Determination of the Effective Global Marketing Strategy Localization Approaches in the Context of Luxury Alcohol Products

With the globalization of the world economic market, the integration and interdependence of regional and local markets in most countries of the world has reached unprecedented proportions. While the global context is an important priority in the study of individual national market segments, the scholarly discussion comparing the effectiveness of global and localized marketing strategies, while not denying the importance of the former, still recognizes the exceptional role and higher effectiveness of the latter in expanding markets and increasing profits. The market of alcoholic beverages is one of the fastest growing and dynamic segments of the world market, and given the increasing premiumization of alcohol consumption, which is a new and understudied phenomenon in the research literature, is of increased scientific interest. The purpose of this work is to investigate the most effective approaches to the localization of the global marketing strategy in the context of the luxury alcohol market. The Russian market of premium alcoholic beverages was chosen as the specific market. The main methodology of the research is the case study (descriptive method, coding method, etc.), situational analysis, method of expert interview and ANOVA analysis as well as Borda Rule. As a result of the study, we propose practical recommendations based on the effective approaches to the localization of global strategies in the Russian market. These recommendations in practice, when implemented as part of the localization of a particular brand, will help to increase the financial income of the company, expand local markets, and achieve the loyalty of local consumer groups.