Nigerian Marketplace - Texas Tech University

Nigerian Marketplace - Texas Tech University

Global Cultures: Chapter 17, Chapter 18, Chapter 19 Total Global Strategy: Chapter 6 Group 2 Christi Felton Vic Ashdown Lydia Palma United Kingdom of Great Britain and Northern Ireland

Overview Quick Facts History Geography Culture Economy Business in the UK England vs. Ethiopia Quick Facts UK made up of England, Northern Ireland, Scotland, and Wales Population 63 Million Size - 243,610 km2 (Oregon)

71.6 % Christian, 23.1% None London Fire London Bridge Big Ben is NOT a clock Honeymoons and Lead Cups UK Flag

England Scotland Union Jack Flag of St. Patrick (Irish) History Roman Invasion 55 B.C.-77 A.D. Roman occupation ends in 407 Extensive clashes with Picts, Scots,

Saxons Wars with Norway, Gaul (France), Danes Magna Carta 1215 Wales Conquered - 1283 First Representative Parliament 1295 Capture and Death of William Wallace 1305 1337-1453 Hundred Years War

1534 - Act of Supremacy: Henry VIII declared supreme head of the Church of England 1605 Gunpowder plot 1665 Great Plague, 1666 Great Fire Imperialism spreads Early 1700s Industrial Revolution 1750 - 1850 World Wars Early 1900s Stablization - Present 0 - 1400 1400-1750 1750 - Present

Regional Military Influence Global Military Influence Global Economi c Influence

Time Periods in British Geography Location is critical to economy Proximity to Europe North Sea Vast natural gas, iron, oil, and coal deposits Being an island lends to sea capability Culture Similar

lifestyle to Americans except: Afternoon Tea Driving on the opposite side of the road Soccer is a favorite sport to watch and play Royalty Fish and Chips For the first time ever, the UK has more people aged over 60 than under 16 British

Comedy Economy 9th Largest in World 3rd Largest in Europe GDP per capita $35,900, (33rd) Unemployment Rate is 7.9% Inflation Rate is 4.5% (2011) Industries: Agriculture: 0.7% Industry: 21.6%

Services: 77.7% Doing Business in the UK Be Punctual, on time, and never late Be prepared for diverse cultural interaction Rank/Experience matters, show respect Among friends English tend to be more open but still reserved in mannerisms Generational gaps can be significant in terms of customs Quick Tips Business Dress

* Business attire is conservative. * Men should wear a dark colored, conservative business suit. * Women should wear either a business suit or a conservative dress. Greetings * Shake hands with everyone at a meeting upon arrival. * Maintain eye contact during the greeting. Titles * Only medical doctors and the clergy use their professional or academic titles in business. * Most people use the courtesy titles or Mr, Mrs or Miss and their surname. (Mr and Mrs are words in the United Kingdom and do not require a period) * Wait until invited before moving to a first-name basis. Business Cards * Business cards are exchanged at the initial introduction without formal ritual.

* The business card may be put away with only a cursory glance. Business Gifts * Business gift giving is not part of the business culture. * If you choose to give a gift, make certain it is small and tasteful. Country Comparisons ETHIOPIA GDP = $94.76 billion Population = 93,815,992 Market Makeup = agriculture: 49.3% industry: 11.1% services: 39.6% Government System =

Federal Democratic Republic Trading Partners (Exports) = China 13.9%, Germany 10.5% ENGLAND GDP = $2.25 trillion Population = 63,047,162 Market Makeup = agriculture: 0.7% industry: 21.6% services: 77.7% Government System =

Constitutional Monarchy Trading Partners (Exports) = US 11.4% Germany 11.2% Review Quick Facts History Geography Culture Economy Business in the UK England vs. Ethiopia

Malaysia Location Facts Capital Kuala Lumpur Population 29,179,952 Government Constitutional Monarchy Language Bahasa Malaysia (official) & English

Ethnic Groups Malay 50%, http://youtu.be/RCDeWHnr19E Chinese 24%, Indigenous 11%, Indian 7% History During the late 18th and 19th centuries, Great Britain established colonies and protectorates in the area of current Malaysia; these were occupied by Japan from 1942 to 1945. In

