International Marketing Assignment June 2022

NMIMS Global Access School for Continuing
Education (NGA-SCE)
Course: International Marketing Internal Assignment for June 2022
Examination
QUESTION 1
The phrase “Think globally, act locally” has been often used in various contexts.
Comment on the same and give your opinion in which areas this term can be applied?
ANSWER 1
Introduction
Local and global are two asymmetric words. This concept expresses the philosophy of “Think
Globally, Act Locally” – formed by two terms, Globalization and Localization
Globalization – is an attitude of mind – it is a mindset which views the entire world as a single
space so that strategy is based on the dynamics of global surroundings. Due to globalization –
goods, services & ideologies that are found in one part of the countries can now be found
across the globe.
Whereas Localization stands for adapting a mindset or a product or content to fit a specific
local market or country and adjusting its functional properties to accommodate the linguistic,
cultural, political, and legal differences. To stay relevant in the global sphere one must
communicate with their audiences effectively.
The motto of original phase “Think Global, Act Local” seems to have coined by Patrick
Geedes, a Scottish urban planner & social activist of the early 20th century. The philosophy –
“Think Globally, Act Locally" originally began at the grassroots level, however, it is now a
global concept with high importance.
Application of “Think Global, Act Local” Philosophy
Today this term can be applied in various contexts, including planning, environment,
education, and business.
For Planning
a. Town planning is important to understanding of the idea "think globally, act locally".
Urban management and development highly impact the surrounding environment.
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NMIMS GLOBAL ACCESS SCHOOL FOR CONTINUING EDUCATION (NGA-
SCE)
Course: International Marketing Internal Assignment for June 2022 Examination
b. The ways in which this is initiated is vital to the health of the environment. Corporations
need to be aware of global communities when expanding their companies to new
locations.
c. Not only do corporations need to be aware of global differences, but also Urban and
rural areas who plan on expanding or changing the dynamics of their community.
For Environment
a. The oft-quoted philosophy urges us to think about the health of the earth and every one
of its inhabitants, even within the smallest and most immediate actions.
b. Many people wait for international action on fixing global issues such as climate change,
pollution, unemployment etc.
c. But a few people are taking the responsibility and are incorporating eco-friendly
solutions in everyday activities.
d. So, they are thinking about the issues at a global level and are acting locally to bring
change. These ideas can be implemented by other local communities creating a big
change.
e. But sometimes the change in local communities do not result in the change at the global
level because some countries are releasing a vast amount of greenhouse gases
negating the positive impact created by others.
For Education
a. Learning locally prepares students to act globally. Students must gain global
competence by practicing skill development in the classroom and applying their learning
to real-world topics.
b. Although reading textbooks, listening to lectures, and memorization have their place in
learning, they must be paired with more active learning to develop global competence.
c. “Think globally, act locally” simply means that a teacher must be equipped with teaching
strategies and techniques that can be of par with the global teaching arena.
d. S/He must be open-minded on world issues and events that can be of benefit to his
locale.
For Business
a. If one is preparing to take his/her company global, localization
will play a critical role in its success.
b. This international marketing principle urges companies to have
a consistent global strategy when selling internationally while
adapting their tactical approach to the local market they are
targeting.
c. It is a best practice approach used by nearly every successful
international brand.
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d. When properly implemented it ensures that companies achieve economies of scale in

