Module- Global Marketing

Module Code- TH6GO350

Essay title- Think Global Act Local

Word Count- 1485

Student ID number- 21517519

Submitted to University of West London

In this ever increasing global market the trend to earn success in business is through
think global and act local. Every businessmen have to be think globally due to
globalisation of the world around and act locally in the local market watching the
things around like economy, politics, environment, international laws, poverty,
development, etc. International marketing principle needs companies to have a
logical approach when selling internationally ( global strategy) while adapting their
strategic approach to the local market they are targeting ( local approach). It is a best
approach used by nearly every successful international brand and can touch about
every area of sales and marketing including product packaging,features, message,
pricing, the types of sales channels that are used, etc. When correctly implemented
it ensures that companies achieve economies of scale in the sales and marketing of
their brands internationally while simultaneously remaining relevant to the local
market audience (Nicolas Dessaigne, 2019).

Standardisation means using “the same range of products, pricing, promotional and
location strategies” . Reason behind standardisation practices relate to diversify of
consumer wants and needs due to intensifying forces of globalisation.
Standardization focuses on the brand's core competitive advantage and enables the
development of a strong and consistent brand in all markets. Whereas on the other
hand Adaptation mean making significant changes to various aspects of a product or
service and taking into account the differences in order to meet the needs of
consumers in the international market. The Adaptation strategy gives the advantage
in responding to local market differences at different levels and thus achieving a
higher level of customer satisfaction. When reaching a product adaptation strategy,
differences in specific markets can be effectively addressed at the product
development stage, taking into account differences in customer wants and needs.
For example McDonald's can be mentioned to illustrate this point. McDonald's
practices large-scale standardization in supply chain management, employee
relations, service processes, and many other business processes, thereby achieving
economies of scale on multiple levels. At the same time, the company is using
adaptation by introducing Maharaja Mac in India, Mc Arabia in the Middle East and
Mc Nuggets with Garlic and Chili Sauce in China.(Schumpeter, 2011). The
adjustment also relates to McDonald's marketing strategy. For example, the fast food
chain introduced Kaisu Burger to Singapore, named after popular local cartoon
character Mr. Kaisu. As a result, McDonald's can reap the benefits of a standardized
and adaptive strategy in the global marketplace. (Raj Krishnamurthy., 2016).

Marketing mix is one of the most popular theoretical frameworks in marketing that
has been used by companies in order to make marketing and other decisions in a
more efficient manner. Companies have concentrated on various elements of
marketing mix as a source of competitive edge according to the strategy adopted by
senior level management in order to achieve long-term aims and objectives ( John
Dudovskiy., 2012 ).The heart of the marketing mix is the product. The product is the
starting point for all marketing activities. The product is more than just a physical
entity; it encompasses all tangible and intangible aspects such as services,
personality, organisation, and ideas. We have nothing to price, promote, or place if
we don't have a product. As a result, the Product is the most fundamental of the four
Ps.It is critical to understand the term product mix in the context of marketing. The
product mix refers to the entire range of products that a company provides to its
customers. (Summer., 2021) Say, for instance Hilton Hotels and Resorts are
considered full-service hotels. As a result, its services are diverse, including meeting,
wedding, and banquet facilities, as well as special event services, restaurants and
lounges, food and beverage services, swimming pools, gift shops, retail facilities,
and other amenities. In general, products are classified into three levels: core,
facilitating, and supporting. Core products can be defined as the most basic form of a
product. Facilitating products are services that assist consumers in the consumption
of core products. Supporting products are additional products and services that are
offered in order to gain a competitive advantage for the business by increasing the
value of core products and services.(John Dudovskiy., 2016).Price is straightforward
it refers to how much to charge for a product. Although it is simple to understand,
determining the "right" price is extremely difficult. For example, the one that not only
generates the most sales but also generates the most profit. Imperia Caviar sells
high-quality caviar at affordable prices. Big brands can get the same caviar that
costs thousands of dollars for a fraction of the price. Instead of cheapening the
brand, the company is bringing transparency to the market and educating people on
how caviar isn't really that expensive. It's merely a marketing ploy. (Niel Patel.,2017)

Companies must adapt to ongoing trends and developments in their macro and
micro environments in order to be successful. As a result, it is in the best interests of
businesses to scan their marketing environment for potential market threats and to
capitalise on any available opportunities. The nearby environment in which the firm
operates is referred to as the micro environment. The term "macroenvironment"
refers to the overall environment that can have an impact on the operations of all
business enterprises. COSMIC elements include competitors, the organisation itself,
and suppliers. As a result, a company conducts PESTEL analysis to better
understand its market.External factors have an impact on Burger King's business.
The five forces analysis model takes into account the factors that have the greatest
influence on the business. Burger King's five force analysis in the fast service / fast
food industry environment is as follows: Competitive rivalry or rivalry (strong force)
Buyers' or customers' bargaining power (strong force) Suppliers' bargaining power
(weak force) Substitute threat or substitution (strong force) New entrants or new
entries pose a threat (moderate force) Burger King is correct to focus on competition,
customer threats, and new entrants. Burger King can implement more aggressive
marketing to alleviate competitive pressure. (MBA skool team., 2021)

