Services in Marketing

Analyze the market

To create a plan for how to reach the target market

A marketing approach that focuses on delivering value to customers

A market with customers who have specific needs or preferences

Investors and financial analysts

A business that supplies raw materials to manufacturers

A tangible physical product offered for sale to customers

A group of people or organizations that are interested in buying a particular product or service

It helps you tailor your message and promotional efforts to best reach and appeal to your potential customers

The consumer market refers to individual customers who purchase goods or services for their personal use, while the B2B market refers to businesses that purchase goods or services to support their own operations

They are often customized to the needs of each individual customer

A bakery that transforms basic ingredients into a cake

Goods cannot be customized to the needs of each individual customer, while services can

It refers to the value that is added to a product or service by making it available at the right time

Place utility

To increase customer satisfaction and loyalty

The path that a customer takes when interacting with a brand or company, from initial awareness to post-purchase experience

Functional value refers to the tangible benefits that a customer receives from a product or service, while emotional value refers to the intangible benefits

Product development

Identifying gaps in the market

To understand the market environment

A message that explains why a customer should choose a particular product or service over other alternatives

A comprehensive and coordinated marketing approach that combines different marketing channels and tactics

The worth or benefit that a customer perceives they will receive from a product or service

Employee demographics

To create a connection between the customer and the brand

Encouraging satisfied customers to promote and endorse a brand or product to their networks

To increase customer retention and positive word-of-mouth referrals

A high customer lifetime value

The total value of all customers that a business has over the course of their relationship with the business

Customers who are loyal to the brand but are not profitable

To attract new customers and retain existing ones

The price of the product or service

Customer loyalty refers to a customer's willingness to repeatedly engage with and purchase from a particular brand or business, while customer retention refers to a business's ability to keep its existing customers over a period of time

The predicted net profit that a customer will generate over the course of their relationship with a business

By offering personalized experiences that demonstrate empathy and understanding

To improve customer satisfaction and drive sales growth

The process of developing and implementing marketing strategies to achieve specific objectives

To collect and interpret data related to marketing activities and market conditions

To develop goods and services that meet those needs

Define the problem

To promote a product, service, or brand

Develop solutions

Its volume, variety, and velocity

To create more effective campaigns

The ability of machines to perform tasks that would typically require human intelligence

The responsibility of companies to act in ways that benefit society, the environment, and their stakeholders

Product

The 4 Ps focus on the product, price, promotion, and place, while the 6 Ps add people and process.

To generate sales and grow the business

The physical location of the business

Placement

To analyze the competition

Promotion refers to marketing activities in general, while personal selling specifically refers to face-to-face sales interactions

To identify the target market

The process of putting a company's marketing plan into action

The process of monitoring and evaluating the results of a company's marketing efforts

To analyze data about customers

They allow businesses to reach a wider audience in a more targeted and cost-effective way

To promote goods or services that have a minimal impact on the environment and society

The consideration of the impact of goods or services on society, including fair labor practices and ethical sourcing of materials

To build trust with customers, employees, and other stakeholders

Traditional marketing does not consider the impact of goods or services on society

Industrial markets

Product recognition

Technological characteristics

Strict ethical standards

CSR can lead to increased customer loyalty and a stronger brand image

A market where businesses sell goods or services to other businesses

They can develop products that are environmentally friendly and market them as such

Dissonance-reducing buying behavior

Providing information and support to consumers after the sale

Toothpaste

Need recognition

Focus on building long-term relationships and meeting specific business needs

Business markets involve transactions and relationships between companies and organizations, while consumer markets involve buying and selling goods and services for personal use

To build long-term relationships and meet specific business needs

The evaluation of whether the product or service meets the customer's expectations after the purchase has been made

The person who controls access to information and can influence the decision-making process

When a business wants to modify its existing product or service order, or wants to change its supplier

The person who ultimately makes the decision to purchase the product or service

When a business needs to purchase a product or service for the first time, or when it needs to purchase a product or service that is significantly different from what it has purchased before

Dissonance-reducing buying behavior occurs when consumers are buying low-priced products with little thought, while habitual buying behavior occurs when consumers are emotionally invested in a high-priced product.

A type of consumer behavior that occurs when a consumer is highly involved in a purchase and there are significant differences between brands or products.

A type of consumer behavior that occurs when a consumer is buying low-priced, frequently purchased products but is interested in trying new products and experiences.

By offering limited-time products that appeal to consumers' desire for novelty and variety.