their brands internationally while at the same time remaining relevant to the local market
audience.
FOR EXAMPLE:
a. In the UK, McDonald’s strategy is to listen more to local consumers and then act on it.
The MNC includes McItaly burger in Italy, Maharaja Mac in India, the McLobster in
Canada, the Ebi Filit-O in Japan.
b. Hindustan Unilever identified the importance of rural customers and invented the
shampoo sachets priced at almost a rupee which were an instant hit.
c. The Subway chain does not have beef in its stores in India.
d. Gillette introduced the low-cost razor ‘Gillette Guard’ priced at about 15 rupees (~$0.33)
in the Indian market.
e. Starbucks shop in India have no beef or pork items considered taboo by many Indians.
The Indian menu has local favourite Chai Tea Latte, and the coffee is sourced and
roasted locally.
f. KFC introduced a vegetarian thali (a mixed meal with rice and cooked vegetables) and
Chana Snacker (burger with chickpeas) to cater to vegetarians in India.
So, before launching new products the MNCs do market research and after knowing about the
local needs and the local culture, they are modifying their global services to suit the local
needs while maintaining consistency with the global brand. This is called “Glocalization”.
CONCLUSION
The phrase – “Think globally, act locally” can be applied to many contexts.
Change in the world starts with the actions taken at a local level. The global impact of the
steps taken by local communities is significant, especially in this era of globalization.
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And now we should not forget to “Think Green” too for a sustainable life.
QUESTION 2.
Countries like US have at times stated “America First” as their policy. Do you consider
that our country should adopt “India First” policy? In this context explain how countries
can create barriers to promote their own products.
ANSWER 2.
Introduction
India’s global standing vastly improved in the last 5 years and our national security has also
charted a firm new trajectory. Prime Minister Narendra Modi’s “India First” motto has meant
that there has been consistent focus on developing India’s capacities and capabilities.
Progress in foreign policies and international relations with India is visible today when we deal
confidently with all countries and regions.
An overall paradigm of “India First” has emerged distinctly in the past seven years. Solving its
legacy issues while walking with the world with its head held high, the central government is
reshaping India’s image into a country quietly assured of its place as a leader.
Balance trade is a vital aspect of India’s development strategy and an enabler of the country’s
economic competitiveness. Given the current policies and state of governance, India have
pushed Indian citizens by incentivizing with policies like:
a. “Make in India”, “Atmanirbhar Bharat” and b. Attract foreign investments, tourism,
“Vocal for Local” and technology
c. Promoting domestic manufacturing & d. Promoting Quality through
agricultural exports Standards / Regulations
e. Reducing Non-essential imports f. Calibrating Free Trade Agreements
g. Developing export hubs h. Reducing logistical costs and
i. Diversifying Services Sector j. Taking strong advocative stands in
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WTO.
The exemplary role played by India in the global fight against COVID-19 was recognized and
lauded globally in leadership, scientific innovation, and decisive action. By making itself self-
reliant first and then helping the world, India therefore adopted a balance approach towards
“India First” policy.
Rethinking Global Governance to Create a Balance
Dangerous Paradox: A country that prioritises its own interest over the interests of all other
countries will not go far. The history of mankind shows that no country can develop well on its
own. Trade protectionism and unilateralism inevitably meet a dead end.
Trade Protectionism:
It is a policy stance that some countries adopt to protect
their domestic industries from foreign competition. The
policy may work in the short run to bolster domestic
production and business, but in the long run, trade
protectionism can make a country and its industries less
competitive in international trade. The four primary
governmental policy tools used in trade protectionism are
tariffs, subsidies, quotas, and currency manipulation.
FOR EXAMPLE:
India partially follows this governance during Pulses import to create a balance trade. To
protect Indian farmers and promote domestic production, high tariffs or import restriction are
imposed on Pulse by central government giving indication of “India First”.
But, when supply is low and to check on the domestic prices, time to time the government also
introduces import Quota for pulses at minimum tariffs by revising its Import policies. Therefore,
encouraging imports.
‘America First’ Policy:
It will not take the United States where it wants to go. It will only lead the
nation in the opposite direction by increasing uncertainties and risking its
own development, and that of the rest of the world. On the contrary, India
aims to promote balance development by expanding its reform and further
opening to the global economy. A more open India will lead to more positive
interaction and bring more growth and prosperity to the international community.
CONCLUSION
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To cope with the challenges and contradictions in globalisation and global economic
governance, it is more advisable for countries to work together to reform the existing system.
In addition to further strengthening economic and trade cooperation, countries need to
coordinate between themselves to achieve common economic goals.
While nations may experience a temporary period of economic stability or even growth
because of protectionism by eliminating outside competition. In the long run they experience
shrinking economies and isolationism as competitors respond in kind. This thereby creates a
self-obstructing environment which disables the country to promote their own products.
QUESTION 3
Read the following case study carefully and then answer the questions that follow:
India has been the home of Ayurveda. Ayurveda drugs have been a key player for
medicines in India. Your company manufactures various Ayurvedic drugs, and its
Ayurveda formulations have done well to recoup Covid 19 patients in India. In order to
change the things in its favor to cash-in on the “Covid 19” the company wants to adopt
a new strategy and market its products globally.
a. Explain your strategy to launch Ayurveda products to global market during the
pandemic?
b. Suggest any two Market Entry Strategies for the company to enter global
markets?
ANSWER 3A.
The year 2020-21 will forever be known as the year of Covid-19 pandemic, a health crisis
which impacted the global economy heavily. Despite this an industry that has benefitted from
this surge in demand is that of alternative medicine, contributed particularly by the growth of
Traditional Chinese Medicine (TCM) and Ayurvedic Medicine.
The following year in 2021, the India ayurvedic products market reached a value of INR 515.5
billion. Having its roots in India, Ayurveda gained popularity across the world as consumers
seek remedies that are more natural and may also be more cost effective.
As the world grapples with the Covid-19 pandemic, ABC Ayurveda Pvt Ltd has decided to
launch a slew of ayurveda-backed preventive healthcare and personal hygiene drugs for global
market, much ahead of our planned launch schedules since the products did well to recoup
Covid 19 patients in India.
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Consumer base, whether it be domestic or worldwide, look for quality products with low price.
To tackle this ABC Ayurveda bifurcated its strategy in the following parts:
Health & Spiritual Marketing:

