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Question Description

Identify 3 pros and 3 cons of localization and standardization and explain why they are pros/cons. Give 2 examples of products that are better off with Standardization and 2 that are better off with Localization and explain why?

There is a lecture powerpoint in slide 11.

Also, I will give you one classmate's discussion for you to response after you finish this discussion. Thanks.

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Chapter Two Global, Ethical and Sustainable Marketing Marketing: Real People, Real Choices, 8e Solomon, Marshall, and Stuart Copyright © 2016 Pearson Education, Inc. 2-1 Should We Go Global? Copyright © 2016 Pearson Education, Inc. 2-7 Factors Influencing “Go” or “No-Go” Decision • Demand conditions – Domestic demand declining while foreign demand is increasing • Competitive advantage – Will what made the company successful domestically translate into a new foreign market? Copyright © 2016 Pearson Education, Inc. 2-<#> Initiatives in International Cooperation and Regulation • Initiatives in international regulation and cooperation help trade – General Agreement on Tariffs and Trade GATT) – World Trade Organization (WTO) • Protectionism restricts trade – Quotas, Embargoes, Tariffs • Economic communities help to promote trade – NAFTA, EU Copyright © 2016 Pearson Education, Inc. 2-9 Should We Go Global? Copyright © 2016 Pearson Education, Inc. 2-7 Analyzing the Marketing Environment • Understanding external environment is essential no matter what! • When entering foreign markets, knowledge of local conditions is critical Copyright © 2016 Pearson Education, Inc. 2-12 Figure 2.3: Elements of the Marketing Environment Copyright © 2016 Pearson Education, Inc. 2-13 Should We Go Global? Copyright © 2016 Pearson Education, Inc. 2-7 Market-Entry Strategies • • • • Exporting Contractual Agreements (i.e. Franchising) Strategic Alliances/Joint Venture Direct Investment Copyright © 2016 Pearson Education, Inc. 2-<#> Should We Go Global? Copyright © 2016 Pearson Education, Inc. 2-7 Localization vs Standardization Copyright © 2016 Pearson Education, Inc. 2-<#> Tweaking the Global Marketing Mix: Product Strategies • Product decisions – Straight extension – Product adaptation – Product invention – Backward invention Copyright © 2016 Pearson Education, Inc. 2-33 Tweaking the Global Marketing Mix: Price, Promotion, Place Strategies • Price decisions – Dumping. Why? • Place/Distribution decisions • Promotion decisions – Back Translation Copyright © 2016 Pearson Education, Inc. 2-34 Bottom of Pyramid Markets • Bottom of the Pyramid (BOP) markets present big opportunities and challenges – 4 billion+ consumers, living on less than $2 daily – $5 billion+ in collective spending power Copyright © 2016 Pearson Education, Inc. 2-17 ETHICAL AND SUSTAINABLE MARKETING Copyright © 2016 Pearson Education, Inc. 2-<#> Legal VS Ethical? - Paying minimum wage to full-time employees Cigarette commercials Fast food promotions Return a product after using it once A doctor performs unnecessary procedures Voluntary Euthanasia Abortion clinic Run a traffic light to rush to the hospital Importance of Ethical Marketing Practices • Business ethics are basic values that guide a firm’s behavior. – What constitutes ethical behavior is often different for different people – Ethical philosophies guide how people make such decisions • A code of ethics is a written standard to which everyone in the organization must subscribe. Copyright © 2016 Pearson Education, Inc. 2-37 When is a Bribe not a Bribe? Ethical Issues for Global Business • Vast differences in what people around the world consider ethical business behavior • Bribery occurs when someone voluntarily offers payment to get an illegal advantage • Extortion occurs when someone in authority extracts payment under duress Copyright © 2016 Pearson Education, Inc. 2-<#> Ethical/Sustainable Decisions in the Real World: • H&M is world’s second largest clothing retailer • Doing well by doing good … – Global garment recycling program: any brand, any condition in return for a 15% discount on next item purchased – Latest initiative is jeans and other denim products, made from 20% recycled cotton Are you more likely to shop at a store that offers recycling? Copyright © 2016 Pearson Education, Inc. 2-42 ...
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Tutor Answer

osltlertblake
School: University of Maryland

Attached.

Surname 1
Student’s Name
Professor’s Name
Institution’s Name
Course
Date
Localization and Standardization
Pros of localization
Reputation
In the event industry is localized, the area it is in gains reputation as well as the products
produced.
Subsidiary industries
Industries that supply subsidiary goods such as machines and tools grow in places where there is
the localization of industries.
Skilled labor
Localization brings about a lot of skilled laborers in that they are fascinated by the places the
industries are located. The presence of skilled labor attracts new firms into the industry.
Cons of localization
Dependence

Surname 2
Localization brings about dependence in that the economy becomes dependant on the products
produced by the industry.
Social problems
Localization of industries results in problems such as congest...

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