...MMS 172.01 MARKETING ACROSS BORDERS COURSE SYLLABUS – Spring 2012 Visiting Associate Professor: George L. Grody 408-6212 & 257-7818 (mobile) ggrody@nc.rr.com or george.grody@duke.edu Course Description: The course will investigate and discuss the theory and techniques used to market to the world’s different shoppers and consumers in both developing and industrialized economies and countries. You’ll gain an understanding of how to market to shoppers and consumers based on the varied insights of each target group. We’ll focus on the “Consumer is Boss” and understand how to influence them at the “First Moment of Truth” when the shopper makes a purchase decision and at the “Second Moment of Truth” when the brand is actually used and the consumer decides if it delivered against the brand promise. The course will include a team project to develop collaboration skills but also to gain deep insights into a specific target group and product. Class participation and discussion will be an important factor in class success. Course Objectives: Students will gain insights into: 1) the behaviors of the world’s consumers; 2) how those differences come about due to differing national, ethnic, cultural, and demographic influences; 3) how certain companies have succeeded and failed at addressing those differences; and 4) how to develop business and marketing strategies and plans to successfully address those differences. Course Materials: We will use a book “The Marketer’s...
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...Creating new products Our objective is to be the voice of the consumers within the organization. High-quality market research has helped secure the long-term future of the business. Analyzing and understanding the data gathered on consumers' behaviors, needs, attitudes and opinions minimizes the risks involved in making marketing decisions. They help the central research team in gathering and interpreting consumer views. These views provide information or insights that ultimately result in the development of new products suitable for a global market. This case study follows the development of a new Disney cosmetics called young beauty aimed for kids, from both boys and girls. This case study will give you a clear picture of how market research has helped New Product Development (NPD). The New product Mainly this product is offered for the kids to have them start using cosmetics like their parents, both boys and girls like to imitate their parents in even small things, and thus Disney thought in pitching the market with this product and the idea was to have a safe product for the kids skins that gives the same look of the adults without affecting them negatively Market research should start with the consumer and serves two purposes: 1) To inform companies about consumer needs and desires. What are the trends in the market? What do consumers want? 2) To give consumers the opportunity to talk to the providers of products and services so that their views are taken...
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...(0)1344 746 000 [ PROMOTIONAL EFFECTIVENESS ] “It is clear that we are not in a traditional recession but actually are seeing a global economic realignment which will redefine our national economies after this downturn.” Thom Blishock – President of Consulting & Innovation – IRI In the current adverse economic climate, which is without precedent in recent history, manufacturers and retailers are being confronted with some painful realities around the current effectiveness of their promotional activities. As a result in the severe degradation of consumer confidence, marketers, category and brand managers are finding that the type of promotions that have served them well in the past, are no longer as effective. This traditional and rigorous analysis of “past events” limits its impact in a situation which is proving unique to most modern marketers and category managers. The fundamental challenge to be faced today revolves around recognising the need to use more focused and speedy methods of analysis to support brands, as part of a holistic organizational approach, rather than purely as a function Of marketing, sales or, in the context of retail, the buying department. Marketing mix modeling, forecasting, price driver reporting and various other econometric techniques have been used in the processing of vast volumes of data to produce powerful insights in support of strategic and tactical decisions. They have provided the basic underpinning of “go to market” strategies for promotions...
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...Emerging Markets Perspectives - CEO Insights Emerging Markets Perspectives - CEO Insights 1 Convergence & Differentiation What is success in a connected world?* Methodology This report was developed to provide a unique perspective from which to view the successes of companies based in emerging markets. While there are many reports providing valuable insights on how multinationals can expand into emerging markets, very few take a systematic approach towards looking at how emerging-market companies have not only fended off developed-world multinationals, but also found their own ways to expand into foreign markets. In addition to drawing on the insights of PricewaterhouseCoopers partners and associates from every market, we relied on two additional sources: 1. The 11th Annual PwC Global CEO Survey: The authoritative analysis of CEO views on business opportunities and risks of operating in an increasingly connected world. PricewaterhouseCoopers has published the survey for more than a decade, reaching out to more than 1,100 chief executive officers worldwide. The 11th Annual Global CEO Survey was launched in January 2008 at the World Economic Forum’s annual meeting in Davos. The survey data were re-analysed for this report at the country level as well as by contrasting insights from developed versus emerging markets. For the purposes of this report, we define “developed nations” to include 19 economies, including the United States and Canada, 15 in Western Europe, Japan...
