MKT 300 1st Edition Lecture 7Outline of Last Lecture I. Consumer BehaviorII. The Consumer Decision ProcessOutline of Current Lecture I. Global MarketingII. Choosing a Global Entry StrategyIII. Choosing a Global Marketing Strategy: Target MarketCurrent LectureI. Global Marketinga. Why going global?i. US has mature market: market so big here, it’s hard to have any more growth; the growth is higher in other markets1. Opportunity for success overseas2. Good in young populationsii. Old Navy: US culture  China1. “Can-Do” Attitude2. “Welcome to the family”: band, cheerleaders, free hot dogsb. What to access when going globali. Infrastructure and technology1. How to make deliveries and salesa. Are there roads/ways to get thereb. Transportation mode: taxi/bicycle/foot2. Packaging differenta. Single servings: can’t buy whole bottle of shampooii. Government actions: many laws/regulations regarding importsiii. Sociocultural analytics: trust issues—harder being a new faceiv. Economic analysis: don’t want to pay upfront, only after product is in handc. Japan Eccentric Restaurants:i. Robots & Girlsii. The LockupThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.iii. Cat restaurantiv. Burger place with goatsII. Choosing a Global Entry Strategya. Export: least risky—just selling your product globallyb. Franchise: selling your rights to another; someone else operates your brandc. Strategic Alliance: align with company and enter market as a partnership (don’t invest in one another)d. Joint Venture: buy stake in a local companye. Direct Investment: own stores/manufacturingi. No partner—don’t get any local knowledgeii. Target fail in Canada1. Products/prices disappointed2. Placement of stores was faultyiii. Best Buy in China changed from Direct to Joint Venture1. Didn’t understand the Chinese culture2. Employees give out personal numbers so customers can call for service helpIII. Choosing a Global Marketing Strategy: Target Marketa. Cultural Nuancesi. Positioning/strategy very important1. Apple killing it in China; position self in consumer’s minds as best gift choice (beat out Louis Vuitton)2. People are different—therefore different products are necessary for different culturesa. Dunkin Donuts in India: almost all burgers are without beefb. Don’t eat breakfast out; eat instead at home with familyb. Subculturesi. In U.S. we have these: North, South, Midwestii. Same in other countries as well, all countries have diverse people groupsc. View of Product and Consumer rolei. Cleaning products: Americans like convenience; Italians don’tii. 7/11 Convenience stores: made as a hangout place in Indonesiaiii. Kraft: TANG drink mix—sold in single servings; did greativ. Campbell’s soup: not successful in Russia (they wanted to make their ownsoup)d. The Marketing Mixi. KFC is huge in China1. Product similar, yet varied (cater to local taste)2. Package: single serving3. Price: smaller amounts, so cheaper (competing against street vendors)4. Promotion: same language, celebrities from their own country usewhatever resonates to them (slogans)5. Place: huge McDonald’s in Chinaa. Round tables signify togethernessii. Must match target