|Type of paper:||Essay|
|Categories:||Globalization Company Marketing International business|
Graduation of a company from local to nationwide then later to be international, encourages competition since it allows customers globally to have a taste of a new substitute product. With the help of technology, like mobile phones and the internet, many business firms are able to make advertisement for the goods and products they offer at a wide range, this enhances their customer to relation which grows due to communication between the firm and the clients globally, through emails and comments via Facebook platforms and Twitter accounts. Take example of a Jim Beam on their journey to revive their brand that almost collapsed in the mid-2000s, on the course of it rising, they started to bring back their brand down locally coming up with the strategies of marketing the brand, and spending much on digital advertisement through the use of technology, and music promotions. The use of bold choices as a way of persuading the consumers on the effect of using their brand, like Jim Beam would inspire one to make bold choices in life, which was successful and its significance would be seen through comparing the sales before. The brand was successful at the local level, and that made the management and owners to expand it globally. Still focusing on the brand idea, which was their breakthrough, the main objective of the marketers was to make Jim Beam a one global culture brand. By continuous advertisings and maintenance of brand idea, Jim Beam achieved its global goals like making the brand grow tremendously, developing of the brand which helps a business to demonstrate the guiltily and flexibility of a business need and for different countries
As the Jim Beam as a firm enjoys the rise, back in their minds they struggle to achieve a long-term goal of this market, but due to some obstacles, like failure to control market flexibility. This effect come as a result of intense and mocking local competitors in a given nation especially to a foreign marketer, the local marketer would use their loyal customers to intimidate, and through creativity, they may end up using your slogan to finish an external marketer, take for instance when the (How to Build A Global Brand : Jim Beam, 2016). Secondly, should Jim Beam fail to control their consistency which may kill the brand and the moment the brand fails; they would tend to change the brand idea and slogan which may create awareness to the competitors of their failure (Gillespie & Riddle, 2015). Political and economic policies may hinder the marketing activities of Jim Beam as a brand. Some countries have different and hectic policies that may not favor a particular international product, e.g., the LG failed in the UK due to its unaccepted slogan of Life's good.
The effect of country of origin
Consumer perspectives to local and foreign goods have been observed an most of negative reviews have been noted depending on the nation of the subject. First, the significant reasons for the country of origin about other product attributes are observed. The state of source is taken as a substitute sign of product quality. Effect of the nation of source on consumer choice across a variety of product types is observed together with the price.
Most of the nations in the world have some recognition factors, depending on the products and goods they manufacture, like Germany is best known in manufacturing of the motor vehicle, same as Japan, these factors have always favored the named nations at the market and surprisingly, they even engage in less marketing. Asian brands especially Chinese products for a long time has been viewed negatively by the western nations and its counterparts. According to the research, many western countries see Chinese products as copy cats and a low-quality product in the market.
Most of the international business firm is believed to have quality goods and services, since one can argue in a way that, for a company to evolve from the local market to international, it must have an impressive result at the local market, that granted him the profit to enable it to grow worldwide. In conclusion to that, local people flocks on mc Donald because of the belief of its quality (Gillespie & Riddle, 2015). Suspicion and fear of the developed nations that the developing third world nations may imitate their products or produce a similar commodity to theirs may be a risk to their firms since they believe theirs are of high quality (Keegan & Brill, 2013). To add weight and offer support to their stand, building trust between the consumer and the producer takes much time in the business field, and even a ling due and trusted client may change the taste and abandon one product for a reason.
When a consumer changes her taste towards another product, blame is not to the marketers at a time, that happens due to reduced quality products which I may call a drop of quality, a firm might have good marketers and good persuasive power but decisions lie with the consumer, and when the consumer says enough, nothing changes her mind. Reduction of quality in a product, may have some reasons behind it, one can be a change of the company ownership, which may affect a firm depending, on the new owner's taste and preference, can be different from the previous owner, let's take example of a Toyota Automobile company buying a Subaru company, the latest Subaru vehicles has taken every shape and features of a Toyota machines, which may affect Subaru users to look for another alternative related to the Subaru. (Keegan & Brill, 2013) All that was to explain why the consumer may change her mind on a product depending on the quality change, So, the developed nations like France who is good at producing perfumes and wines may implement a policy that states that every different perfume companies are importing their products in France to label the country's name in the product, e.g., Made in China, made in Russia. Same to the US they are experts in technology like the Apple, you will find that it is labeled 'made in the USA, assembled in China.' In the late 19th century, the British government banned all imports that were not labeled with the country's name to avoid confusion to the customers who may buy counterfeits thinking they are genuine.
