Podcast
Questions and Answers
A global company is deciding whether to adapt its product to suit local tastes or maintain a standardized product worldwide. Which marketing approach is the company considering?
A global company is deciding whether to adapt its product to suit local tastes or maintain a standardized product worldwide. Which marketing approach is the company considering?
- Place strategy
- Price strategy
- Product strategy (correct)
- Promotion strategy
Which factor is LEAST important for a business to consider when determining the price of a product in a new international market?
Which factor is LEAST important for a business to consider when determining the price of a product in a new international market?
- The CEO's personal preference (correct)
- Local taxes
- Local incomes
- Wage rates
A company is launching a new advertising campaign in a foreign market. What should marketers be aware of to ensure effective promotion?
A company is launching a new advertising campaign in a foreign market. What should marketers be aware of to ensure effective promotion?
- The CEO's favorite colors
- The number of competitors in the market
- Language differences and sociocultural aspects (correct)
- The current exchange rate
How did the development of online selling methods primarily help retailers in the global market?
How did the development of online selling methods primarily help retailers in the global market?
A US company's product is named 'Blaze' in the United States. Prior to launching the product in Ireland, the company renames it 'Flash'. Which aspect of the global marketing mix does this decision reflect?
A US company's product is named 'Blaze' in the United States. Prior to launching the product in Ireland, the company renames it 'Flash'. Which aspect of the global marketing mix does this decision reflect?
What is the most accurate description of a polycentric approach to global marketing?
What is the most accurate description of a polycentric approach to global marketing?
Which of the following questions is LEAST relevant when considering the 'place' element of the marketing mix in a global context?
Which of the following questions is LEAST relevant when considering the 'place' element of the marketing mix in a global context?
A global pizza chain decides to offer paneer and vegetable toppings in its Indian outlets, while maintaining its standard pepperoni pizza in the United States. Which of the 4Ps does this strategy directly affect?
A global pizza chain decides to offer paneer and vegetable toppings in its Indian outlets, while maintaining its standard pepperoni pizza in the United States. Which of the 4Ps does this strategy directly affect?
Why might a business choose to lower prices during off-peak times in a specific location?
Why might a business choose to lower prices during off-peak times in a specific location?
A global company discovers that its 'Fresh & Easy' store concept, successful in Europe, does not resonate with consumers in the United States. Based on this information, which element of the marketing mix needs the MOST adaptation?
A global company discovers that its 'Fresh & Easy' store concept, successful in Europe, does not resonate with consumers in the United States. Based on this information, which element of the marketing mix needs the MOST adaptation?
Flashcards
Marketing Strategy
Marketing Strategy
Adjusting marketing strategies to suit specific local markets and achieve business objectives.
Global Marketing Mix
Global Marketing Mix
Using the elements of product, price, place, and promotion in global markets.
Global Pricing Strategies
Global Pricing Strategies
Adjusting prices based on local incomes, taxes, and costs to accommodate the economic conditions of a specific region.
Global Product Adaptation
Global Product Adaptation
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Global Promotion Considerations
Global Promotion Considerations
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Product Name Localization
Product Name Localization
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Global Distribution Strategies
Global Distribution Strategies
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Study Notes
- A marketing strategy is a set of plans a business uses to achieve specific objectives.
The Marketing Mix (4Ps) in Global Markets
- The marketing mix should be considered as part of a global marketing strategy.
Price
- Pricing decisions need to factor in local incomes, taxes, rents, and other costs.
- It is unlikely that a business will charge the same price in all markets.
- An Apple iPhone may cost less in India than in the USA.
- Price can also reflect different local factors, such as wage rates and taxes.
Product
- Businesses must decide the extent to which they should modify or adapt their product for global markets.
- Domino's offers slightly different toppings for its pizzas in different countries.
- In India, Domino's pizza toppings contain more vegetables and spices.
- Ethnocentric, polycentric and geocentric approaches can be used.
Promotion
- When promoting products in global markets, businesses must consider language differences.
- Marketers need to know the values, beliefs, perceptions, legal and sociocultural aspects of the different foreign environments.
- Marketers must identify the target customers to create product awareness, generate sales and maximize brand loyalty.
- Changing the names of products in overseas markets can be an effective method of promotion.
- Mr. Clean (US) is called Maestro Limpio in Mexico, Don Limpio in Spain, Mastro Lindo in Italy, Meister Proper in Germany, and Flash in Ireland and the UK.
Place
- Businesses need to consider how local consumers buy their products.
- Tesco Fresh & Easy stores may have not appealed to how some US consumers shop using larger supermarkets.
- Online selling has helped many retailers distribute goods all over the world.
Questions to Ask For Each ‘P’
- Product: Should the product be adapted for different markets, or can it stay as it is?
- Price: What price should be charged in the global markets? What prices are charged by local competitors?
- Promotion: What are the most effective promotion methods in different countries?
- Place: How do consumers buy their products in local markets?
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