Customer experience is one of the most important factors influencing positive

customer behaviour such as loyalty and personal recommendation. In the hospitality
industry, customer satisfaction can provide hotels with significant competitive
advantages, which can directly lead to increased profitability and growth. ( Nexon
Group., 2018).Marriott, for example, is looking into ways to use advanced
technologies to better anticipate and meet changing customer expectations. "Marriott
believes that digital is welcoming," Customers now expect that any personal
information shared with the company will be used to personalise interactions,
according to Marriott. Guests are willing to provide personal information and expect
the company to use it to improve their experience. Whether it's a pillow preference or
recommendations for local experiences once arrive at their destination, guests
expect the information which is provided to be used to personalise their experience
and anticipate their needs. This is how Marriott fosters loyalty and strengthens its
relationship with its customers.( Tiffani Bova., 2018)

International marketing is becoming increasingly important, marketers are attempting

to better their understanding of how consumers and marketplaces differ around the
world in order to develop more effective marketing tactics.(Sherrard Claude Spiers.,
2011).Cultural factors are one of the most important factors influencing consumer
behaviour in marketing management because they greatly influence the customer's
choices and purchasing behaviour. Because different cultures exist in different
regions and countries, culture is the most basic factor for understanding personal
desire and consumption habits. Marketing strategies should be based on cultural
diversity. Many global marketing and advertising strategies, such as McDonald's,
have witnessed this point. McDonald's marketing strategy varies by region. Even
within Asia, the advertising content varies by country. It is difficult to reflect cultural
characteristics in various areas, such as culture, subculture, and social class. For
example, in Japan, most Japanese have a strong preference for animation, and
animation is also the fastest growing industry in Japan. As a result, McDonald's
marketing and advertising incorporates more animation elements. It aims to attract
more target customers, including children, teenagers, and even young adults.

In conclusion, In terms of international expansion, "Think globally, act locally" is the

best strategy for any company. To be successful when going global, businesses
must first understand what their customers like and are accustomed to through their
culture. To put this into action, the organisation must properly position their
adaptation policy.This strategy has led to global success for KFC, Samsung,
McDonald's, and many other companies. Companies that are going international
may face a variety of challenges, including language barriers and cultural
differences. The best way to overcome these challenges is to work with a good
localization provider and use careful market penetration tactics. Once those
elements are there companies will be on their way to global success.Change in the
world begins with actions taken at the local level. The global impact of local
community actions is significant, particularly in this era of globalisation.
 Reference list

1. Nicolas Dessaigne., (2019) Think Globally, Act Locally: Building The

Borderless Global Company. Available at
https://www.google.com/amp/s/www.forbes.com/sites/forbestechcouncil/
2019/08/08/think-globally-act-locally-building-the-borderless-global-
company/amp/ ( Accessed 19 March 2022 )

2. Raj Krishnamurthy., (2016) Standardisation vs Adaptation in International

Marketing. Available at https://research-methodology.net/standardisation-vs-
adaptation-in-intern ational-marketing-2/ ( Acessed 19 March 2022)
3. John Dudovskiy., (2012) Marketing Mix: Introduction. Available at
https://research-methodology.net/marketing-mix-introduction/ ( Accessed 19
March 2022)
4. Summer.,(2021) 4 Ps Of Marketing - Marketing Mix Definition & Examples.
Available at https://www.mageplaza.com/blog/4-ps-of-marketing.html
(Accessed 19 March 2022)
5. John Dudovskiy., (2016) Hilton Hotels Marketing Mix – 7Ps of Marketing
Available at https://research-methodology.net/hilton-hotels-marketing-mix/
( Accessed 19 March 2022 )
6. Niel Patel., (2017) The 4 Ps of Marketing: What You Need to Know (With
Examples) Available at https://www.google.com/amp/s/neilpatel.com/blog/4-
ps-of-marketing/%3flang_geo=us&amp ( Accessed 19 March 2022 )
7. MBA skool team., (2021) Burger King PESTLE Analysis Available at
https://www.mbaskool.com/pestle-analysis/companies/18143-burger-king.html
( Accessed 20 March 2022)
8. Sherrard Claude Spiers.,(2011) The Impact of Culture on Consumer
Behaviour Across the Caribbean. Available at https://www.google.com/url?
sa=t&source=web&rct=j&url=http://uwispace.sta.uwi.edu/dspace/bitstream/
handle/2139/13370/SherrardClaudeSpiers_AB.pdf%3Fsequence
%3D1&ved=2ahUKEwjE3b6O6d32AhU5k1YBHSmYA2AQFnoECAUQAQ&us
g=AOvVaw3Pk5vlhSNMbxBJRGQeCU_5 ( Accessed 22 March 2022)
9. Nexon Group., (2018) Do you know the factors that affect guest experience?
Available at
https://www.hospitalitynet.org/news/4087829.html#:~:text=Customer
%20experience%20is%20one%20of,increase%20in%20profitability%20and
%20growth. ( Accessed 22 March 2022)
10. Tiffani Bova.,(2018) How Marriott is Changing the Hotel Game with
Personalization. Available at https://techonomy.com/marriott-changing-hotel-
game-personalization/ ( Accessed 22 March 2022)