Global branding

Refers to the use of a brand name, trademark or logo that is known world-wide.

·         Examples: Coca-cola, Sony, Apple, Cadbury.

• Makes it easier undertake promotions because brand is recognisable
• Helps with brand awareness and loyalty around the world

Standardisation

The selling of the same product in more than one country with no differentiation.

·         Example: PlayStation is the same in every country.

• Benefits: reduced costs in production/marketing
• Disadvantages: cultural differences and tastes not taken into account; may be different government requirements.

Customisation

Product differentiation in order to better suit the product to the needs and wants of the customers.

• Involves considering sociocultural, economic, legal and political influences to make the product more attractive to the target markets in different countries.
• Advantage: develops a barrier to entry into the market by competitors due to the protection of intellectual property.
• Disadvantage: can encounter difficulties sustaining business as the product has been differentiated and competitors may come out with new ideas.

Global pricing

Where the supplier agrees to charge the customer the same price for the delivery of parts/services anywhere in the world.

• Complications includes: tariffs and subsidies, fluctuations in interest rates/exchange rates, methods of payment, price controls, credit risk.
• There are multiple ways that a business operating in more than one country can change the price of its products. For example, changing the price tag, changing the quality of the product, changing the sale size or terms of sale.

Competitive positioning

How a business differentiates its products and creates value for its market.

• How a business stand out from the competition.
• Example: McDonalds has differentiated its products to suit different cultures, including not selling beef in India.