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'To be successful in the twenty-first century, businesses will need increasingly to market their product on a global basis.' With reference to a global business you have studied, analyse the elements of its marketing plan, and how it manages the marketing of its products on a global scale. - HSC - SSCE Business Studies - Question 28 - 2001 - Paper 1
Question 28
'To be successful in the twenty-first century, businesses will need increasingly to market their product on a global basis.' With reference to a global business you... show full transcript
Worked Solution & Example Answer:'To be successful in the twenty-first century, businesses will need increasingly to market their product on a global basis.' With reference to a global business you have studied, analyse the elements of its marketing plan, and how it manages the marketing of its products on a global scale. - HSC - SSCE Business Studies - Question 28 - 2001 - Paper 1
Step 1
Analyse the elements of its marketing plan
Answer
To understand the marketing plan of a global business, we can consider the case of Coca-Cola. Their marketing plan includes various elements such as:
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Market Research: Coca-Cola conducts extensive market research to understand different consumer preferences in various regions. This research helps in tailoring products to meet local tastes.
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SWOT Analysis: This involves identifying strengths, weaknesses, opportunities, and threats. For instance, Coca-Cola's strong global brand serves as its strength while competition from local beverage companies can be seen as a threat.
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Target Market Identification: Coca-Cola identifies its target markets based on demographic, geographic, and psychographic factors. This targeted approach allows them to craft specific marketing messages.
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Marketing Strategies: The company employs various strategies such as advertising through various media, digital marketing, sponsorships, and promotions to engage with a global audience.
Step 2
How it manages the marketing of its products on a global scale
Answer
Coca-Cola manages its global marketing through:
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Global Branding: The brand maintains a consistent image worldwide but adapts its marketing strategies for local markets. This includes local languages in advertisements and cultural-themed promotions.
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Differentiation and Standardization: While promoting a unified brand image, Coca-Cola also differentiates its products according to cultural preferences. For instance, it offers different flavors in Asian markets compared to Western markets.
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Environmental Analysis and Monitoring: The company conducts regular environmental analysis to adapt to changing market conditions. This includes monitoring competitive brands and regulatory changes in different countries.
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Feedback Mechanism: Utilizing customer feedback allows Coca-Cola to address issues swiftly and adapt its strategy on a global scale effectively.