Size, structure, culture, and goals

Problem recognition

Customer demographics

The beliefs and values of different cultures that influence the behavior of businesses and consumers.

To develop effective marketing strategies that resonate with local cultures and customs.

Certain images or messages that are acceptable in one culture may be considered offensive or inappropriate in another culture.

Microenvironment consists of the factors that are directly related to a business, while macroenvironment refers to external factors.

To identify opportunities and threats that may arise in the marketing environment.

The conditions and trends that affect the overall performance of the economy and how they impact businesses and customers.

The characteristics of the population that can affect a business's marketing strategy.

The factors such as unemployment rates, inflation, interest rates, economic growth, and consumer confidence that influence the behavior of businesses and consumers

It makes it more expensive for businesses to export goods to other countries

The physical world including natural resources, climate, and geography that influence the behavior of consumers and businesses

To develop effective marketing strategies that comply with laws and regulations and align with societal values and trends

Institutional markets are non-profit or government entities, while governmental markets involve buying and selling between government entities and private businesses.

To identify trends and patterns in the market that can be used to inform marketing strategy.

A series of steps that an organization goes through when making a purchase of goods or services.

It helps them to develop effective marketing strategies that target the right people at the right time.

The beliefs, values, customs, and behaviors of different cultures that influence consumer behavior

To avoid cultural missteps that may harm their reputation and business success

The cultural expectations

Internal reports

To identify market trends and consumer preferences

Qualitative research involves open-ended questions, while quantitative research involves closed-ended questions

Social media provides real-time feedback from consumers

To track the effectiveness of social media campaigns

To gather and analyze data on market trends and consumer behavior

To respect user privacy and only collect necessary data

To gather and analyze data on market trends and consumer behavior

To collect, organize, and analyze data from various sources to provide insights and information for strategic marketing decisions

Identifying the external factors that can impact the organization's marketing activities

To gain insights into the market and develop strategies that set the organization apart from the competition

Marketing goals, target market, industry trends, and internal data

To track and analyze user behavior

Quantitative data involves numerical data such as click-through rates

To deliver targeted ads to users based on their online behavior

A technique that involves monitoring and analyzing social media interactions and conversations to gain insights into consumer behavior and preferences

Qualitative research methods involve collecting non-numerical data, while quantitative research methods involve collecting numerical data

Survey research is a quantitative research method used to measure customer attitudes, preferences, and behaviors towards products, services, or brands

Experimental research is a quantitative research method used to measure the effect on customer behavior or attitudes by manipulating one or more variables

To gain insight into customer opinions, attitudes, and behaviors related to a particular product, service, or brand

To identify the most promising target markets for goods or services

Creating products that are more likely to be successful in the marketplace

To resonate with specific customer segments

To identify the specific needs, preferences, and characteristics of different customer groups and tailor products and marketing messages to each group

Identifying different customer groups, such as runners, basketball players, and hikers, and designing shoes that meet the specific needs and preferences of each group

Because customers have different needs and preferences

Personality type

To create a comprehensive picture of the target audience

Psychographic segmentation is based on personality type, while behavioral segmentation is based on actual customer behavior

To represent the company's target audience

To produce and sell a single product to all customers

Mass marketing targets the entire market with a single product, while target marketing focuses on specific groups of customers with tailored products

Measurable, accessible, substantial, differentiable, actionable

Assumes all customers have similar needs and preferences

Industry

GDP per capita

To develop effective marketing strategies

Region or country

Dividing a market into different geographic regions based on factors such as country, region, state, city, or zip code

Dividing a market into different groups based on personality traits, values, interests, and lifestyles

Dividing a market into different groups based on demographic factors such as age, gender, income, education, occupation, and family status

The process of dividing a larger market into smaller groups of consumers who have similar needs or characteristics

The primary benefit that a customer seeks when they purchase a product or service

The non-physical or intangible elements that enhance or augment the core product

To understand the different layers of value that customers are seeking when they purchase a product or service

Developing products and marketing messages tailored to the specific needs and preferences of each customer

To target customers in a specific geographic area

To identify and select a target market based on demographic and behavioral data

Local marketing involves targeting customers in a specific geographic area, while individual marketing involves targeting individual customers with highly personalized products and marketing messages

Target audience, market category, unique selling proposition, and competitive differentiation

To communicate the unique value that a product or service provides to its target audience

Consistently using company colors and messaging across marketing materials

A value proposition communicates the unique value that a product or service provides to its target audience, while a positioning statement describes how a brand or product is positioned in the marketplace relative to its competitors.