a. To launch its potent drug formulations in global market, ABC Ayurveda will focus on
strong marketing strategy creating a potent brand in association with health and
spirituality.
b. The company can create brand awareness for the health and well-being of the global
public, primarily through the association of our spiritual Gurus.
Highlighting Drug Efficacy:
a. The company will also push its Drugs as a ‘Brand’ with strong media promotions
highlighting its efficiency to fight against covid-19 virus.
b. Lab tested reports and customer feedbacks will be used for showcasing the drug
potency which shall influence the customer base especially if pushed during
pandemic.
Low price with Strong Distribution Channel:
a. ABC Ayurveda will offer attractive discounts on its drugs.
b. The company improves profits by manufacturing & delivering its ayurvedic drugs directly
and reducing intermediaries.
c. The company will sell its drugs through three types of formats: ABC Health & Wellness
Centers: comprising of Yoga, meditation, and health improvement practices, over the
Counter (OTC) formats and Pharma Market.
E-Commerce Website:
a. B2C online e-commerce is the best way for Ayurvedic
manufacturers to establish their global presence.
b. There are different levels of acceptance for Ayurveda
in different countries. For instance, UAE has strict
regulations, while most African countries have no
regulation.
The company will take each country regulations individually, and not with a single approach.
CONCLUSION
It is predicted the Indian ayurveda market will reach INR 1,536.9 billion by 2027, exhibiting a
CAGR of 19.78% during 2022-2027.
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But the choice of launching and strategically entering the market will be dictated by many
factors – consumer habits, culture, legal status, taxes and tariffs, local business practices, the
transparency with potential partners and more.
ANSWER 3B.
There are a variety of ways in which a company can enter a foreign market. No one market
entry strategy works for all international markets. There will be a number of factors that will
influence ABC Ayurveda choice of strategy, including, but not limited to, tariff rates, the degree
of adaptation of product required, marketing and transportation costs. While these factors may
increase product costing but is expected to sync in with increased sales that will offset these
costs.
After market analysis and knowing inner capabilities these Ayurveda products are being
launched in global market during the pandemic which therefore places the product perfectly in
retail shelf for consumers on the correct time.
Often businesses start with a lower-risk strategy and progress to other strategies involving
additional investment, risk, and additional opportunity after proven initial success. Suggested
market entry strategies are outlined below:
Structured Product Exporting
a. Producing the product in the home country and just shipping the surplus to a new
country is the easiest way to enter foreign markets.
b. This market entry strategy can be perfect for brand new companies like ABC Ayurveda
who doesn’t want to take huge capital risks.
c. It is also easier for the firm to hire agents or distributors who will take care of exporting
and promoting the new ayurvedic products in the new market – Indirect Exporting.
d. But one significant challenge is the fact that ABC Ayurveda may not be able to react to
customer communications as quickly as a local agent.
Joint Venture with Foreign Companies
a. A joint venture is a partnership between a domestic and foreign firm.
b. Both partners invest money, share ownership, and share control of the venture.
c. Typically, the foreign partner provides expertise about the new market, business
connections and networks, and access to other in-country elements of business-like
real-estate and regulatory compliance.
d. Joint ventures require a greater commitment from firms than other methods because
they are riskier and less flexible.
e. Joint ventures may afford tax advantages in many countries, particularly where foreign-
owned businesses are taxed at higher rates than locally owned businesses.
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f. Joint ventures may also span multiple countries.

g. This is most common when business partners team up to conduct business in a world
region.
The AYUSH Ministry can also help companies seeking overseas sales of their
products, the requirements for which can be a cumbersome process. It can be
streamlined with the ministry’s intervention and outreach to other countries.
CONCLUSION
As a positive move, the government recently introduced an economic stimulus
package under the Atmanirbhar Bharat Abhiyan and has allotted INR 4,000
crore ($ 535 Mn) to the herbal sector.
The past few years have also seen a significant interest from companies who
are leveraging traditional medicine and the growing consumer trends to
develop a new range of Ayurveda products. With the support of technology,
many of companies like ABC Ayurveda are devising innovative marketing
strategies to improve outreach and build Ayurveda as a brand.
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NMIMS Global Access School for Continuing

d. When properly implemented it ensures that companies achieve economies of scale in

Health & Spiritual Marketing:

f. Joint ventures may also span multiple countries.

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