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Mirage of Global Markets: How Globalizing Companies Can Succeed as Markets Localize, The

Name: Mirage of Global Markets: How Globalizing Companies Can Succeed as Markets Localize, The
Author: David Arnold
ISBN: 013047066X

by David Arnold

July 2003

Beginner to intermediate

256 pages

5h 40m

English

Pearson

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Copyright
Dedication
Prentice Hall Financial Times
Financial Times Prentice Hall Books
Preface and Acknowledgments
1. Manage Globally, Market Locally
The International Marketing Genie Escapes from the BottleThe Evidence on Globalization of MarketsThe (Rise and) Fall of Mass MarketingEconomicInformationThe Managerial Challenge—Most Companies Underperform in International MarketsOverestimation of Market PotentialFailure to Commit to the MarketMismanagement of Local PartnersFailure to Read Market Development PatternsWhat Is Different about International Marketing?The Wide Range of Marketing Functions Demanded of the Local Operating Unit or DistributorRapid Growth of BusinessMultimarket DecisionsThe Dynamics of International CompetitionMarketConsumersBusiness CustomersDistribution Channels and Communication MediaIndustryCompanyLocal Profit MaximizationEconomies of ScaleLeverage DifferentiationPlay in Lead MarketsOffense as DefenseThe Dynamics of International Competition—An ExampleSummary
2. Assessing Market Potential: Estimating Market Size and Timing of Entry
Pitfalls in Foreign Market AssessmentA Framework for Assessing Foreign MarketsMarketing-Model DriversEnabling ConditionsCost of Entry vs. Cost of WaitingGuidelines for Market Research in Assessing International MarketsForecasting Market PotentialTop-Down ForecastingBottom-Up ForecastingFirst-Mover AdvantageSources of First-Mover Advantage in Emerging MarketsGovernment RelationsPent-Up DemandMarketing ProductivityMarketing ResourcesLearningSummary
3. Strategies for Entering and Developing International Markets
What Is Different about International Marketing?A Context of Rapid Business Growth and Organizational LearningThe Hierarchical Nature of DecisionsManaging a Multimarket NetworkCo-location of Strategic Marketing and Distribution FunctionsObjectives of Market EntryLearning in Lead MarketsCompetitive Attack or DefenseScale Economies or Marketing LeverageModes of Market EntryExport/Import and Trading Companies“Piggybacking”FranchisingLicensingMarketing Entry Strategies—Learning from Emerging MarketsA Framework for the Evolution of Marketing Strategies in an International MarketGreater Commitment at Market EntryLong-Term Planning at Market EntryEarly Development of Local or Regional Marketing ProgramsSummary
4. Global Branding and Promotion
Global Branding TrendsBenefits of Global Brands to CompaniesConvergence in Marketing SystemsMarketing Economies of ScaleOrganizational Benefits of Global Brand ManagementSummary—The Business of Marketing Is GlobalizingBenefits of Global Brands to ConsumersWhen Foreign Origin Is Equated with Superior QualityWhen Customers Are InternationalWhen Brands Are Aspirational and Conspicuously UsedSummary—Global Brands Have a Specific but Limited Appeal to ConsumersWhat Is a Global Brand?Global Brand Name and Visual Identity but Locally Adapted Product and/or PositioningCountry of Origin or “Export” BrandsGlobal Brand with Variable Product—or Vice VersaGuidelines for a Global Branding PolicyGlobalize at the Level of Name and Appearance, but Not Brand MeaningAllow for Evolution of Brand Position over Time and Variation in Different MarketsSeparate Brand Policy from Product PolicyAdopt Global Brand Policies for New BrandsInstitute a “Buy Globally, Sell Locally” Organizational ModelSummary
5. Selecting and Managing International Distributors
The International Distribution Life CycleThe Distributor CrisisLack of Strategic MarketingLack of Investment in Business GrowthLack of Ambition by the DistributorDistribution Is Different in International MarketsA Wider Range of Functions Demanded of the DistributorRapid Growth of BusinessMultimarket DecisionsGuidelines for Managing the International Distributor Life CycleRetain Responsibility for Marketing Strategy from Market Entry OnwardsCommit MNC Resources to Supporting Market EntryChoose a Distributor and Structure the Relationship According to Clear Partnership GoalsEnsure Access to Detailed Market and Financial Performance DataBuild Links among National Distributors at the Earliest Possible OpportunityLooking Ahead—Is There a Future for Local Distributors?Summary
6. International Customer Management and the Challenge of International Pricing
The Emergence of Global Customer Management and Pressure for Price HarmonizationThe Consequences of International Customer ManagementResearch into the Performance of Global AccountsGuidelines for Selecting, Designing, and Implementing Global Account Management ProgramsStrategy—Selecting and Designing Global Account RelationshipsAssess the Balance of PowerAssess the Customer as a Strategic Partner, Not Just a Sales AccountStrategic ImportanceMarketing and Sales StrategyTop Executive SupportImplementation—Putting the Right Systems and People in PlaceClarify the Role of the Global Account Management TeamMake Incentive Structures RealisticPick the Right Global Account Managers: Not Just SupersalesmenCreate a Strong Support NetworkMake Sure the Customer Relationship Operates at More than One LevelReacting to International Pricing PressureSummary

7. The Organizational Challenge of International Marketing
The Evolution of International Marketing Organization StructuresThe Organizational Problem—Horizontal and Vertical ProcessesTwo Examples of an International Marketing OrganizationNetwork Organizations—A Template for International MarketingDesign Principles for International Marketing OrganizationEnsure that Somebody Has a Global Overview of Each Product Line or BrandDesign According to Decision StructuresAdopt a Bottom-Up Approach to Marketing InnovationInvest Heavily in Horizontal Communication Channels and Information FlowsSmall Organizations “Born Global” into International MarketsService Organizations—Different Structures Lead to More Rapid InternationalizationFirst-Mover Advantage and Service BusinessesService Businesses as the Enablers of the Mass MarketThe Economic Structure of Service Businesses—Localization Yields Higher ReturnsSummary
8. The Big Ideas of International Marketing
Market Knowledge and Marketing KnowledgeInvestments in Commitment Produce Returns in ControlThe Best Market Entry Strategy Is Not Necessarily the Best Strategy for Market DevelopmentScale Demands Control, but Not StandardizationThe Stage of a Country’s Economic Development Need Not Correlate with Product-Market DevelopmentProduct-Market Data Explains More than Country-Market DataConclusion—International Marketing Management, Not International Marketing

Overview

Why do even the best companies struggle to become as profitable in international markets as they are at home? Because they've fallen for the "mirage" of a truly global market. In fact, the world is comprised of hundreds of intensely local markets that are becoming more fragmented with each passing year. In The Mirage of Global Markets, David Arnold reveals why multinationals are actually losing market share--and how the world is rapidly accelerating towards "segments of one." Next, he offers you a comprehensive new blueprint for maximizing profitability in a world of local markets. You will discover why international marketing has become radically different from conventional marketing, and you will learn how to cost-effectively localize all the decisions that matter most: decisions about market entry, product mix, distribution, promotion, communication, strategy and more. Simply put, The Mirage of Global Markets shows how to globally manage the intensely local marketing programs that are now utterly crucial to your success.

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