distributed across the different shopping venues unique to a particular country or market. Customizing these placement strategies for national and local markets while retaining a strong and consistent brand image can help companies gain significant competitive advantages. Global marketers must be also prepared to deal with other localized factors affecting pricing. Cultural expectations may dictate what consumers are willing to pay for some products and brands. A product’s positioning in relation to the local competition influences the brand’s ultimate profit margin.