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...Reflective Journal 1 Caitlin Szanto SB/IBUS 4200 3.00 A Integrative International Business Seminar Contents: SCOTIA BANK in Latin America: International Banking – Glen Tugman, Vice President FRITO LAY in China: Capturing the China Opportunity – Ron McEachern IMNET: Canadian Mining Experience: Richard A. Ross Integrative Discussion of Journal SCOTIA BANK in Latin America: International Banking – Glen Tugman, Vice President Key Takeaways: * The importance of considering information in the scheme of things * 21+ million customers – 20years ago that was huge, now not so significant * Their financial success was largely a result of diversification - a series of acquisitions. Never betting the bank on one of them – risk mitigation * Mismatch: money spent internationally has higher returns than domestically * Investment community thinks of Scotia bank as an international bank, Canadians think of it as local bank – market perception works in their favor * Criteria Scotia uses to invest money: * Find low price -> Buy cheap -> Be patient -> Form alliances with locals -> Protect risk of privacy > Buy something good -> learn from setbacks -> long term perspective * Be a credible buyer – government resistance to international companies buying local businesses * Growing middle class * Important economically: middle class has stability because people have something to loose * E.g. Pacific Group (Mexico...
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...Industry Insight Nutraceuticals February 2008 4th & 5th Floghts, Road No. 1, Banjara Hills, Hyderabad-500034, India Tel: +91-40-23430303-05, Fax: +91-40-23430201, E-mail: info@cygnusindia.com Website: www.cygnusindia.com Disclaimer: All information contained in this report has been obtained from sources believed to be accurate by Cygnus Business Consulting & Research (Cygnus). While reasonable care has been taken in its preparation, Cygnus makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. The information contained herein may be changed without notice. All information should be considered solely as statements of opinion and Cygnus will not be liable for any loss incurred by users from any use of the publication or contents Industry Insight-Nutraceuticals SYNOPSIS Along with the growing healthcare industry in India there is an emerging trend in growing consumerism for ‘Fast Moving Healthcare Goods (FMHG)’; worldwide known as Nutraceuticals, which are by definition, ingredients with human health benefits beyond basic nutrition. In this report, Cygnus has considered nutraceuticals along with functional foods to estimate the total market of nutraceuticals, both for global and Indian market. According to Cygnus estimates, nutraceuticals market in 2007 was INR18.75 billion and expected to grow at 20% CAGR to achieve a market size of INR27 billion in 2009. Global nutraceuticals market is estimated...
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...visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favor by serving him. He is doing us a favor by giving us an opportunity to do so. CUSTOMER PSYCHOLOGY……HOW IMPORTANT FOR A MARKETER TO STUDY????? Companies use marketing to promote and sell their products or services, and consumer behavior is how consumers act and respond in the retail environment. In order for a company to create a strong marketing campaign, it is important to understand how and to what the consumer will respond. This relationship between marketing and consumer behavior involves studies, focus groups, psychological analyses and other methods of studying the market for a particular product or service. Understanding consumer behavior is critical for marketing any product or service successfully. When a company can understand why people buy what they buy and the reasons behind their decisions as consumers, the company can create a marketing campaign that specifically addresses those elements of the purchasing decision. Not all products appeal to all people; the key for...
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...McKinsey Consumer & Shopper Insights Meet the 2020 Chinese Consumer McKinsey Insights China McKinsey Consumer & Shopper Insights March 2012 Meet the 2020 Chinese Consumer Yuval Atsmon Max Magni Lihua Li Wenkan Liao The authors gratefully acknowledge the assistance of their colleagues: Molly Liu, Cherie Zhang, Barry Liu, Rachel Zheng, Justin Peng, William Cheng, Glenn Leibowitz, Joanne Mason. 5 Contents Introduction 1. China at a turning point 2. Getting the basics right: changing demographics Mainstream consumers driving income growth Aging population Postponed life stages Increasingly independent women 3. Understanding the mainstream consumer: new spending patterns Growing discretionary spending Aspirations-driven trading up Emerging senior market Evolving geographic differences 4. Understanding the mainstream consumer: behavioral patterns The still-pragmatic consumer The individual consumer The increasingly loyal consumer The modern shopper 5. Preparing for the 2020 consumer: implications for companies Strategic imperatives Growth enablers Conclusion 6 8 12 13 17 18 18 20 21 22 23 24 26 27 27 28 29 34 35 37 37 Introduction Meet the 2020 Chinese consumer 7 Most large, consumer-facing companies have long realized that they will need China’s growth to power their own in the next decade. But to keep pace, they will also need to understand the economic, societal, and demographic changes that are shaping consumers’...