To identify a small but profitable segment of the market and develop products and marketing messages tailored to their needs

Niche marketing involves targeting a very narrow and specific segment of the market, while micromarketing involves targeting a very specific audience with customized messages and content

A company that produces and sells organic baby food using a niche marketing approach

The actual product refers to the tangible product or service that a customer receives, while the augmented product refers to the additional features and benefits that are added to the actual product to enhance its value and appeal to customers.

To identify distinct customer groups with unique needs and preferences, and tailor the positioning strategy accordingly.

To monitor the activities of competitors, including their pricing, product features, and marketing campaigns.

It helps reinforce the chosen position.

To identify and highlight the key features, benefits, and attributes of a product or brand that sets it apart from the competition

To identify where a brand or product stands in relation to its competitors in terms of the attributes that consumers value

A marketing statement that describes the unique benefits or value that a product or service provides to its customers

To make informed decisions about target market identification and selection

Shopping goods require more effort in the purchase decision than convenience goods

Funeral services

Uniqueness and quality

A virtual try-on feature for clothing

Products that are unique or rare and often of high quality

Services that are unique or specialized and often require a high level of expertise or skill

Products that consumers are not actively seeking to purchase

Grocery stores, convenience stores, and gas stations

Speed, ease of use, and accessibility

Products that consumers purchase less frequently than convenience goods, but still require some degree of comparison and evaluation before making a purchase

They can differentiate themselves from their competitors and establish a strong brand identity

All of the above

Speed and durability

Developing new goods or services, improving existing offerings, or discontinuing goods or services that are no longer viable

Developing financial models to evaluate potential returns

Rent

Maximizing customer satisfaction

To manage costs and maximize the value of the company's expenditures

Unsought goods are not marketed, while unsought services are marketed to generate interest and demand

Pest control, home security, and legal services

Generating awareness and interest in the service

Production items are used to create finished products, while capital goods enable business operations

Influencing the design and style of the product

They can influence a customer's perception of the product

To differentiate the product from its competitors

To gather feedback from potential customers and refine the concept

Target market and pricing strategy

To identify potential problems with the product or service idea before launch

The number of different product categories that a company sells

Identifying a need or a problem that exists in the market

To determine the product's acceptance in the market

To determine the product's acceptance in the market

To provide information about the product

To create a lasting impression on the consumer's mind

The resources that a company provides to its customers to help them use, maintain, and troubleshoot their products

Product line decisions involve determining which products to offer within a product line, while product mix decisions involve determining which product lines to offer

To evaluate and filter potential new product or service ideas

Idea generation is a technique used by companies to engage with their customers and obtain ideas or feedback, while crowdsourcing is the process of obtaining ideas, services, or content from a large group of people

To refine and evaluate new product or service ideas before they are launched in the marketplace

To ensure the success of the product in the long run by continuously improving it to keep up with changing market trends and customer needs

To identify opportunities for growth and determine the viability of a new product or service idea

To create a working model or sample of a product in development

A comprehensive review of the current business environment

To describe the stages a product goes through from development to withdrawal

To build awareness about the product and establish a customer base

The Growth Stage

A plateau in sales volume as the product reaches its maximum level of market penetration and saturation

To determine the market potential of a product

All of the above

The process of creating a physical or digital model of the product that closely resembles the final product

To generate sales revenue

Forecasting employee turnover

Seeking input from stakeholders throughout the development process

Creating sustainable products that reduce waste

Identifying gaps in the market

Branding

National brands are more focused on the specific needs and preferences of consumers within a particular country, while international brands have a standardized approach to marketing and branding.

To ensure their brand remains relevant and appealing to consumers in different markets.

A name, term, design, symbol, or other feature that identifies a product, service, or company and distinguishes it from its competitors.

Maturity Stage

A significant decrease in sales volume as the product loses its appeal to customers and becomes outdated or replaced by newer products

The potential impact on local communities, workers, and consumers

Whether to discontinue the product, reduce its price, or try to revitalize it through product improvements or new marketing strategies

It may not take into account the perceived value of the product or service

It may not take into account the perceived value of the product or service

It may result in a price war with competitors

To cover production costs and generate profit

To remain competitive

Customer-Value Based Pricing

To remain competitive in the market

Reduced risk of introducing a new brand

A strategy where a company markets and sells multiple brands within the same product category

To maintain the perceived value of the product or service

Different brands cannibalizing each other's sales

A brand that is created and sold by a specific retailer

Increased profit margins for retailers and a more affordable alternative for consumers

Consumers may view them as lower quality or less desirable than national brands

Line extension involves introducing new products under an existing brand name, while brand extension involves using an existing brand to introduce new products in a different category.

