By Applying Marketing Mix Tools, Explain How Companies Should Adapt Their Global Marketing Strategies to Maximise Sales. Essay Example
McCarthy’s four Ps classifications have been widely implemented in commercial business for decades ( Walter. W& Bulte.C, 1992). Marketing mix is one of the most significant tactics, which can be used to control the market by companies to satisfy consumers’ demands and influence them to purchase their products. Marketing mix has developed into seven Ps from producer-oriented views to customer views. This paper will only discuss the implication for four Ps in international market. In order to fulfil both long term and short-term goal, the company need to determine their target market and then plan the optimal strategies and using the marketing mix. Theses strategies should depend on different conditions of environment, competitors, internal strengths and other factors. However, when companies expand their scales internationally, marketing mix strategies have to be analysed, and adjustment implemented when necessary. In other words, companies have to consider the concepts of standardization and adaptation. This paper will explain the usage of the four elements, which refers to product, price, place and promotion in the marketing mix tool to explain how global strategies are adapted in international companies to maximise the sales. This will be supported by some practical examples and examine to what degree are global companies standardizing and adapting their strategies to cope with cross-country differences in the marketing environment.
When companies decide to launch their products abroad, a fundamental issue has to be determined whether they should create standardized marketing mix that applies to countries all around the world or propose some adjustments to deal with unique demands of local markets. The decision would also have great impact on the sale performance. The optimal strategies of entering global markets have been discussed as early as 1961 (Vignali, 1999). There are two main categories of global strategy, which refer to standardization, using the
When companies decide to launch their products abroad, a fundamental issue has to be determined whether they should create standardized marketing mix that applies to countries all around the world or propose some adjustments to deal with unique demands of local markets. The decision would also have great impact on the sale performance. The optimal strategies of entering global markets have been discussed as early as 1961 (Vignali, 1999). There are two main categories of global strategy, which refer to standardization, using the