Global Marketing Management
Substantiating partnership is mandatory in implementing a global marketing strategy. The lecture asserts that partnership improves value and profit since it brings together two different organizations, merging their knowledge and resources for integrated and comprehensive business outcomes. The lecture also introduces marketing metrics enshrining key issues like promotion metrics, pricing, channel, and product metrics. I will use the gained knowledge to analyze and give opinions on global business partnerships and marketing metrics (Global Marketing Management).
The lecture began by providing a commitment to resources, flexibility, control, risks, and opportunities as major factors that define the ways of entering a global market. The lecture uses a schematic diagram to show how risks and opportunities render one flexible while conducting business. To make it more interesting, the lecture asks critical questions whose answers, without a doubt, contribute to a strong global marketing strategy.
I found “Alone or with partners?” a fascinating question since it would establish what partnership offers in business. Altogether, the questions were essential for developing curiosity and interest in the topic. Furthermore, the author illustrates airline alliance dynamics relevant to why certain airline companies choose one alliance over the others.
For example, the author highlights the change in business demands as one of the major tenets that influence partnerships in the airline industry. However, it would have been appropriate for the lecture to illustrate how changes in demand interrelate the technological advancement, thereby influencing partnerships in the business industry( Global Marketing Management).
I was also intrigued by the examples of partnerships (BMW & Louis Vuitton, Spotify & Uber, and Apple & Hermes), and the objectives, reasons, and challenges of strategic alliances (Seristö, 2021). For instance, the lecture features Porsche and Boeing companies to show how partnership allows businesses to merge their unique market strategies to offer a competitive capability.
The lecture helped me understand the topic by providing the feasibility and process of nurturing a successful partnership, giving determinants to establish whether the two partners fit together for business adventures. I found the culture fit an essential determinant since it evaluates whether both partners have the same business logic and can communicate effectively(Global Marketing Management).
Of the four marketing metrics mentioned, I found the product metrics the most indispensable element of conducting business. Product metrics entail using product superiority as a competitive advantage against the competitors, for the author gives a good example of Coke vs. Pepsi. Also, the invention of new products allows the customers to choose which product to consume in the market. In this case, consumers are likely to exploit the new products. I found it relevant when the author mentioned that the percentage of sales of new products allows businesses to create new competitive products as part of their marketing strategy.
I have learned that partnership merges resources and knowledge towards the inception of useful and compressive business strategies. In my future business endeavors, I will apply the gained knowledge to assess partnership feasibility and the four key strategies (resources fit, culture fit, strategic, and organization fit) to determine a business partnership’s workability (Global Marketing Management).
Seristö, H. (2021, January 21). Global Marketing Management. Session 4.