Business Studies Unit 4 Topic 5
- Created by: Alissa_Zorina
- Created on: 18-06-17 13:14
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Topic 5: Global Marketing - a process of selling a product internationally and include 4 Ps of marketing:
- Product - firms should consider whether to sell same product in all market or adjust products depending on each country
- Place - firms should consider using same distribution channels or adjusting them to different countries
- Price - firms should consider whether to charge same prices for all markets or adjust them depending on the country
- Promotion - firm should not use same promotion for different markets as some of it might be misunderstood or might seem offensive
International Marketing Strategies:
- Global Strategy - using common strategy with all markets that firm operates in assuming all the markets are identical
- Global localisation (Globalisation) - where firm adapts a different strategy for each country operates in and this strategy is more realistic as different markets have different tastes; firms should be adapting to local conditions (thinking globally but acting locally)
Marketing Approach of International market - depends on which marketing strategy is used; various approaches include:
1.) Domestic approach (ethnocentric)
2.) International approach (polycentric)
3.) Mixed approach (geocentric)
1.) Domestic (ethnocentric) approach - includes all 4 Ps to be similar for both international and local markets; only successful when markets are identical; also applied with standardisation - where…
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