Time: 32 hours
Whether you are an entrepreneur or work for a company of any size, what happens in the world affects your business. Even personal services like hairdressers or manicurists are affected by international products, cosmetics, and supplies. In this unit, we will learn about these dynamics and the conceptual models we can use to analyze global markets and their entry barriers. We will also assess the differences between global and international marketing and analyze their political, economic, social, technological, legal, and environmental dynamics. Understanding these will help you, as an international marketer, make better decisions and communicate them across your company. For a real-world example, consider that over 80% of Walmart's "everyday low price" products come from China. Most cotton shirts or skirts you buy today use cotton grown in Texas, milled in China, sewn in Bangladesh, and shipped to distribution centers across the world. In the process, that one article of clothing could have been shipped through nearly 50 different countries. Discarded cotton clothing is often shrink-wrapped and shipped to African countries via a system known as "mitumba". More than 30 African countries have banned mitumba or implemented bureaucratic requirements like health certifications, inspections, and import tariffs to delay or eliminate the market for discarded clothing. These kinds of dynamics play out for imported products across the world in nearly every industry.
Completing this unit should take you approximately 8 hours.
The role of culture in business activities is present in all markets across the globe. When we look at the various sets of beliefs, values, thinking, and practices of different groups of people, we can understand how those people behave, reason, and make decisions. Of course, to be successful, businesses must fully understand the value systems of the countries they are operating in to best meet those consumers' needs. Cultures are formed by the political, economic, and social philosophies of their nations and their education, religion, and social structure. These all affect how businesses should be operating in those nations. In this unit, we will explore cultural factors in detail and look at how they affect business decisions around the world.
Completing this unit should take you approximately 6 hours.
Marketing is a complex discipline under the best of circumstances. Companies need to effectively communicate the benefits their products provide to consumers; they must select the appropriate segment of the population to target; they must apply appropriate pricing strategies; get the product to the customers where they shop; and continually conduct market research to respond to market changes and fluctuations. Now, consider the challenges of implementing a marketing strategy in global markets where conditions are not only different from the US but different from other nations, as well. In this unit, we will explore the elements global marketers must address and how they can effectively implement a strategy that can lead to success.
Completing this unit should take you approximately 6 hours.
The marketing research process follows a standard set of steps. It begins with the identification of a problem that needs to be solved. This is followed by developing the research plan and then conducting the actual research. Once all data has been collected, it is analyzed, and the findings are written up in a formal report. At that point, actions can be taken based on the information uncovered and conclusions that have been formed. While this process is relatively customary in business, it takes on new dimensions when implemented on a global scale. For international markets, even identifying the problem to be solved can vary from country to country. A research plan suitable for one nation may not be appropriate or applicable somewhere else. The findings of research gathered in one country may have different implications in another part of the world. In this unit, we will explore the intricacies of market research on an international scale and how we can determine appropriate and effective research methods.
Completing this unit should take you approximately 4 hours.
The marketing function is constantly in a state of flux. New techologies impact the ways in which we connect with the public. Cultural and societal movements evolve. Political and environmental factors influence our priorities. As a result, marketing strategies need to advance and change to meet these dynamics in a meaningful and effective way. In this unit, we will explore the role of traditional marketing activities, the increased use of digital platforms, and how to determine which methods are most effective in international markets. As you explore the articles and videos in this unit, consider your view of effective marketing strategies and how that might change as you consider the variations among global markets.
Completing this unit should take you approximately 5 hours.
The business decision for entering a foreign market may be an easy one, but the process of choosing those markets, as well as selecting entry strategies, is much more complex. The criteria for determining the attractiveness of a market can vary from country to country, and the conditions in each nation that determine which strategy is most desirable can vary, as well. Additionally, companies have to make the decision whether to sell directly into those countries or to use partners or export managers to gain a presence. In this Unit, we will evaluate the elements that help companies evaluate potential markets; we will assess the various strategies available to organizations seeking to go global; and determine the many factors that influence the choices a company will need to make for market entry.
Completing this unit should take you approximately 3 hours.
As we have seen, there are many steps involved in developing marketing campaigns. In addition to taking a great deal of time and effort, there is also the financial component of bringing a campaign to fruition, and implementing it in the marketplace. However, this is not the end of the process. In order to ensure the success of any campaign, it must be closely monitored and measured for effectiveness. In this Unit, we will look at the role of metrics in evaluating campaign success, how to choose the right measurement methods, and how to use these metrics to modify and adjust campaigns, where necessary.
Completing this unit should take you approximately 2 hours.
This study guide will help you get ready for the final exam. It discusses the key topics in each unit, walks through the learning outcomes, and lists important vocabulary. It is not meant to replace the course materials!
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Certificate Final Exam
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