Global Marketing: Building Iconic Brands

This module defines global marketing and identifies the key activities when attempting a global expansion. With globalization, it is increasingly difficult for companies to cope with the complex challenges discussed in Global Challenges: Cultural Frameworks. This module introduces a framework to analyze the issues involved in a global expansion. The module reviews in detail how to conduct an environmental analysis, the steps to estimate the size of a new market, and the changes in consumer behavior induced by cultural characteristics in a new market.

Once the marketer has fully analyzed the new market, assessed the size of the market, and learned the cultural insights about consumers in the new market, the next step in a global expansion is to assess the extent to which the brand is well suited to appeal to the new target market. This requires a thorough understanding of the brand, its portfolio of products and services, and the distinctive associations that contribute to its equity, and in particular to its cultural equity. This knowledge is gained by conducting a brand audit. This module focuses on brands are knowledge structures represented in consumers’ memory and introduces a framework to describe the different types of brand knowledge, as well as to identify the types of knowledge that are distinctive and relevant, and hence contribute to the equity of the brand. Special attention is paid to the brand’s cultural meanings that elicit distinctive and favorable consumer responses—or to the brand’s cultural equity.

Once a marketer has gained a deep understanding of the focal brand and the cultural nuances of consumers in the new market, the next step is to leverage these insights for developing a culturally focused marketing plan. This module highlights the importance of incorporating culture into marketing decisions by reviewing consumers’ responses to the cultural meanings in brands. The premise that consumers respond more favorably to brands imbued with cultural meanings guides the first step in preparing a culturally focused marketing plan, which is developing a cultural positioning for the brand. Once a cultural positioning has been clearly articulated, the marketer can identify cultural elements to be incorporated into the brand identity. This is typically the first step in developing the marketing tactics of product, promotion, place, and price (or the 4 P’s) to be deployed in the new market.