Physical Global Marketing Environment - Assignment Example

?REFLECTIVE ESSAY This has given a remarkable and outstanding learning throughout the 3 months period. I have learned a great piece of marketing under the guidance of lecturer in this semester. This semester has brought a great learning in the life of all the students in the class. The lecturer gave an outstanding performance throughout the semester, initially the learning starts with the topic of physical global marketing environment and this topic has given a new dimension to think for the diversified course of marketing. World is now a global village and the trend of multination has been injecting in the economy of most of the nations of the world, therefore every marketing student needs to clarify his concepts of global marketing to adapt the trend of foreign investments and multinationals (Craig & Douglas, 2001). Physical global marketing environment topic has given a concept and understanding of how to understand the physical environment while making global marketing decisions. After understanding the physical environment the lecturer moved us towards the understanding of PEST environment. This environment teaches us that how to conduct the analysis of overall environment when making an investment or starting a business. It gives the complete understanding of absorbing all these factors of business environment (Hewett & Bearden, 2001). From week 3 of the semester lecturer move us to give the real understanding of the global marketing and advertising. The topic we had covered was values and paradoxes in global marketing and advertisement. By this topic lecturer has developed a new frame of global marketing and advertising in the mind of all the students of the class. This topic teaches us the merits and demerits of globalizing the business along with the bright side and dark side of advertisement in the international market. It found difficult to advertise the product in the global market because it needs to understand and analyze the environments of different countries, but this topic by lecturer helps us at a great extent in understanding global marketing and advertising. The complexity of understanding different environments of different countries has made uncomplicated by the lecturer in the week 4 by discussing the topic of dimensions of culture. This topic gave us an understanding of how to understand the characteristics of culture while understanding the culture to target with the purpose of business. This topic tells us the importance of understanding the characteristics of targeted people of different cultures. After giving the understanding of dimensions of culture lecturer contained us specifically towards the understanding of consumer behavior (Keegan and Green, 2012). Consumer behavior is changing with a fast pace with the advancement of technology and adaptation of technology by consumers. Consumers are now getting aware with the changing trends so marketer needs to be very active in understanding the changing trends of the market and importantly the changing taste and preferences of consumers. Consumer behavior study taught us the factors of understanding the changing tastes and preferences of consumer with the changing trend (Terpstra, 2000). After learning the topic of consumer behavior the lecturer gave the in-depth knowledge of consumer behavior for global market by discussing the topic of consumer ethnocentrism and disidentification. This topic gave the understanding of why consumer prefers international products over the domestic products or why consumer prefer domestic product over international brands. Many factors have been discussed in this topic which can affect the consumer preferences. This study is very important for the global marketers and we have learned a lot of techniques in this study. This study will help us in creating a brand in the presence of the needs and preferences of customers of the target market. Market is smart now so marketer needs to be smart as well in understanding the market moves. In the 9th week the lecturer moves us towards the basic elements of marketing strategy to develop a business in the international market. Segmentation in the international market is difficult because it has people belongs to different cultures but the discussion of this topic of segmentation has given the complete knowledge of how to segmentize the market at the international level. Segmentation taught us the characteristics of the target audience of different countries. With segmentation another important discussion was made by the lecturer on market targeting. The targeting taught us the techniques to enter in the international market with any specific strategy. The third main element of the basic marketing strategy is positioning that has taught by the lecturer after completing the topic of target market. The positioning is very important especially in the international market because international product needs to have a strong brand image to compete with domestic products of target country (Theodosiou & Leonidou, 2003). This topic has given knowledge about how to build an image of the product in the mind of consumer. Brand image plays a critical role in the global market so it is very important to position the product in a proper manner to compete with domestic and other international brands. It was a great experience of learning the positioning in the international market. After learning the basic marketing strategy the lecturer move us to understand the ways of entering in the international market. Many ways are there to enter in the international market but the study was conducted to determine the most suitable ways for different markets to enter. Entrance in the different countries with different approaches plays a vital role in the business success; therefore the entrance strategy in the international market should be very appropriate with market environment of the targeted country. Also the country of origin also plays important role in this regard and the marketing strategies are influenced by the country of origin of the organization (Josiassen, Lukas, and Whitwell, 2008). In the end of the course the last topic that I have learned was the marketing mix in the international market. The focal point of the study was that the products should be standardized or not in every target market and the prices should be standardize or not in the different target markets of the world by the international business or multinational. In the last week of semester the presentations were conducted by the lecturer and assignment submissions get started. In the end, I must say it was a great period of learning the course of global marketing throughout the semester with all the facilities and great guidance by the lecturer. List of References Craig, C. S., & Douglas, S. P. (2001). Conducting international marketing research in the twenty-first century. International Marketing Review, vol. 18, no. 1, pp. 80-90. Hewett, K., & Bearden, W. O. (2001). Dependence, trust, and relational behavior on the part of foreign subsidiary marketing operations: implications for managing global marketing operations. The Journal of Marketing, pp. 51-66. Josiassen, A., Lukas, B.A. and Whitwell, G.J. (2008). Country-of-origin contingencies: Competing perspectives on product familiarity and product involvement. International Marketing Review, vol. 25 no. 4, pp. 423-440. Keegan W. J. and Green M. C., (2012). Global Marketing, 7th Edition, New Jersey: Prentice Hall International Terpstra, V. (2000). The millennium and international marketing. International Marketing Review, vol. 17, no. 1, pp. 15-18. Theodosiou, M., & Leonidou, L. C. (2003). Standardization versus adaptation of international marketing strategy: an integrative assessment of the empirical research. International Business Review, vol. 12, no. 2, pp. 141-171. Read More