Conduct market research, develop a clear brand messaging, use a consistent visual identity, ensure that the quality of the new products matches the existing products, launch the new products, and monitor customer feedback.

A strategic partnership in which two or more brands work together to create a unique product or service that combines the strengths of each brand.

A group of related products that are sold under the same brand name.

The added value that a strong brand can bring to a company's bottom line; it represents factors such as brand awareness, customer loyalty, and positive associations

The amount of money a brand is worth based on its perceived value to consumers, its market position, and its potential for future growth; it helps companies evaluate the financial impact of their branding efforts

The process of allowing another company to use a brand's name, logo, or other intellectual property in exchange for a fee or royalty

A collaborative marketing strategy in which two or more brands team up to promote a product or service

Building brand recognition

Products with high potential for volume sales

Low profit margins

Good-Value Pricing offers lower prices for the same quality, while Value-Added Pricing adds value through additional features and charges a premium price

Rent, salaries, insurance, property taxes, and depreciation of equipment

Expenses that are directly tied to the production or sale of a product or service and vary with the level of production or sales

Skimming pricing

Target cost

Penetration pricing

Determine the target selling price

A pricing strategy that sets the price of a product at a level that covers all of the costs associated with producing and selling the product, without generating any profit

A financial analysis that helps a company determine the level of sales needed to cover all of its costs and break even

A pricing strategy that sets the price of a product at a level that allows a company to achieve a specific level of profit

Fixed costs ÷ (Selling price - Variable costs)

Variable costs increase as production or sales increase and decrease as production or sales decrease, while fixed costs are expenses that do not change with the level of production or sales

Direct costs increase as production or sales increase and decrease as production or sales decrease, while overhead costs are expenses that do not change with the level of production or sales

A concept that suggests that the more a company produces of a particular product or service, the more efficient it becomes at producing it

A pricing strategy that sets the price of a product by adding a fixed percentage markup on top of the cost of producing or acquiring the product

To have more control over the distribution process.

Selling products through door-to-door sales.

Less control over pricing, product positioning, and customer relationships.

A pricing strategy where the price of a product is the same for all customers regardless of their location

A pricing strategy where the price of a product is based on the location of the buyer

A pricing strategy where the price of a product is based on the cost of production

To ensure that the right products or services are available in the right place and at the right time to meet customer demand

Direct channels sell products or services directly to customers without intermediaries, while indirect channels involve intermediaries like wholesalers or retailers

To identify trends, customer preferences, and buyer behavior

To get products or services to customers in the most efficient and effective way possible

A geographical pricing strategy where the seller absorbs all or part of the shipping costs, and the price of the product is the same regardless of the buyer's location

A price adjustment strategy where the price of a product or service is tailored to an individual customer's characteristics

Environmental impact, social impact, and ethical implications

To change the price of a product or service in real-time based on market demand

Direct channels sell directly to the end customer, while indirect channels involve intermediaries between the manufacturer and the end customer.

An organization involved in the process of delivering a product or service from the manufacturer to the end customer.

A coordinated distribution network that involves different levels of the supply chain, such as manufacturers, wholesalers, and retailers.

A type of distribution channel that involves using both direct and indirect channels to reach different customer segments.

Marketing

To efficiently and effectively deliver goods or services to customers

Manufacturer

A store that sells discounted brand name products purchased directly from manufacturers

Factory outlets sell overstocked or discontinued items, while warehouse clubs do not

A group of stores owned and operated by the same company, offering uniform goods and services across locations

Retailers help suppliers by ordering products in a timely manner and managing their stock levels effectively.

Department stores offer a wide range of products across multiple categories, while specialty stores focus on selling a specific category of products or serving a specific niche market.

Superstores offer a wide range of products, while discount stores offer products at a reduced price compared to other retail stores.

Convenience stores primarily sell food and household items, while supermarkets offer a wide range of products.

A value delivery network emphasizes collaboration among all members of the network, while a traditional supply chain does not.

Retailers act as intermediaries between the manufacturer or producer of a product and the final consumer.

Convenience and customer service

To create value for the customer by delivering a product or service that meets their needs at a reasonable cost.

To act as a middleman between manufacturers and retailers

A wholesaler that provides only basic services such as storage and delivery

A wholesaler that requires customers to pay in cash and pick up their own products from the warehouse

To supply and maintain product displays in retail stores

Retailer cooperatives are a group of independent stores that unite to share resources, while voluntary retail chains share ownership and buying power.

