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May 1, 2013
Chapter 14 discussed managing brands over geographic boundaries and market segments. It is becoming more important that marketers implement a global marketing strategy. The chapter discussed a number of factors of why companies want to go international which include; perception of growth and increased competition in domestic markets, belief in enhanced overseas growth and profit opportunities, needs to diversify risk, desire to reduce cost from economies of scale and recognition of global mobility of customers. Along with any marketing strategy it comes with a few advantages and disadvantages. A few primary advantages are lower marketing costs, consistency in brand image, and ability to leverage good ideas quickly and efficiently. When developing a global marketing plan, marketers try to accomplish as many advantages and minimize the amount of disadvantages. Another major topic of this chapter was building global consumer-based brand equity. The topic discussed ten ultimate guidelines to do this a few include,. 1.) Underline similarities and differences in the global branding landscape, 2.) Do not take short cuts in brand building, 3.) Establish marketing infrastructure, 4.) Embrace integrated marketing communication (IMC), 5.) Cultivate brand partnerships, balanced standardization and customization, 6.) Balance global and local control, 7.) implement a global brand equity measurement system, 8.) level brand elements. When developing a global marketing plan it is vital to identify the differences and similarities in consumer behaviors, how consumer purchase and use their products and what they know and feel about the particular brand. I have learned that international residents have very different buying behaviors than United States residents. Many international residents are more reluctant to purchase impulse buys, where as residents in the United States don’t think twice about grabbing something off the shelf that isn’t on the shopping list. The chapter reviewed how important it is for marketers to adapt to their marketing plans for the country they are in. Finding ways to best modify the branding program to adapt differences in consumer behavior through multiple product differences, prices, channels, and marketing communication programs. Adapting to a variety of countries can become difficult when marketers have to maintain brand consistency and brand equity. Because consumer-buying behaviors are so different marketers have to learn how to customize global marketing for every country. I think that this chapter was a little confusing to read and a little repetitive. I enjoyed reading the guidelines and reasons why adapting the program to each country is so important but I felt like they placed to much emphasis on the marketing aspect, in which I have a pretty good handle on. It also could be the fact that this is my last reflection paper and I was anxious to get it done!
Chapter 15 is the final chapter in the book and provides closing observations concerning strategic brand management. Most of the chapter highlighted topics that were covered in previous chapters. One topic that really interested me was: What makes a strong brand? A few must do points that the book discussed, I completely agree with are: maintain innovation and relevance for the brand, establish creditability and appropriate brand personality and imagery, properly position the brand and embrace integrated marketing communications and communicate with a consistent voice. I think that maintaining innovation and relevance for a brand is very important to build a strong brand because the marketing world and consumer buying behavior are constantly changing and a brand needs to be able to keep up and not get lost in the crowd. Properly position the brand is vitally important, placing your brand in the wrong target market can kill your brand instantly. The chapter also listed a few do not’s when building a strong brand, they name the “seven deadly sins” of brand management. The sins are, failure to fully understand the meaning of the brand, failure to live up to the brand promise, failure to adequately support the brand, failure to be patient, failure to control the brand, and failure to properly balance consistency and change with the brand. The chapter also went over special applications that provided guidelines to industrial and business-to-business products. Chapter 15 was the first chapter in this book that I saw it alk about online marketing. Social media and online marketing are becoming more and more relevant in the marketing world today. In my field, online marketing is very important to a successful brand, it is vital that I know all the dos and don’ts. Guidelines for online marketing brands include, don’t forget the brand building basics, create a strong brand identity, generate strong consumer pull, selectively choose brand partnerships, and maximize relationship marketing. Building a strong brand is a necessity when establishing a brand. Without a strong brand and consumer-base a product may have a difficult time surviving. Chapter 15 basically wrapped up most the textbook chapters we have previously learned. It outlines the most important topics throughout and book and went into further detail on those topics.