Tips and tools for managers in the global market

Today’s highly competitive business world requires an entrepreneurial understanding of global management and marketing that encompasses present and future endeavors. Successful managers use qualitative and quantitative strategies to carve out a niche in specific companies. The best managers are able to thrive in any environment by applying specific strategies in the most appropriate situations. However, a manager’s journey through global business involves a willingness to adapt skills and experience to unforeseen situations. As confusion and uncertainty has increased in the global market over the past three years, success is hopeless and the global market is unforgiving. As the old saying goes, “The best plans of mice and humans often go awry.” Therefore, managers must be willing to plan, research, and execute as efficiently as possible.

First and foremost, management and marketing strategies must be identified that fully exploit market opportunities and core competencies for the company. Charles Hill (2013) recommends: “Maximizing the value of the firm by trafficing policies that raise profitable of the enterprise and its rate of profit growth” (p. 418). Then the market on which the product is to be launched must be analyzed. Philip Kotler and Kevin Keller (2011) recommend examining what influences consumer behavior such as culture, affinity groups, family, role/status, age/stage of life, occupation and economic circumstances (pp. 151-156). It is also helpful to determine where the product fits into psychological processes such as Maslow’s hierarchy of needs or Herzberg’s theory. Each of these theories is equally important and can be used to determine which psychological factors influence consumer behavior. In addition, the five-step model of the purchasing decision-making process explains the above issues and uses a basic process to determine how and where key decisions in the purchasing process are made. By analyzing behavioral factors, theories, and decision-making processes, managers can make informed predictions about how successful products may or may not be.

Once the market for the product has been identified and strategies are in place, building brand equity is the next logical step. There are three generally accepted brand equity models that can be used. The first is the Brandasset® Valuator, which focuses on four key components: energized differentiation, relevance, appreciation and knowledge. The second is the BrandZ model, which ranks customers in the BrandDynamics pyramid based on their answers to a series of questions. Finally, the brand resonance model is similar to the BrandZ model in that it uses ascending steps from top to bottom. However, the brand resonance model uses six brand building blocks to emphasize brand duality. Duality in the brand resonance model refers to the rational and emotional paths consumers can choose to achieve the highest resonance with the brand (Kotler & Keller, 2011, pp. 245-249). Each of these brand equity models places particular emphasis on the steps that should be in place to build brand influence. These tools are great for the markets, but there must also be a way to measure brand equity to determine the level of success. Therefore, marketers can use brand value chain, brand audits and brand tracking studies to collect quantitative data from target customers.

Finally, effective marketing communications is an essential part of getting important business and product messages across to customers. Many international companies are focused on creating a strong global web to support country-specific marketing efforts (Hill, 2013, p. 426). In today’s digital media-focused environment, businesses make heavy use of email lists, Facebook pages, and Twitter accounts. Communication mix is ​​important because it allows marketers and managers to choose the best ways to reach their current and potential customers. If the product is aimed at a niche market, the best promotional methods can be applied to events, direct marketing, or interactive marketing. Managers must also determine which management strategy best suits the product. For example, a localization strategy may be best employed in situations where goods or services can be tailored to the tastes and preferences of a country or region. On the other hand, a global standardization strategy tries to use economies of scale to create low-cost products that are marketable worldwide (Hill, 2013, pp. 436-437). The best method for new products is not always clear and it often takes time to determine the most effective ways to communicate.

Using and explaining these general management and marketing techniques in a global business environment allows companies to capitalize on their entrepreneurial niche and differentiate themselves. Of course, there are many different strategies that can be employed in specific situations, and managers must be prepared to remain flexible and nimble throughout the process. Marketing is as experimental as it is logical, and if one formula doesn’t work, another can be added to change the outcome. If managers lay the right foundations for marketing and managing a product in the beginning, the success rate will be higher than those who initially neglected it

references

Hill, CWL (2013). International business: competition in the global market. (Ed. 9). New York, NY: McGraw-Hill/Irwin.

Kotler P, Keller KL (2011). Marketing Management (14th ed.). Upper Saddle River, New Jersey: Prentice Hall.