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Reading 23- Innovating and branding in a global context (improve ethical…
Reading 23- Innovating and branding in a global context
global brands
use same marketing strategy
and marketing mix in all marketed countries
advantages
economies of scale- lower price IKEA
stream of innovations GOOGLE
international image- appeal to a younger audience ARMANI
risks
problem in one market can damage other markets in which same brand is used
international brands
use some elements of the marketing mix
local brands
marketed in only a single country
advantages
flexibility to be developed to meet local consumers needs
ability to adapt pricing and marketing mix to local market
insulation from risks of damage from problems with other brands in portfolio
close relations/trust by consumers
3 recommendations for building a global brand
engage in cultural immersion
find and leverage influencers
use global frameworks with local relevance
tribe manisfestations
ways in which tribe is manisfested
institutions
everday life
occasions
imaginary
members adopt one of 4 roles
adherants
practitioners
participants
sympathisers
brand community
specialized, non geographical based on a set of social relations among brand admirers
feature
rituals and traditions
sense of moral responsibility
obligation to community
improve ethical marketing
embrace core set of ethical principles
adopt stakeholder orientation
higher moral imagination in employees and managers
create an ethical decision making protocol
responsible for what they intend to portray
achieve behavioral standard above the law
put people first