MKT 401 Marketing Strategy Chapter 13: A Comprehensive Lecture Notes
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Course
MKT401
Institution
Universität Mannheim (UMA)
Book
Marketing Management
Welcome to this comprehensive collection of lecture notes on marketing strategy MKT 401 in UniMannheim! These notes cover a wide range of essential concepts and techniques, including target market segmentation, the marketing mix, SWOT analysis, competitive analysis, customer personas, brand messagi...
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MKT 401 – Lecture Notes
Chapter 13
13. The marketing mix in international marketing
The marketing mix is a concept that refers to the four key elements of a marketing
strategy: product, price, promotion, and place. These elements, also known as the
"Four Ps," are used by marketers to create a comprehensive marketing plan and reach
their target audience. In international marketing, the marketing mix takes on a slightly
different form, as it involves adapting to the unique cultural, economic, and regulatory
conditions of different markets around the world.
13.1 Product Strategy
Product
In international marketing, the product element of the marketing mix refers to the
goods or services that an organization is offering to customers in different countries.
When marketing products or services in international markets, it is important for
organizations to consider the cultural and economic factors that may impact the way
that their products are perceived and consumed.
For example, certain colors or symbols may be associated with certain emotions or
meanings in different cultures, and it is important for organizations to be aware of
these cultural sensitivities when designing and packaging their products. In addition
to cultural considerations, organizations must also consider the economic factors that
may impact the demand for their products or services in different markets.
, Product strategy is a critical element of the marketing mix in international marketing.
It involves defining the product or service that an organization is offering to customers
in different countries and developing a plan for how to market and sell that product
or service effectively.
When developing a product strategy for international markets, organizations must
consider a number of factors, including:
• Cultural differences: Different cultures have different values, beliefs, and
behaviors, and it is important for organizations to consider these cultural
differences when developing a product strategy. For example, certain colors,
symbols, or design elements may be associated with certain emotions or
meanings in different cultures, and it is important for organizations to be aware
of these cultural sensitivities when designing and packaging their products.
• Economic factors: The economic conditions of different markets can impact the
demand for an organization's products or services. For example, income levels,
unemployment rates, and inflation can all impact consumer purchasing power
and demand for products and services. Organizations must consider these
economic factors when developing a product strategy in different markets.
• Legal and regulatory environment: The legal and regulatory environment of
different markets can impact an organization's ability to sell its products or
services. For example, certain products or services may be restricted or
prohibited in certain countries due to local laws or regulations. Organizations
must consider these legal and regulatory factors when developing a product.
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