decisions about marketing mix

• decisions made about the marketing mix...

  • price: what to charge for the product/ service
  • product: the design, features and quality of the product/ services
  • place: where it will be sold and house its distributed
  • promotion: how to communicate and promote the product/ service to the target market
  • these decisions are interconnected and must be made in tandem
• why are global marketing or global brands important?

  • global brands -> appeal to customers in multiple countries
  • benefits -> marketing and production mean economies of scale
  • marketing strategy -> can be similar across countries to lower costs
  • global reach -> allows businesses to reach a significantly larger customer base
  • universal appeal -> using global celebs can boost sales massively, etc.
• how does the marketing mix differ in local markets?

  it requires more adaptation tactics to localize tastes and incomes, it becomes more flexible to allow for local customization

  for example: tailoring products, pricing, promotions to specific demographics
• how does the marketing mix differ in national markets?

  there's a need for a more consistent marketing strategy across the nation, also this should be focused on developing a recognizable and understood brand; also less variation with the 4P's, however still some level of flexibility
• how does the marketing mix differ in global markets?

  it should aim to establish a global brand, homogenous promotion that is recognizable and easy to identify, the pricing variance can vary depending on the target markets income levels and, penetration pricing may be needed to compete against established domestic brands
• how does the marketing mix differ between goods and services markets?

  • goods: marketing is simpler, due to a tangible product being available
  • services: marketing is focused on clarity and simplicity, highlighting the benefits of the service
• how does the marketing mix differ in niche markets?

  • targeted approach: aims at a single niche within the market
  • tailored design: goods or services are specifically tailored to the niches needs
  • market understanding: based on a deep understanding of the niches desires
  • online advantage: the internet allows niche businesses to reach geographically dispersed customers
• how does the marketing mix differ in mass markets?

  • expensive: developing products for a mass market is very expensive
  • massive spending: requires large investments in product development, promotion, and dealing with constant competition
  • smaller businesses: often not an option