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.
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.
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