The Multinational Marketing

Multinational marketing strategy, which is sometimes also called global marketing strategy, is basically about advertising and selling products and services to customers around the world. This also encourages small companies to explore and expand into new markets through the internet, international distribution, and competitive pricing. These are the major factors or the key strategies that ultimately improve the approach to multinational marketing. 

The product

In international markets, for any product or service to be successful, the major point to keep in mind is that the product should be adapted to the local market. The global marketing strategy has to change according to the economic sense of the markets in and around the country.

The Price 

The pricing of the product or service in the international market is proportional to the popularity of the product in the local and international markets. The range of product pricing has a few major factors to keep in mind, such as the currency exchange rates and the international shipping impact. The pricing of the local product is more accepted as it has lower manufacturing and labour charges, and this can be one of the marketing strategies to have both local and wide acceptance.

The production 

As the product has to be widely accepted, its production value and pricing should be acceptable. The major thing to keep in mind is that if the product is locally made, the labour and production costs decrease, and local acceptance should be the major marketing strategy with competitive pricing options.

The place

The place to market the product in the international and local markets should be an effective one, as a target audience should be set and monitored as a strategy to market the product or service. The target market should be either online marketing with local representatives to market the products widely or local marketing strategies according to the target audience and the local economic situation. 

Let’s now take the examples of the top 3 MNCs and their marketing strategies to have a better understanding of this in detail.

NOKIA

Nokia’s plan to become a MNC includes several major strategies, both organizational and marketing-related.

Three important positive changes that took place in the telecommunications sector worldwide in the 1990s laid the groundwork for future expansion. These three trends were an increase in internet usage, market deregulations that made it easy for new competitors to enter, and the introduction and widespread use of wireless services. The three techniques were then modified by Nokia for their marketing campaign. This marked a turning point in Nokia’s history.

The marketing segmentation:

Because the product is a telecommunication agent, the primary target geographics would be urban and rural areas, with both males and females as the target market, primarily targeting the age range of 22 to 60 years. 

The product branding, place, pricing, and promotion strategy:

The demographics and geography of the target audience and the product are the major strategies for a product’s sales and marketing. Nokia’s product in the global market is a cost-effective product that concentrates on both urban and rural markets while being promoted to a target audience.

MICROSOFT

For more than a decade, Microsoft has been the market leader in operating systems. It was established by Bill Gates and Paul Allen in Albuquerque, New Mexico, in 1975—46 years ago—and is currently flourishing all over the world. In the 2020 Fortune 500 list of the most significant US companies, Microsoft came in at number 21. It is valued as the third-highest global brand. The business is a digital operating systems leader. 

The product marketing segmentation:

Microsoft divides the enormous audience into small segments using demographic and behavioral segmentation. Microsoft markets goods like operating systems and office systems via demographic segmentation. Microsoft markets goods like Windows servers, mobile phones, etc. through behavioral segmentation.

 The target audience and positioning:

The market segmentation targeted and the audience are divided by demographics and geography, with Microsoft being one of the top MNCs with a wide range of products and services. The marketing strategy differs depending on the area that is being targeted.

WALMART 

Walmart is a multinational, massive organization that runs hypermarket-style retail establishments. Sam Walton created it in 1962. Currently, the corporation operates more than 10,000 shops and clubs throughout 24 nations. The Walton family is in charge of the business. Jim Walton, Alice Walton, S. Robson Walton, Lukas Walton, Ann Walton Kroenke, Nancy Walton Laurie, and Christy Walton

Walmart’s marketing strategy makes it successful in the competitive retail business. The retail industry is incredibly competitive, and many businesses have failed to thrive there. Walmart’s marketing plan has also aided the business in fending off the assault of Amazon, the world’s largest online retailer. Walmart’s management practices ensure a stable operation. The reason Walmart has been so successful is because of its effective marketing mix.

Marketing segmentation and target audience:

Walmart’s target market is rural households in the lower and middle classes. These people desire easy access to shopping in one place. When they shop, they keep an eye out for deals and prices. Walmart was able to identify its target market and design its stores in accordance with market trends.

To conclude, the marketing strategies of different MNCs differ with the targets to be reached and segmentation.