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...Media Marketing for business entrepreneurs; measure how Social Media Marketing is helping Pepsi gain more customer insight than it would have otherwise; measure how Social Media Marketing is helping Pepsi gain more customer insight than it would have otherwise; Research two (2) other businesses that have used Social Media Marketing to their advantage; Discuss how each of these businesses has utilized Social Media Marketing and provide examples with your discussion. Lastly, speculate what impact Social Media will have business over the next decade and identify what skills you need to improve to take advantage of the changes. 1. Evaluate the reasons Social Media Marketing has become exceedingly popular among businesses of all sizes. Social media marketing has become popular among business of all sizes. Companies use social media to expand products and services, and also to reach a larger audience. Not only will these products and services reach a domestic audience but also an international audience. Social media sites such as Facebook (www.facebook.com), Twitter (www.twitter.com), or YouTube (www.youtube.com) allow companies and entrepreneurs to market their products or services either for free or at fee based advertisement. Facebook is a global social media network with $400 million member (Boone/Kuntz, Contemporary Business, 14 Edition, 2012. p.382). Consumers are able to view ads from the largest establishments to the smallest home base business with the correct marketing...
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...faster than many people expected. Companies remain cautious about the outlook for growth, but major brands recently reported strong gains in revenue and profit, defying all the signs of a difficult market, including weak consumer confidence, increased savings rates, and lingering doubts about the stamina of the recovery. But these signs of a revival do not augur a return to business as usual. The Great Recession was more than a drag on demand. It was the tipping point for several trends—including profound changes in consumer behavior and the competitive landscape—that threaten to erode the mystique of luxury. In this new world of luxury, being iconic and exclusive is not enough to make a brand grow, and fewer consumers are willing to blithely accept high prices as the mark of luxury. They need better reasons to buy. To respond to these changes, luxury goods companies will need to resolve conflicting priorities in every major aspect of their business: target markets, consumer segments, product portfolios, and distribution channels. Companies that skillfully manage these tensions will find opportunities for growth in both mature and rising markets. Has Luxury Lost Its Mystique? True luxury means different things to different people, but for most consumers the term connotes rarity, quality, and refinement. These attributes apply not only to the two traditional categories of luxury—hard luxury (such as watches and jewelry) and soft luxury (such as fashion and clothing)—but...
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...MKTG203 Investigative Essay: Consumer Influence on Brand Meaning The marketing team or the end consumer: Who determines the underlying meaning behind an established brand? By design, the marketing of a brand or product is undertaken with the intention to stir a response within a consumer about the apparent value attributed to that product or brand, and ultimately result in the consumer making a purchase. With that in mind, one could assume that the definitive meaning of a brand would be formed as the general intention of the marketers who have either created the brand, or currently work on it. This essay will debate that it may indeed be consumers that have the capacity to determine a brand’s meaning, rather than the marketer responsible for the brand, and that this newly developed meaning may not even be remotely comparable to the marketer’s initial intended meaning. The underlying meaning behind a brand, whether intentional or not, can be conveyed and interpreted through the influence of multiple factors. From culture, religion, politics and travel exploration in an increasingly global landscape; to multiple media platforms including film and television; to internal factors such as past experience and memories revived from childhood; consumers can use their own awareness, surroundings and experiences to form their own interpretations on a brand’s meaning. Culture can often have a great influence on brand meaning. The addition of all the customs, beliefs and values that...
