decisions related to the marketing mix

• What are the four components of the marketing mix known as the 4Ps?

  Price, product, place, and promotion
• Why is it important for businesses to prioritize different combinations of the 4Ps?

  Because priorities depend on consumer needs and competitor actions
• How do global brands benefit companies in terms of marketing and production?

  They can achieve significant economies of scale by appealing to consumers in multiple countries
• What is the role of global superstars in marketing products worldwide?

  They can promote products globally due to their universal appeal
• In what contexts does the marketing mix apply differently?

  • Local markets
  • National markets
  • Global markets
  • Goods or services markets
  • Niche markets
  • Mass markets
• How does marketing in local markets differ from national markets?

  Local markets allow for specific marketing tactics tailored to local tastes, while national markets require more consistency
• What is a common strategy for global marketing regarding promotion?

  To make promotion as homogenous as possible across different countries
• Why might pricing strategies differ in global markets?

  Because the income levels of target markets vary from country to country
• What challenges do services face in marketing compared to goods?

  Services are less tangible, making it harder to identify customer needs
• What is niche marketing based on?

  Designing goods or services specifically tailored for a small target market
• How has the internet impacted niche marketing?

  It has allowed businesses to access geographically dispersed markets more easily
• What is m-commerce?

  The buying and selling of goods and services through mobile devices
• How has the internet changed the pricing landscape for consumers?

  It has made price comparison much easier for customers
• What is e-tailing?

  A form of electronic commerce that allows consumers to buy goods or services over the internet
• What is required for a business to sell products online?

  A decent website, payment processing, and shop software
• How does the rise of online businesses affect traditional businesses?

  It increases competition and can lower prices for customers
• What are some discussion themes related to new technology and the marketing mix?

  • Impact of new technology on the marketing mix
  • Adapting the marketing mix for global consumers
  • Importance of product in the marketing mix
  • Changes in marketing activities due to new technology