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Globalization and Localization Strategies of Samsung in UK Market

   

Added on  2019-09-23

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Running Head: MK0389Global Marketing andCommunication
Globalization and Localization Strategies of Samsung in UK Market_1

MK0389 1Table of ContentsIntroduction:...............................................................................................................................2Global, local and glocal strategies towards the following areas:...............................................2Product:..................................................................................................................................3Promotion:..............................................................................................................................5Target market:........................................................................................................................6Segmentation:.........................................................................................................................7Conclusion:................................................................................................................................8References:.................................................................................................................................9
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MK0389 2Introduction: This report entails the strategic decision taken by the modern global brands to market their products effectively to new countries such that a new market is developed and the company isable to grow and enhance its global market share. After globalization has ushered in, it has become possible for a business organization with a substantial financial and human resources to expand its business across the borders into other countries where there are significant marketing opportunities. The advantage of going global is that the brand will earn reputation across the foreign markets and will be able to capture more customers worldwide such that the business is able to achieve enhanced profitability and sustainability in the long run. As one of the positive influences of globalization, it has made it convenient for the domestic consumers to market their products across a number of developed and developing nations as the trade and other entry barriers have been made lenient and free trade has been legalized between multiple nations across the world. This report is aimed at highlighting the essence of domestic brands going global but acting local. In other words, the report endeavors to encourage the domestic consumer marketers into undertaking strategic decisions to move global with their brands so that they can expect better profitability and sustainability in the competitive market dynamics. The positive outcomes of a glocal strategy have been demonstrated by adopting the example of Samsung, one of the most renowned electronic brands in the UK. Global, local and glocal strategies towards the following areas: Meaning of Globalization:The globalization strategy can be defined as the free movement of goods and services across different nations without many rigid barriers in flow of such goods or services between different economies in the world. The strategy has made it possible for the domestic business establishments to take their business abroad if they have the required resources [ CITATION Man177 \l 16393 ].Meaning of Localization:The localization strategy can be termed as the marketing strategy that is undertaken by many of the global organizations whereby they offer unique and distinct products or services to the
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MK0389 3customers of each country those are exclusive and different from each other. In other words, these business organizations prioritize on the local buyer tastes, preferences and cultural beliefs while designing the products and services accordingly [ CITATION Ric15 \l 16393 ].Meaning of Glocalization:The glocalization strategy encompasses the process of standardizing some core elements of a product or service and localizing the other elements. It can be considered as a trade-off between the domestic and global marketing policies of a multinational brand. Thus, the concept is based on the strategy that some of the attributes of the products or services will be the same for all countries however certain elements will be altered depending on the tastes and preferences of the local consumers. It is considered to be one of the most useful marketing strategies nowadays by the majority of the global brands [ CITATION Lui17 \l 16393 ].Product:Global Product strategy for Samsung:Samsung offers a wide range of product portfolio for its international markets. The company has a wide range of products such as smartphones, laptops, televisions, air-conditioners, and avariety of other appliances. There are various types and varieties of smartphone models sold by Samsung across its global markets to suit the tastes and preferences of a wide range of customers. The Galaxy S series is for the young adults. The Galaxy Note is targeted for the business class people as it has a much larger display and a lot of applications to support the business activities. The Samsung Galaxy Neo series is for the senior and children. These handsets have comparatively simple operations and therefore are more convenient to use for the children and the older people. The smartphones are one of the most popular product lines from the brand [ CITATION GRI16 \l 16393 ].
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