International marketing mix

Marketing mix

The Marketing Mix in Global Marketing

The “Four P's” of marketing—product, price, placement, and promotion—are all affected as a company moves through the different phases to become and maintain dominance as a global company.

Global Marketing combines the promotion and selling of goods and services with an increasingly interdependent and integrated global economy. It makes the companies stateless and without walls.

The 4P's of Marketing − product, price, place, and promotion − pose many challenges when applied to global marketing. We take each one of the P’s individually and try to find out the issues related with them.

Global Marketing Mix: Consumer Products

The product and service mix is one of the most important ingredients for the global marketer today. The diverse demand for products and services in the era of globalization is mind-blowing. Presence of industrialized and emerging markets, increasing purchasing power, and the growth of Internet has made the customers aware, smart, and more demanding. The result is a greater competition between firms.

Here are the important factors to consider when going global with a product or service.

Product Mix

The global consumer makes purchasing decisions to get the best quality products at the most affordable price. They have information available in abundance, thanks to the Internet. Therefore, innovation takes center-stage to gain adequate attention from potential consumers.

A global marketer must be flexible enough to modify the attributes of its products in order to adapt to the legal, economic, political, technological or climatic needs of a local market. Overall, global marketing requires the firms to have available and specific processes for product adaptation for success in new markets.

Marketing mix

Three additional Ps tied to this type of marketing mix might include people, process, and physical evidence. People refer to employees who represent a company as they interact with clients or customers. Process represents the method or flow of providing service to the clients and often incorporates monitoring service performance for customer satisfaction. Physical evidence relates to an area or space where company representatives and customers interact. Considerations include furniture, signage, and layout.

Importance of Global marketing

 Importance of Global marketing

It gives businesses new opportunities to create new streams of income.

Raises brand familiarity and reputation.

Its gives businesses the opportunity to gain new knowledge about their products in order to adjust for better quality service.

Global marketing occurs when marketing managers use a global plan to effectively market their goods and services on an international basis.

Importance

The planning part of a business trying to grow into new markets around the world is a global marketing strategy. When entering various international markets, a business must be mindful of how they will approach marketing (public relations, promotion, channels, etc.) in countries with different values, cultures, and even languages.

For instance, if you have an American-based company trying to sell products in China, you must gage how to reach that particular audience.

GLOBAL MARKETING

                    GLOBAL MARKETING

 Global Marketing concept is the overall marketing framework which an international enterprise adopts to design,introduce,distribute,promote,and maintain its products.

International marketing is the application of marketing principles in more than one country, by companies overseas or across national borders.[4] It is done through the export of a company's product into another location or entry through a joint venture with another firm within the country, or foreign direct investment into the country. International marketing is required for the development of the marketing mix for the country.[5] International marketing includes the use of existing marketing strategies, mix and tools for export, relationship strategies such as localization, local product offerings, pricing, production and distribution with customized promotions, offers, website, social media and leadersh.

ADVANTAGES OF GLOBAL MARKETING

Global marketing may lead to:

Economies of scale in production and distribution

Lower marketing costs

Power and scope

Consistency in brand image

Ability to leverage ideas quickly and efficiently

Uniformity of marketing practices

Helps to establish relationships outside of the 'political arena'

Helps to encourage ancillary industries to be set up to cater to the needs of the global player

Benefits of eMarketing over traditional marketing.

DISADVANTAGES OF GLOBAL MARKETING

Differences in consumer needs, wants, and usage patterns for products

Differences in consumer response to marketing mix elements

Differences in brand and product development and the competitive environment

Differences in the legal environment, some of which may conflict with those of the home market

Differences in the institutions available, some of which may call for the creation of entirely new ones (e.g. infrastructure)

Differences in administrative procedures

Differences in product placement

Differences in the administrative procedures and product placement can occur.

Global markeing concept

In the past, global marketing was mainly the domain of multinational corporations. Since the emergence of the Internet and e-commerce, even small firms can reach customers across the world.

For example, if you are a small company that makes software, apps, etc., today the world is your oyster.