1948, the British-ruled territories on the Malay Peninsula formed the Federation of Malaya, which became independent in 1957. The first several years of the country's history were marred by a Communist insurgency, Indonesian confrontation with Malaysia, Philippine claims to Sabah, and Singapore's secession from the Federation in 1965. Race

riots occurred in 1969 against Chinese, because of these riots- bumiputras system was formed by the government. Balik Kampung Return to the Village Getting away from everyday hectic life Time to relax and enjoy life Leave all stress at the door of the spa Element of the Malaysian value

system allowing the Malays to return back to their origins & families Time for all extended family to come Common theme of triumph of good over evil Children given gifts money Many Malaysians do balik kampung monthly and even weekly http://youtu.be/ULeylkSAuLI Business

A market-oriented economy and government policies that provide businesses with the opportunity for growth and profits have made Malaysia a highly competitive manufacturing and export base Malaysia according to GLOBE study, is a high power-distance nation One of Malaysia's major pull factors

is its large pool of young, educated and trainable workforce. Many of Malaysia's university graduates are trained overseas in fields such as engineering, and accountancy, allowing them to adapt easily to an international corporate environment. http://youtu.be/eyITTdDmQK0 Etiquette If in a team, introduce the most important person first.

Many Malays and Indians are uncomfortable shaking hands with a member of the opposite sex. Foreign men should always wait for a Malaysian woman to extend her hand. Foreign women should also wait for a Malaysian man to extend his hand. It is important that professional titles (professor, doctor, engineer) and honorific titles are used in business. Malays and Indians use titles with their first name while Chinese use titles with their surname. Economy GDP Labor

$447 billion Force 11.9 million Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. References https://www.cia.gov/library/publicatio

ns/the-world-factbook/geos/my.html http://www.mida.gov.my/env3/index. php?page=vibrant-business-environ ment http://www.kwintessential.co.uk/reso urces/global-etiquette/malaysia.html Nigerian Marketplace Marketplace Marketplace refers to the physical areas of a city, town or rural village where indigenous commercial activities are concentrated.

The bulk of Nigerian history can be summed up in one word: Trade. The Marketplace used to be the center for a town, it was the center of commerce. Facts Nigeria is the most populous nation in Africa, and the 7th most populous in the world. Its listed among the Next Eleven economies as a major up and coming country.

Consist of 36 states Nigerians are Hausa, Igbo or Yoruba Official Language is English Lagos is the largest city and Abuja is the capital $1 is 157.033 Naira History 1960 Nigeria became an independent federation. 1966 In January, military leaders overthrew Nigeria's government. In July, a second revolt established a new military government in Nigeria.

1967 Nigeria's Eastern Region declared itself an independent republic called Biafra. Civil war broke out between Biafra and the rest of Nigeria. 1970 Biafra surrendered, and the civil war came to an end. 1979 Civilian rule was restored in Nigeria. 1983 Military leaders took control of Nigeria's government. 1999 Nigeria returned to civilian rule. Culture Nigeria is considered to represent both the hope and the despair of Africa.

Considered to be a very corrupted society. Very patriotic and their allegiance often takes precedence over national allegiance. 47% Muslim, 38% Christian and 15% other Globe Study Nigeria was included in the 2004 Globe Study and it was found to be a high on power distance, high on both

institutional and in-group collectivism, medium on gender egalitarianism and relatively high uncertainty avoidance or risk aversion. It also has Nigeria scoring relatively high on future orientation. http://youtu.be/ceFQLvNFl1A Economy Nigeria has the second largest economy in Africa and accounts for the highest production of oil and gas in Africa.

Most exports consist of unprocessed raw materials besides oil and gas they export cocoa, rubber, cashew nuts and raw timber Only 10% of the population controls the wealth. Have the central bank of Nigeria, the NSE (Nigerian Stock Exchange) GDP$415 billion According to Citigroup, Nigeria will get the highest average GDP growth in the world between 2010-2050

Population is 107,123,740 Life expectancy is 44-47 years of age Worlds 13th poorest nation Member of OPEC since 1960 Fastest growing Telecommunications Business Nigerias economy is a free enterprise Government policy is to promote the commercialization, restructuring and privatization of certain government owned

enterprises. Seniority Rules in the home and business Dont use first names When greeting someone its encouraged to bow the head if the greeter is male or bending of the knees if the greeter is female. They do not pay much attention to the clock Factors for Market success in Nigeria. 1. Do not rush out. Nigerian has hundreds of offering their services. Banks, as well as the department of trade, would be able to offer some qualitative evaluation of available agents, their financial standing and market performance. Think before you select.