Franchisees receive a recognized brand name and marketing strategies, which can help them attract customers more easily.

A company that grants the right to use its brand name, products, and services to another person or company.

A retail strategy that integrates multiple channels to provide customers with a seamless shopping experience

A complex that houses multiple retail stores, restaurants, and entertainment venues

A retail strategy that involves reducing a retailer's environmental footprint through sustainable practices

Supporting local businesses, contributing to local charities, and engaging in community events

Web Wholesalers sell products exclusively online, while Mail-Order Wholesalers sell through catalogs and websites

To act as an intermediary between a buyer and a seller, negotiating terms, prices, and other details of the sale

To represent a product or service on behalf of another company, promoting and selling the product or service to potential customers

A Manufacturer's Agent represents multiple manufacturers and sells their products to customers, while a Selling Agent negotiates terms of the transaction

To negotiate with suppliers to get the best deal for their company

To reach customers in different geographic locations and promote and sell the wholesaler's products to retailers and other customers

A commission merchant buys and sells goods on behalf of others, while a broker/agent is more involved in the physical transaction of goods

To negotiate prices and terms with manufacturers or suppliers

Horizontal conflict is competition between members at the same level of a company's distribution channel, while vertical conflict is competition between members at different levels of the distribution channel.

Providing market information

To source fabrics and clothing items directly from manufacturers and potentially negotiate better prices

When members at the same level of the distribution chain compete for customers in the same geographic area or market segment

When members at different levels of the distribution chain disagree on how to distribute and promote products

Disruptions in the supply chain, damaged relationships with channel partners, and alienated customers

Disruptions in the supply chain, damaged relationships with channel partners, and alienated customers

A vertical marketing system where a single company owns or controls all levels of the distribution channel

A distribution channel where the members are legally bound to cooperate with each other

A type of marketing arrangement where two or more companies at the same level of the distribution chain come together

When a company uses multiple channels to distribute its goods or services to customers

Social media marketing

All of the above

Real-time insights into logistics operations

Automation of logistics processes

The process of removing intermediaries between producers and consumers of goods or services

It allows producers to sell directly to consumers

Analyze consumer needs, set channel objectives, identify alternatives, evaluate distribution channels

To reduce negative impacts on the environment and society

To ensure that products are available to customers when they need them

The process of tracking and managing the levels of products or goods held in stock by a company

To ensure that there is enough stock available to meet unexpected fluctuations in demand

Coordinating the movement of products from manufacturer to customer

To manage a company's warehousing, transportation, and inventory management needs

Using more fuel-efficient vehicles

To prevent labor exploitation and human rights abuses

Pipelines

Air carriers

It offers a wider range of shipping options

Collaborating internally and externally to manage all aspects of the supply chain

Physical distribution

Supply Chain Management

Sustainable supply chain management

To monitor performance and adherence to policies and procedures

Age of the sender

To establish the brand as an authority in its industry

Personalized marketing approaches use targeted channels and data analysis to create more relevant and engaging content

To provide a reaction or response to the sender, which helps gauge the effectiveness of their message

Social media messaging

Personal communication channels allow for direct interaction between a brand and an individual, while non-personal communication channels do not

The sharing of information and recommendations about products or services by consumers through electronic media

Encoding

Feedback

Noise

Paying influencers to promote the product on their channels

Consumer-facing products with a low price point

The campaign may not align with the brand's values and messaging

To persuade retailers, wholesalers, and distributors to stock and sell the product

To deliver a clear and consistent message to the target audience through various marketing channels

The promotion mix

A type of marketing that involves using various channels to reach potential customers

Direct-Response Television Marketing

Direct mail marketing involves sending physical mail, while telemarketing involves making phone calls

They don't need to rely on intermediaries like retailers or wholesalers

The practice of creating content or advertising campaigns that are designed to respond to current events or trends in real-time

Television commercials

To build brand awareness

They can effectively grab the attention of the audience and communicate the brand's message in a dynamic and engaging way

To establish the brand as a thought leader

To spread information or content quickly and widely

A marketing strategy that involves face-to-face communication between a salesperson and a potential customer

A group of salespeople who travel to meet with potential customers in person to sell a company's goods or services

Inside salespeople work from a centralized location, while field sales representatives work from multiple locations

A sales force structure where salespeople are assigned to specific geographic regions or territories and are responsible for selling the company's goods or services within that area

