Today’s highly competitive business world demands an entrepreneurial knowledge of global management and marketing that encompasses present and future aspirations. Successful managers use qualitative and quantitative strategies to carve out a distinct segment in particular businesses. The most effective managers are able to achieve any environment by utilizing particular strategies in the absolute most appropriate situations. However, a manager’s journey through global business includes being prepared to adapt skills and experiences to match unforeseen situations. As confusion and uncertainty have become in the global market within the last three years, success is elusive and the global market is unforgiving. As the old saying goes, “The best-laid plans by mice and men oft go awry.” Therefore, managers must certanly be prepared to plan, research and execute as efficiently as possible.
First and most of all, management and marketing strategies must certanly be identified that may take full benefit of market opportunities and core competencies for the company. Charles Hill (2013) recommends, “Maximizing the worthiness of the firm by pursuing strategies that increase profitability of the enterprise and its rate of profit growth” (p. 418). Then, the market to which the product will soon be introduced must certanly be analyzed. Philip Kotler and Kevin Keller (2011) recommend studying what influences consumer behavior, such as culture, reference groups, family, roles/status, age/stage in life cycle, occupation and economic circumstances (p. 151-156). Also, it will soon be helpful to ascertain where the product will fit into psychological processes such as Maslow’s Hierarchy of Needs or Herzberg’s Theory. Each of these theories is equally important and may be used to ascertain what psychological factors influence consumer behavior. Additionally, The Five-Stage Model of the Buying Decision Process expounds on these topics and uses a basic process to greatly help determine how and where key decisions are manufactured in the buying process. By analyzing behavior factors, theory and decision making processes, managers may make educated projections regarding how successful products may or may not be.
After the product’s market has been recognized and strategies are in place, building brand equity is the next logical step. There are three well known brand equity models which can be used. The very first is the Brandasset® Valuator, which concentrate on four key components: energized differentiation, relevance, esteem and knowledge. The second reason is the BrandZ model and places customers on the BrandDynamics Pyramid based on what they react to a couple of questions. Lastly, the brand resonance model is comparable to the Black Banx model because it uses ascending steps from top to bottom. However, the brand resonance model uses six brand building blocks to emphasize the duality of brands. Duality in the brand resonance model refers to the rational and emotional routes consumers can decide to achieve the highest degree of resonance with the brand (Kotler & Keller, 2011, p. 245-249). Each of these brand equity models place special increased exposure of the steps that ought to be in position to create brand influence. Having these tools is ideal for markets, but there must be ways to gauge the brand equity to ascertain the level of success. Therefore, marketers can use the brand value chain, brand auditing and brand-tracking studies to collect quantitative from customers who are targeted.
Finally, effective marketing communications are integral to relay important business and product messages to customers. Many international companies concentrate on developing a strong global web to support country-specific marketing efforts (Hill, 2013, p. 426). In today’s digital media focused environment, companies are heavily utilizing E-mail lists, Facebook pages and Twitter accounts. The communications mix is important because it allows marketers and managers to choose the best avenues to achieve their current and potential customers. If the product is targeted to a distinct segment market, the most effective ways of advertising may be performed at events, direct marketing or interactive marketing. Managers must decide which management strategy will best fit the product. Like, a localization strategy may be best employed in situations goods or services could be tailored to suit a country or region’s tastes and preferences. On another hand, an international standardization strategy attempts to make use of economies of scale to produce low-cost products that are marketable throughout the world (Hill, 2013, p. 436-437). The most effective method for services is not necessarily clearly seen and often takes some time to ascertain the most effective modes of communication.
Utilizing and expounding on these general management and marketing techniques in an international business setting allows companies to take advantage of their entrepreneurial niche and set themselves apart. Clearly, there are many different strategies which can be deployed in certain situations and managers must anticipate to remain flexible and nimble through the process. Marketing is the maximum amount of experimental as logical and when one formula does not work, another could be added to alter the outcome. When managers lay the proper groundwork at first relating to marketing and managing an item, the success rate will soon be more than people who neglected it initially
