Global Marketing Mix and Global Mindset
1-please use an essay format and consider a stronger thesis statement to provide structure to the arguments you wish to make.
2- Please limit the resulting document to a total of five pages, single-spaced, 10-point font or bigger.
1-Global Marketing Mix
Global marketing is not a blind adherence to standardization of all marketing elements for its own sake, but a different, global approach to developing marketing strategy and programs that blends flexibility with uniformity. Global marketing comprises all the elements of the marketing mix – product, price, promotion/advertising, and distribution – conducted across the firms markets worldwide. As a result, firms will make decisions about the levels of standardization and of adaption they will engage in for both marketing decisions as well as country markets.
(i) Explain how the firm’s global marketing strategy addresses goals of cost reduction, enhanced customer preference, improved program effectiveness, and increased competitive leverage. Please explain why this is necessary.
(ii) How do firms address the need to achieve economies of scope and generally minimizing the costs of doing business globally? Indentify a focal firm in an industry of interest and describe the strategic approach this firm uses to achieve these goals
(iii) Ultimately the firm should seek to create and maintain a global brand name. E.g., Coca-Cola, Sony, and BMW all have succeeded by having brand names that are recognized worldwide. What are the advantages of having a global brand name?
2-Global Mindset: Please make ample use of examples to illustrate the points you wish to make.
Globalization is transforming the world’s economies into a single borderless frontier. Global strategy takes advantage of this transformation via a world-scale integrated, coordinated approach in which the whole world is seen as the firm’s marketplace.
- In your own words, describe this transformation both qualitatively (in terms of observable phenomenon) and quantitatively (in terms of data). What is the significance of this transformation for US businesses as well as for the organization for which you work?
- In your own words, define a global mindset. Why, in your opinion, is a global mindset necessary for US managers? What are the most important characteristics of a global mindset and how do they contribute to an organization’s success both inside and outside of the US?
What are the principal leadership challenges in developing and implementing a global mindset? Please analyze this question from strategic, tactical and operational perspectives and consider perspectives drawn from theory as well as your own personal experience. Please discuss the particular challenges faced by your organization.
3-Problem:
Show your work for complete these questions:
- If the rate of inflation in the UK is 8% and the rate of inflation in the US is 4%, given a spot rate of USD 1.46=1 GBP, what is the expected forward rate one year hence? What is the expected rate of appreciation/depreciation for the USD?
- Suppose a manufacturer of tractors secures a sale to a Chinese company of 240 million USD for delivery in 45 days. If market interest in China is 6.125% and market interest in the US is 3.2%, spot rate is RMB 6.831=1USD, calculate the expected forward rate and rate of appreciation/depreciation at the time of delivery. Show how the manufacturer can use a forward market hedge to lock in his/her profit.
- Explain the factors that determine foreign exchange rates and their link to financial markets. In terms of balancing mechanisms, how does covered interest arbitrage ensure market equilibrium?
aNSWER PREVIEW
Globalization has changed the way of doing business, especially in developed countries such as the US. Managers need to be oriented to other cultures in their way of doing business to achieve alternative benefits. The ability to adapt and use the style which is most acceptable to the particular country market is a characteristic of having a global mindset. The world economies have been transformed significantly, and hence, all organizations need to be proactive in using diversity. For leaders to influence the multicultural world and business environment, they need to have a global mindset. The unicultural lens that initially helped employees to interpret and understand their surroundings is now a critical obstacle in performing business today, especially in the developed countries (Javidan, 2010 May 19). This paper is based on the discussion of global marketing strategies, globalization, and the need to have a global mindset. A global strategy such as a global mindset and global marketing strategies are crucial for survival in the current international market since there is a critical transformation of the worldwide economies through global connectedness.
Global Marketing Mix
The global marketing strategies refer to the initiatives to coordinate the marketing efforts from different regions of the world. For all the elements of the marketing mix such as product, place, price, and promotion, the marketer reconsider the need to include characteristics of multicultural dimensions. A multinational organization like Boeing often focuses on standardization of the marketing mix elements to ensure that they meet the global standards (Coe, & Yeung, 2015). Boeing is a US-based…
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