Overview
In today’s dynamic international marketplace, companies must strive to provide products and services which meet the highly specific needs of their target markets. Easy access to information, the smooth international flow of goods and services and the rise of the “on-demand” economy mean that international customers expect and demand that companies’ product and service offerings will meet their detailed tastes, desires and preferences. By the same token, lower barriers to entry and ever-fiercer competition provide customers with almost limitless choices when searching for products that fit their exact needs.
Yet, in most cases, the time, money and effort required to provide highly localized or individualized products make such extreme product localization prohibitive and, thus, we see significant pushback among companies seeking to control costs and streamline processes by globalizing their products.
Indeed, in recent years, the question of globalization vs. localization of products has become the most important strategic topic debated in international marketing circles.
This module will examine the various approaches to the globalization vs. localization dilemma. How can companies balance the various marketing and financial forces at play and be cost-effective while still satisfying the needs of an increasingly demanding marketplace?
Topics to be discussed include:
- Why globalization and localization matter
- Globalized products vs. global products
- Approaches to localization – pros/cons, costs/benefits
- Globalization vs. localization of message and value proposition
- Challenges of multilingual marketing
- Current trends in localization and recommendations
Cases
Ben and Jerry’s – Japan
Walmart: Thinks Locally to Act Globally
Dabur India, Ltd. – Globalization
Faculty
Jeffrey Weinstock has been a faculty member of the Marketing Department at Miami Business School since 2004. For 20 years, he held senior international marketing positions in several S&P 500 companies. His international marketing experience includes key roles at Carnival Cruise Lines, Sabre Holdings and Teva Pharmaceutical Industries. He focuses on international marketing strategy, new product development and launch, and new market entry in the software, banking, pharmaceutical and hospitality industries. Weinstock has also executed consulting projects for leading companies in the financial, pharmaceutical and science-based industries. He has worked in over 40 countries including 14 years overseas. He specializes in Latin America, Europe and the Middle East and is fluent (native speaker level) in English, Spanish, Portuguese and Hebrew.
