University Of Finance – Marketing Faculty Of Marketing International Marketing.pdf

lOMoARcPSD|38590726 UNIVERSITY OF FINANCE – MARKETING FACULTY OF MARKETING INTERNATIONAL MARKETING THE EXERCISES OF GROUP 7 Member: Hu ỳnh Tri ệu Tâm Anh - 2121013584 Phạm Nguy ễnễ Thy Anh - 2121012365 Đinh Văn Dũng - 2121012228 Võ Thiễn B ảo - 2121000294 Nguy ễnễ Ng ọc Ngân Hà - 2121012472 HCM city, 2023 Downloaded by BINH NGUYEN (tailieuso.15@gmail.com) lOMoARcPSD|38590726 Mục lục EXE_1 DATE 9/6/2023 1 EXE_1 DATE 16/6/2023 3 EXE_1 DATE 30/6/2023 7 EXE_1 DATE 7/7/2023 19 EXE_1 DATE 20/7/2023 29 EXE_1 DATE 21/7/2023 35 EXE_1 DATE 28/7/2023 41 Downloaded by BINH NGUYEN (tailieuso.15@gmail.com) lOMoARcPSD|38590726 EXE_1 DATE 9/6/2023 Culture impact on international marketing? Culture encompasses our entire lifestyle and personality It defines who we are, including our manner of dress, speech, diet, thoughts, learning methods, attitudes, beliefs, values, and norms International marketing refers to the marketing efforts undertaken by a company in foreign markets Culture plays a significant role in international marketing, and marketers must thoroughly study the local culture before introducing a product This is crucial because every marketing promotion aims to communicate product features to customers and persuade them to make a purchase Here are some ways in which culture influences international marketing strategies: Religion: Religion is a major cultural variable and has significant if not always apparent effects on marketing strategy For example, the identification of scared objects and philosophical systems, beliefs and norms as well as taboos, holidays and rituals is critical for an understanding of a foreign market The impact of religion on the worth systems of a society and the effect of value systems on marketing must not be undervalued Religion affects people’s behaviour, their attitude on life, the products they buy, the way they buy them, and even the newspapers they read Attractiveness of certain types of foods, clothing, and behaviour is often affected by religion, and such control can extend to the acceptance or negative reply of promotional messages For example: Burger King does not sell pork burgers in Muslim-majority countries This is in line with the culinary and religious requirements of the Muslim community, where pork is considered inappropriate for eating behavior Instead, Burger King will offer products that do not contain pork or other options such as chicken, beef, fish and vegetarian food to cater to consumers in the Muslim community Tailoring the menu to cultural and religious requirements is a way for Burger King to adapt and respect the cultural diversity in different countries Language and Communication: Language is a fundamental aspect of culture, and effective communication is vital for successful marketing campaigns Adapting marketing messages to the local language, idioms, and cultural references is crucial to resonate with the target audience and avoid misunderstandings or offense 1 Downloaded by BINH NGUYEN (tailieuso.15@gmail.com) lOMoARcPSD|38590726 For example: If a marketing manager of Saudi Arabia has a strong grip on the Chinese language then he can easily perform his business activities in China Social Norms and Values: Different cultures have distinct social norms, values, and taboos Marketing campaigns that align with these norms and values are more likely to resonate with the target audience Conversely, violating cultural taboos can lead to negative perceptions and damage brand reputation For example: Apple entered the Vietnamese market with a localization strategy, changing the logo color to the color of the Vietnamese flag on its bank website Buying Habits and Decision-Making: Cultural factors influence consumer buying habits and decision-making processes Some cultures are more risk-averse and prefer extensive research before making a purchase, while others are more impulsive and influenced by emotions Understanding these cultural differences helps marketers tailor their strategies accordingly For example: In many Western countries, consumers are accustomed to using credit cards or mobile payment apps for their transactions They value convenience, speed, and security in their payment methods On the other hand, in certain Asian countries, such as China, mobile payment platforms like Alipay and WeChat Pay have gained widespread popularity These platforms offer a seamless and integrated payment experience, allowing users to make payments through their smartphones for a variety of goods and services International marketers entering these markets need to adapt their payment systems to include these mobile payment options to accommodate the cultural preferences and buying habits of the local consumers Education: Although the education system of certain countries reflects their media and culture, education can significantly impact how consumers perceive external marketing techniques The education system also influences the workforce and managerial capabilities International companies need to have