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...IBM Global Business Services Executive Report Customer Relationship Management IBM Institute for Business Value From social media to Social CRM What customers want The first in a two-part series IBM Institute for Business Value IBM Global Business Services, through the IBM Institute for Business Value, develops fact-based strategic insights for senior executives around critical public and private sector issues. This executive report is based on an in-depth study by the Institute’s research team. It is part of an ongoing commitment by IBM Global Business Services to provide analysis and viewpoints that help companies realize business value. You may contact the authors or send an e-mail to iibv@us.ibm.com for more information. Additional studies from the IBM Institute for Business Value can be found at ibm.com/iibv Introduction By Carolyn Heller Baird and Gautam Parasnis CEOs, according to the IBM 2010 CEO Study.1 Today’s businesses are fervently building social media programs to do just this. But are customers as enthusiastic? Actually, most do not engage with companies via social media simply to feel connected. It turns out, customers are far more pragmatic. To successfully exploit the potential of social media, companies need to design experiences that deliver tangible value in return for customers’ time, attention, endorsement and data. With the worldwide explosion of social media usage, businesses are feeling extreme pressure to be where their customers...
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...Insights into the Food, Beverage, and Consumer Products Industry GMA Overview of Industry Economic Impact, Financial Performance, and Trends The Grocery Manufacturers Association (GMA) represents the world’s leading branded food, beverage, and consumer products companies. Since 1908, GMA has been an advocate for its members on public policy issues and has championed initiatives to increase industrywide productivity and growth. GMA member companies employ more than 2.5 million workers in all 50 states and account for more than $680 billion in global annual sales. The association is led by a board of member company chief executives. For more information, visit the GMA website at www.gmabrands.com The Food Products Association (FPA) is the largest trade association serving the food and beverage industry in the United States and worldwide. FPA’s laboratory centers, scientists, and professional staff provide technical and regulatory assistance to member companies and represent the food industry on scientific and public policy issues involving food safety, food security, nutrition, consumer affairs, and international trade. For more information, visit FPA’s website at www.fpa-food.org The member firms of the PricewaterhouseCoopers network (www.pwc.com) provide industry-focused assurance, tax, and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 130,000 people in 148 countries across our network work collaboratively...
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...Good Life" has for objective to provide consumers with the best tasting, most nutritious choices in a wide range of food and beverage categories and eating occasions, from morning to night (Nestle, 2010). Having more than 450 manufacturing facilities in over 80 countries spreading over six continents (Mattera, 2010). Nestle believes that food and beverages play an increasing role in people's lives, not only in terms of enjoyment and social pleasure, but also in terms of personal health and for nutritional reasons (The World of Nestle, 2006). 1. Identifying two examples of marketing concept in Nestle Before any company would begin any marketing process, it must develop a marketing concept to identify how it going to address the wants and needs of its customers. Kotler & Armstrong (1996) defined marketing concept as a marketing philosophy that sees the consumer or client as the central focus of all the activities of an organization. In this regard (Nestle Good Food, Good Life 2010) mentions that Nestlé’s priority is to bring high quality, safe, and nutritious foods and beverages to people wherever they are and whatever their needs The company has developed many approaches in line with this outlining mission. Two examples of this marketing concept are elaborated below. (a) Putting the customer first. According to The World of Nestle (2006), Nestle has bound itself to build all its marketing strategies on consumers' trust in the company. It is reported that...
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...The Global Leadership Mindset BY EILEEN M. ROGERS The integration of multiple geographies, cultures, nationalities, ages and styles in enterprises around the world is having an enormous impact on business relationships. Leaders today need a new, specialized set of skills if they are to be successful. 18 Chief Learning Officer • June 2010 • www.clomedia.com ueled by social networks and technology, universal collaboration is becoming a daily business reality. Global data and knowledge are now accessed on devices that people can hold in the palms of their hands. Jim Kouzes, renowned leadership expert, recently described this shift by stating that “while the content of leadership has remained the same over the past 20 years, the context has not.” Leaders striving for success today must be able to master three new levels of competence: • Global business acumen: The new financial, industry, functional and technical skills needed to navigate a market characterized by rapid evolution of business models, markets, products, and mergers and acquisitions. • Global mindset: The capacity to engage in a boundaryless and synthesizing cognitive process that identifies opportunity and innovation in complexity. • Global citizenship: A potent combination of geographic, political, economic, governmental, legal, cultural, technological and environmental savvy that informs business strategy formulation and execution. Global Mindset vs. Global Citizenship A global mindset includes the ability...
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