The marketing mix: what and how to sell. A firm must standardize the marketing mix to produce cost savings and simplify logistics.
The marketing mix consists of a set of strategy decisions made in the areas of product, promotion, pricing and distribution in order to satisfy the customers in a target market.
International marketers must develop marketing strategies by assessing potential foreign markets and analyze the many alternative marketing mixes.
Select target markets that the firm can serve at a profit
Formulate combinations of tactics for product, price, promotion and distribution channels to serve those markets
Try to standardize advertising campaigns, promotional materials, and sales training programs so the work has to be done only once. There is a gain in efficiency when the same strategy is used in all markets.
Product Strategies:
The product is the central focus of the marketing mix. If it fails to satisfy the needs of consumers, no amount of promotion, price cutting, or distribution will persuade them to buy. If the buyer is not satisfied from what you say in your promotions will not buy anymore.
Look into global markets, then try to make a single product or service for all of them.
Analyze the type of product: industrial, consumer, or services.
Technical industrial products can be sold unchanged worldwide, for example transistors. Consumer goods require grater modifications to meet local market requirements and some can be sold unchanged to certain market segments (for example chocolate). Finally services are unchanged worldwide. The marketing of services is similar to the marketing of industrial products in that these products are easier to market globally.
Service Master, American Express and Visa are examples of successful firms in global markets.
On the next Training series we'll continue analyzing the other elements of the Marketing Mix and their associated strategies.
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Javier Cristobal
CEO
IOL Enterprises Inc.
http://www.iolenterprises.com