cultural sensitivity to recognize these differences and leverage them in harnessing talent For example: A global education consulting firm may need to tailor its marketing messages to highlight the benefits of studying abroad and obtaining prestigious degrees to appeal to students from countries with a strong focus on education, such as China or India Laws and Politics:The legal and political environments in a foreign market are 2 Downloaded by BINH NGUYEN (tailieuso.15@gmail.com) lOMoARcPSD|38590726 usually regarded as consequences of the cultural traditions of that market Legal and political systems are often a simple codification of the norms of behavior deemed acceptable by the local culture Cultural sensitivity to political issues in international markets is of the utmost importance For example: John Wick 4 movie was banned in Vietnam and China because of its casts related to political problems In conclusion, culture has an important influence on the marketing of a business So, businesses need to learn the culture carefully to build a successful marketing strategy when they want to penetrate the market Otherwise, the business may fail without a holistic approach to culture Case study of a business whose culture influences marketing On April 9, 2019, Burger King made a bold and unprecedented marketing move The New Zealand branch of Burger King posted a video on Instagram featuring a woman eating a burger with chopsticks The video was titled "Vietnamese Sweet Chilli Tendercrisp Burger," directly referencing Vietnam Upon its release, the video sparked a strong reaction across social media platforms, particularly in the Asian community Many believed that Burger King was mocking the Asian culture of using chopsticks, specifically targeting Vietnamese people EXE_1 DATE 16/6/2023 1 Explain Asean free trade area, WTO, EVFTA - The ASEAN Free Trade Area (AFTA) is a trade agreement among the member states of the Association of Southeast Asian Nations (ASEAN) It was established in 1992 with the goal of promoting economic integration and enhancing trade and investment within the ASEAN region The advantage of the opportunities presented by AFTA: • Market Access • Increased Competition • Harmonization of Standards • Regional Marketing Strategies • Cross-Border Collaboration • E-commerce Opportunities • Branding and Positioning 3 Downloaded by BINH NGUYEN (tailieuso.15@gmail.com) lOMoARcPSD|38590726 - The World Trade Organization (WTO) is the primary international body to help promote free trade, by drawing up the rules of international trade The advantage of the opportunities presented by WTO • Rules-Based Trading System • Dispute Settlement Mechanism • Market Access • Non-Discrimination • Trade Capacity Building • Intellectual Property Rights Protection • Consensus-Based Decision-Making - EU-VietNam Free Trade Agreement (EVFTA) is a new generation FTA between VietNam and 28 European Union member states The advantage of the opportunities presented by EVFTA: • Tariff Elimination and Market Access • Services and Investment • Services and Investment Liberalization • Intellectual Property Protection • Government Procurement • Standards and Technical Barriers • Sustainable Development and Labor Standards • Technical Assistance and Capacity Building 2 List the opportunities and threats when Vietnam became a member of Asean and WTO When Vietnam became a member of ASEAN (Association of Southeast Asian Nations) and the WTO (World Trade Organization), it presented various opportunities and threats in the field of marketing Here's a list of some of them: Opportunities: 4 Downloaded by BINH NGUYEN (tailieuso.15@gmail.com) lOMoARcPSD|38590726 Expanded Market Access: Membership in ASEAN and the WTO provided Vietnamese businesses with increased access to a larger regional and global market, enabling them to reach more customers and expand their customer base Trade Facilitation: ASEAN and WTO membership facilitated trade facilitation measures, such as the simplification of customs procedures and the reduction of trade barriers, making it easier and more cost-effective for Vietnamese companies to engage in international trade Foreign Market Penetration: The integration into ASEAN and the WTO allowed Vietnamese marketers to explore and enter foreign markets with more ease, benefiting from reduced trade barriers and improved market conditions International Collaboration and Networking: Membership in ASEAN and the WTO provided Vietnamese marketers with opportunities to collaborate and network with marketing professionals, businesses, and organizations from other member countries, fostering knowledge exchange, partnerships, and business opportunities Brand Visibility and Recognition: Being part of regional and global trade organizations can enhance the visibility and recognition of Vietnamese brands in international markets, increasing consumer trust and facilitating brand expansion Access to Marketing Best Practices: ASEAN and WTO membership exposed Vietnamese marketers to international marketing best practices, allowing them to learn from successful