2. Build relationships. 3. Practice marketing on offensive, no one is waiting for you. 4. Nigeria has more to it than Lagos so move around, listen and learn. 5. Bureaucracy abounds and Nigeria has its own particular style of bureaucracy. 6. Flexibility is important but you have come out to do a deal, chances are that you will conclude a bad one. 7. Accentuate the positive, as the old saying goes. British Children and Education Home to 62 million children under the age of 15.

20 million are estimated to be malnourished and 41 million living in poverty 1% of Nigerian children are immunized against basic childhood illness Education is free up to the 6th grade Government is finally recognizing the value of higher education and literacy for rapid development. Post secondary institutions are limited and extremely competitive to get into. Nigeria and Ethiopia Nigeria is the most populous nation in Africa and Ethiopia is the 2nd

Both are Federal Republics Same climate tropical Made up of Muslims and Christians References http://www.uhy.com/media/PDFs/doin g_business_guides/Doing%20Busines s%20in%20Nigeria.pdf http://history.howstuffworks.com/afri can-history/history-of-nigeria.htm http://www.aneki.com/comparison https://www.cia.gov/library/publicatio

ns/the-world-factbook/geos/ ni.html http://en.wikipedia.org/wiki/Nigeria Chapter 6 Creating Global Marketing The book mentions The Key in global strategy is to find the best balance between local adaptation and global standardization. So Global Marketing is not a blind adherence to standardization of all marketing elements for its own sake, but a different, global approach to developing marketing strategy and

programs that blends flexibility with uniformity Benefits of Global Marketing Can be used to achieve one or more of the four major categories of potential globalization benefits: cost reduction, improved quality of products and programs, enhanced customer preference, and increased competitive leverage. Cost Reduction consolidation of materials and workforce. Lower Marketing costs. Helps build global recognition that can

enhance customer preference through reinforcement. Good ideas in marketing are scarce, so a globalization program that overcomes local objectives to allow the geographic spread of a good marketing idea can often raise the average effectiveness of programs around the world. Increased competitive Leverage focusing resources into smaller number of programs,

global marketing can magnify the competitive power of the efforts. Also it can the entire organization behind one idea. (Avis we try harder because were number2!, not only communicated to customers but to employees) Drawbacks of Global Marketing You cant always use one slogan and translate it into other languages

Pepsi come alive with Pepsi generation in Chinese it becomes come alive! Youre the Pepsi generation! Running the risk of over averaging or aiming for the lowest common denominator The difference in needs and wants from what is influenced by their regional background How To Use Global Marketing

Global Positioning Act of designing the companys product and marketing into the mix, to fit in the country Internet website constitutes the companys position in cyberspace Language making websites in local language, higher benefits for company Global

Brand Names Using a globally uniform brand name provides the easiest way of building global recognition The desirability of a global brand name depends in part on global acceptance of home country Requirements: Broad geographic reach, availability on most continents and countries Uniform image and perception by consumers

Global Packaging Amount of information needs to be communicated Need for differentiation from local competitors Similarity of usage pattern and measurement systems Acceptability of Multilanguage labeling

Global Advertising Same Copy-Strategy Brand positioned in the same way making the same claims (ex: Colgate) Same Script Actual execution of advertisement

different, but script is the same. Identical Advertisement Each country uses the same commercial or advertisement with only voices translated Chapter 6 Where to Use Global Marketing

Conducting Research/Gathering Information Company Basic Organization Guidelines Where to Apply Global

Marketing Not appropriate for every country Companies face trade-offs between Realizing benefits in cost reduction Market demand for specialized marketing Large

markets vs. Small markets Research & Gathering Information Research is IMPORTANT, which kind is best? How can global programs work better How different countries compare What is the best core program Pitfalls

to Avoid Comparing market research head to head with regional competitors Ex. Marlboro Company Organization May need global account and product managers When using marketing firms: Consider using fewer firms rather than a firm for each market

Marketing network should be grown internally over time, not through acquisitions Use fully owned subsidiaries rather than affiliates Frequent exchange system with managers and Guidelines to Remember Marketing can be, and sometimes should be, uniform Each

element of the marketing mix has unique opportunities and threats Encourage creativity of marketing managers Focus on similarities, not differences Avoid comparing to regional competitors

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