Business Studies Unit 4 Topic 5

Topic 5: Global Marketing - a process of selling a product internationally and include 4 Ps of marketing:

1. Product - firms should consider whether to sell same product in all market or adjust products depending on each country
2. Place - firms should consider using same distribution channels or adjusting them to different countries 
3. Price -  firms should consider whether to charge same prices for all markets or adjust them depending on the country
4. Promotion - firm should not use same promotion for different markets as some of it might be misunderstood or might seem offensive

International Marketing Strategies:

1. Global Strategy - using common strategy with all markets that firm operates in assuming all the markets are identical
2. Global localisation (Globalisation) - where firm adapts a different strategy for each country operates in and this strategy is more realistic as different markets have different tastes; firms should be adapting to local conditions (thinking globally but acting locally)

Marketing Approach of International market - depends on which marketing strategy is used; various approaches include:

1.) Domestic approach (ethnocentric)

2.) International approach (polycentric)

3.) Mixed approach (geocentric) 

1.) Domestic (ethnocentric) approach - includes all 4 Ps to be similar for both international and local markets; only successful when markets are identical; also applied with standardisation - where…