marketing strategies implemented by other member countries and apply them to their own marketing efforts Threats: Increased Competition: With market integration, Vietnamese marketers faced intensified competition from businesses within ASEAN and WTO member countries, requiring them to differentiate their products, develop competitive marketing strategies, and adapt to evolving market conditions Foreign Dominance: The opening up of markets under ASEAN and WTO membership could potentially lead to the dominance of multinational corporations from other member countries, posing challenges for local businesses in terms of market share and competitiveness 5 Downloaded by BINH NGUYEN (tailieuso.15@gmail.com) lOMoARcPSD|38590726 Compliance with International Standards: ASEAN and WTO membership often necessitates compliance with international marketing standards and regulations, which may require additional resources, investment, and expertise to ensure conformity Intellectual Property Rights (IPR) Concerns: Membership in the WTO involves adherence to stricter IPR regulations and enforcement, which can present challenges for Vietnamese marketers in terms of protecting their intellectual property and avoiding potential infringements Price Pressure: Increased market access can lead to price pressures as Vietnamese marketers compete with foreign businesses offering similar products or services This may require them to optimize their pricing strategies to remain competitive while maintaining profitability Cultural and Language Barriers: Expanding into new markets within ASEAN and the WTO may involve navigating cultural and language differences, requiring Vietnamese marketers to invest in market research, localization, and effective communication strategies to resonate with diverse audiences.t's important to consider that the impact of ASEAN and WTO membership on marketing in Vietnam can vary across industries, markets, and individual businesses The opportunities and threats listed above serve as a general framework but should be evaluated within the specific context and dynamics of the Vietnamese market Social class:the distribution of benefits in the context of globalization is unequal Countries with low development levels will enjoy fewer benefits The distribution of benefits is also unequal within a country Globalization will increase the risks of bankruptcy for certain enterprises, unemployment, and the gap between the rich and the poor With the great achievements recorded in the past 20 years of renewal, the ongoing positive process of competition and international integration and the WTO accession experience and outcomes learnt from other WTO member countries, we firmly believe that we are absolutely able to make the most of the opportunities and overcome the challenges While some enterprises might face difficulties, even fall bankrupt, most will survive and develop and many others will enter the market Our economy will develop according to the objectives and orientation set by us 6 Downloaded by BINH NGUYEN (tailieuso.15@gmail.com) lOMoARcPSD|38590726 7 Downloaded by BINH NGUYEN (tailieuso.15@gmail.com) lOMoARcPSD|38590726 EXE_1 DATE 30/6/2023 1 Describe the basic market research process What types of issues should a researcher consider during each phase with regard to international market research? Which phase is most important? • Step 1: Problem Definition - An integral aspect of the market research process is articulating the problem or scenario faced by the organization Accurate delineation of the problem is pivotal for the success of any market research project Hastily or inadequately defined problems can lead to distorted data and faulty conclusions When defining a marketing issue, it's crucial to assess whether the stated problem truly encapsulates the core problem or merely reflects a symptomatic aspect • Step 2: Cost-Benefit Assessment - Generally, international decisions demand varying degrees of research involvement Some research endeavors can be carried out at a modest expense, while others require substantial financial commitment Opting for research entails the marketing team evaluating the importance of attaining necessary information, the timeframe for data collection, juxtaposed with the benefits of the information and the overall complexities in data procurement • Step 3: Crafting the Research Framework - In this stage, the researcher decides between primary and secondary data sources, and chooses between micro or macro-level data The researcher also determines the qualitative or quantitative data collection approach and selects the appropriate technique • Step 4: Sample Creation - Define the target population and construct a sample that accurately mirrors this population • Step 5: Data Gathering - This phase involves reaching out to your sample and collecting the required data, which can often be a complex process • Step 6: Data Analysis and Interpretation - In this step, you delve into the collected data to extract insights and decipher the underlying messages 8 Downloaded by BINH NGUYEN (tailieuso.15@gmail.com)