The country of origin (COO) effect have been confirmed to be a massive setback in the marketing field as the well off and built up nations enjoys the policy much; some developing nations have been ignored in the market due to the labeling the country's name (Keegan & Brill, 2013). Many consumers have built confidence in the old products that have been existing in the market and does not give a chance to the new products, but that can be termed as unethical in the market. It may be called as the market torture of the less privileged, steps and actions have been taken, just like countries compete with each other in gaining the world's attention, stable and global brands can contribute actively to build the name of their nation by taking some steps.
Step number one, a nation should emphasize mostly on what it can produce better than the other countries or the neighboring nation, a good example is Scotland, being the oldest and largest producer of many whiskeys and it is ranked at the top for that (Gillespie & Riddle, 2015). However, this strategy might fail if other sectors are lagging in their effort; if a nation is to come up in production, it must have average production and quality on other sectors too. With the example being Scotland, when their whiskey is right and recognized, another industry maybe Dairy production should not be below average, it is advised that several other sector's outputs should be at the average or above the norm (Keegan & Brill, 2013). America has more than five areas of its industries above average, so it makes it difficult to compete in the market.
Secondly, the brand needs to adhere to some international health policies, to make sure your brand or product does not negatively affect the consumers. To do successful business in a foreign nation, for example, the flammable children clothes from China, such incidents make customers globally doubt the commitment of the brand to their clients hence losing many clients. This situation also makes some nations to have a strict policy of importing only labeled products, especially countries in Europe are rigorous on what their citizens consume
Every nation knows its best brands, and when a brand sells, it is the name of the country that sells. A good brand is recognized publicly by the government hence it is effortless to sponsor and aid I advertising its products in the world market, take the example of Singapore, by using Singapore brand award to promote the listed companies abroad hence creating the brand image more executive (Gillespie & Riddle, 2015). The famous Singapore airline has made a reputation globally through its branding and legendary icon Singapore lady has done much that the country's political stability.
By increasing intellectual property rights, some brands fail to work on the regulatory steps to stop other competitors from making a copy and duplicate of their genuine brands which creates confusion amongst their clients in their backyard. However, the action of duplicating one company's product can be beyond the company as a victim, it depends with the legislation and the policy associated with the act, some nations don't take actions against copycat industries hence making the market unethical (Gillespie & Riddle, 2015).
Leverage external partners, many companies fail to have a joint venture of coming together with another successful company with the same goal and products in the form of brand spillover. Companies should focus on building brands through credible delivery to win the heart of customers at large.
In conclusion to the discussions, analysis, and summaries of this project, findings of this paper come out as follows:
- Like the Jim Beam situation, focusing on the brand idea is the main foundation that builds the brand both locally and globally. With Jim Beam concentrate on their brand idea, resulting in the significant impact of the brand.
- Political and economic policies may hinder the marketing activities of foreign marketers. Some countries have different and hectic policies that may not favor a particular international product (Gillespie & Riddle, 2015).
- Many consumers have built confidence in the old products that have been existing in the market and does not give a chance to the new products, but that is unethical in the market, it may be termed as the market torture of the less privileged.
- With the help of technology, like mobile phones and the internet, many business firms are able to make advertisement for the goods and products they offer at a wide range, this enhances their customer to relation which grows due to communication between the firm and the clients globally, through emails and comments via Facebook platforms and Twitter accounts.
- The country of origin effect has been confirmed to be a massive setback in the marketing field as the well off and built up nations enjoys the policy much; some developing nations have been ignored in the market due to the labeling the country's name.
Boone, L. E., & Kurtz, D. L. (2014). Contemporary Marketing, Update 2015. Boston, MA: Cengage Learning.
Gillespie, K., & Riddle, L. (2015). Global Marketing. London, England: Routledge.
How to Build A Global Brand : Jim Beam [Video file]. (2016, August 28). Retrieved from https://www.youtube.com/watch?v=UyDIklp8aZA&t=372s
Keegan, W. J., & Brill, E. A. (2013). Global Marketing Management.
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