115 decisions about the marketing mix

Question 1

importance of global branding

Answer 1

is the process of making marketing mix decisions to create a recognisable brand image in multiple counties around the world

Question 2

importance of global marketing

Answer 2

-global branding relies on this. it is the process of reaching millions of potential consumers around the world with a marketing strategy that differs very little from one county to another -decreases costs and increases profit

Question 3

marketing mix in local markets

Answer 3

marketing mix will need to be adapt the 4ps to local taste and incomes eg.below the line promotion such as leaflets posted in the streets

Question 4

marketing mix in national markets

Answer 4

the marketing mix will need to be changed by keeping it consistent , by a national marketing strategy allowing the brand to become known and understood . eg. greggs selling the same thing in every shop (everyone has the same experience , price ext)

Question 5

marketing mix with global markets

Answer 5

will need to focus on promotion eg. Nike use famous footballers like Ronaldo to sell shoes , but in the Philippines they won’t know who he is . also focus on price based on economy eg. Nike shoes will be chooser in India because they can’t afford it

Question 6

what is mass marketing

Answer 6

involves appealing to and developing products for a mass market , it’s expensive and only accessible to larger firms - massive spendings on promotion and constant competition

Question 7

what is niche marketing

Answer 7

is based on designing goods and services specifically tailored for the needs of a relatively small target market , there must be a full understanding of the desires and needs of the niche-this understanding can be gained through market research

Question 8

things to consider when global marketing

Answer 8

political , legislation , cultural , social , economic differences

Question 9

adapting marketing mix globally depends on

Answer 9

product -businesses selling inelastic necessities with similar global tastes are less likely to change their marketing mix to different contexts eg., petrol will remain the same, whereas markets eg.food include tastes in different areas that are different.
promotion -levels of promotions depend on the current brand loyalty, number of competitors and changes to the target customers and their wants in the new geographical market. this differers between counties eg.less competition in China - less money spent on maintaining brand loyalty