Retail, pharmaceuticals, and consumer goods

To make the initial contact with potential customers

To showcase the features and benefits of a product

To address any concerns or doubts that a potential customer may have

To maintain contact with the customer after the sale

To establish trust and credibility with potential customers

Prospecting involves identifying potential customers, while pre-approach involves researching and preparing for the initial contact with potential customers

To address concerns or hesitations the customer may have about the product or service

To provide valuable information and insights to potential customers

B2B

Build relationships with specific customers

To provide the customer with the best possible experience

Using social media platforms to build relationships with potential customers

Increasing sales growth

Analyzing the market

Increasing sales and revenue

A discounted price for a bundle of products

Price packs involve packaging products together at a discounted price, while premiums offer a free item or gift with a purchase

Items with a company's logo or message that are given away to customers or potential customers as a form of advertising

To increase sales volume

Trade promotions aim to incentivize businesses to promote and sell the product to end-users, while business promotions aim to drive sales and revenue for the company

Coupons

To reduce inventory levels

To generate short-term spikes in sales

Consumer promotions are aimed at end-users, while trade promotions are aimed at businesses or intermediaries

E-commerce and retail partnerships

To monitor the effectiveness of the sales strategy

Sweepstakes

A type of consumer promotion that involves promoting a product or service through events or experiences

Sales promotion activities designed to encourage wholesalers, distributors, or retailers to carry and promote a product

To generate new leads and sales

To increase brand awareness and promote sales

To create awareness and knowledge about the product or service

Motivate sales representatives to achieve specific goals or targets by offering prizes and incentives

To convince the target audience that the product or service is the best choice

To remind the target audience about the company's products or services

The goal of persuasive advertising is to maintain top-of-mind awareness and reinforce the brand's image and message, while the goal of reminder advertising is to create a desire for the product or service

Digital

Limited message delivery time

Graphical ads that appear on websites, apps, and social media platforms

Highly targeted audience

To educate consumers about a product or service

To persuade consumers to buy a product or service

A popular soft drink

Sales

Customer service

To generate positive news coverage

To increase brand awareness, credibility, and sales

Message decisions

To identify areas for improvement and optimize campaigns

Reach refers to the number or percentage of people who are exposed to the advertising message, while frequency refers to the number of times the target audience is exposed to the advertising message

Engagement measures the emotional and cognitive response of the target audience to the advertising message

Brand publicity

Managing the organization's reputation

Influencing public policy

(Revenue - Cost of Campaign) / Cost of Campaign

100%

The campaign was more profitable

To build trust and confidence among investors

Development

To monitor and evaluate the performance of marketing activities

A metric used to measure the efficiency and profitability of a marketing campaign or initiative

Centralized marketing team

To tailor marketing strategy to specific market needs

Demographic characteristics

Access to new markets without investing in R&D or manufacturing facilities

Outsourcing production to another company

Ensuring the protection of intellectual property

Hiring a company to manage a specific project or operation

Use images or messages that may be inappropriate in certain cultures

Adapt to local regulations and customs requirements

Offer products or services that are tailored to local preferences

Partner with local distributors or retailers

Demographic, geographic, economic, and sociocultural

Population density, urbanization, infrastructure, natural resources, climate, and terrain

Apple

Cultural norms, values, beliefs, family structure, gender roles, and lifestyle choices

Marketing the same product with the same features, packaging, and branding in all countries without any modification

To create an effective and relevant marketing campaign that resonates with local consumers and drives sales

Modifying the product to better suit the needs and preferences of the local market

The need for market research and local expertise

Offering a combination of products that are specifically bundled for local markets

Positioning the product in a way that is relevant to the local market

Translating marketing materials into the local language and adapting the tone and style of messaging to reflect local cultural norms

Being aware of the local market's seasonal and cultural events and adjusting sales promotions strategy accordingly

Partners share ownership of a specific asset or property without merging their operations or forming a new entity.

Investment made by a company or individual from one country into a business or asset in another country.

A marketing strategy that involves using the same marketing approach, messaging, and branding across different markets and countries.

Offering the same product in all countries without any adaptation or modification.

Exporting

Licensing involves granting another company the right to use a company's intellectual property, while franchising involves granting another company the right to use a company's business model, brand, and operating systems

A joint venture involves two or more companies forming a new company to pursue a specific business opportunity in a foreign market, while a strategic alliance involves two or more companies collaborating to pursue a specific business opportunity in a foreign market

FDI involves a company investing in a foreign country by establishing a subsidiary, acquiring an existing company, or building a new facility