Examine the interrelated disciplines of marketing management and strategy.
The practice of marketing products and services around the world is as exciting as it is complex, and it requires an informed strategy that encompasses diverse cultures, languages, and international business customs. In this course, you’ll examine the interrelations between all aspects of marketing, including:
- Analysis and forecasting of demand
- Product development
- Structure of distribution
- Selection of channels
- Promotional procedures
- Supply chain
- Fulfillment of consumer needs
Products have been traded across borders throughout recorded civilization. In the past, the importance of respecting trade partners’ customs was appreciated, and today it’s crucial. Now, market research allows companies to learn not just global consumer customs, but preferences, needs, and more. In fact, most cultural blunders in global marketing stem from inadequate marketing research.
You’ll consider the steps necessary to conduct global market research and the challenges you’ll face in the process. You’ll analyze how U.S. foreign direct investment in multinational corporations has driven the rising trend of economic interdependence among countries. Exchange rates also affect international trade, and you’ll review international currencies as well as the role of the International Monetary Fund and the World Bank.
Political environments, local governments, international agreements, and terrorism all impact international trade. You’ll consider the role of government in promoting national interests pertaining to business activities, and you’ll examine how differences in local legal systems affect trade.
Pursuing international market segments—defined by factors such as lifestyle or age—is critical because of the wide divergence in cross-border consumer needs. You’ll understand the importance of developing a competitive positioning strategy for your products based on targeted segments/countries.
You’ll appreciate how developments in information technology have impacted global competition and marketing strategy. Trade alliances can give rise to successful joint ventures between international companies, and you’ll explore the potential advantages and disadvantages of these partnerships.
Throughout this course, you’ll focus on core topics or themes.
- Globalization imperative and global marketing research
- Economic environment
- Financial environment
- Global cultural environment and buying behavior
- Political and legal environments
- Global segmentation and positioning
- Global marketing strategies
- Global market entry strategies
Working in a team, you’ll conduct an extensive analysis of one world region that will include cultural, financial, economic, and political environments; infrastructure; specific marketing information; and more.
You’ll learn specific global marketing skills in BUS 641.
- Know how to dynamically position a company in a competitive market through strategic thinking and tactical implementation.
- Identify competitors, the advantage of those competitors, and how to address competitive threats in the global marketplace.
- Analyze a firm’s competitive advantages, promote competent strategy execution, and measure the effectiveness of the chosen strategy.
- Understand consumer needs and how to create products/services that meet those needs.