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Global Marketing Management Essay

727 words - 3 pages

Global Marketing Management

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Global Market Entry Strategies

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Overview
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Target Market Selection Choosing the Mode of Entry Exporting Licensing Franchising Contract Manufacturing Joint Ventures Wholly Owned Subsidiaries Strategic Alliances
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1. Target Market Selection

A crucial step in developing a global expansion strategy is the selection of potential target markets. A four-step procedure for the initial screening process: 1. Select indicators and collect data 2. Determine importance of country indicators 3. Rate the countries in the pool on each indicator 4. Compute overall score for each country

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Choosing the Mode of Entry
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Franchising
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Franchisor and the franchisee Master franchising Benefits:  Overseas expansion with a minimum investment  Franchisees’ profits tied to their efforts  Availability of local franchisees’ knowledge Caveats:  Revenues may not be adequate  Availability of a master franchisee
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5. Franchising (contd.)
Limited franchising opportunities overseas  Lack of control over the franchisees’ operations  Problem in performance standards  Cultural problems  Physical proximity

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6. Contract Manufacturing

Benefits:  Labor cost advantages  Savings via taxation, lower energy costs, raw materials, and overheads  Lower political and economic risk  Quicker access to markets Caveats:  Contract manufacturer may become a future competitor  Lower productivity standards
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6. Contract Manufacturing (contd.)
Backlash from the company’s homemarket employees regarding HR and labor issues  Issues of quality and production standards

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7. Joint Ventures

 

Cooperative joint venture Equity joint venture Benefits:  Higher rate of return and more control over the operations  Creation of synergy  Sharing of resources  Access to distribution network  Contact with local suppliers and government officials
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7. Joint Ventures (contd.)

Caveats:  Lack of control  Lack of trust  Conflicts arising over matters such as strategies, resource allocation, transfer pricing, ownership of critical assets like technologies and brand names Drivers Behind Successful International Joint Ventures :  Pick the Right Partner
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7. Joint Ventures (contd.)
Establish Clear Objectives from the Beginning ...

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