3.7: Applying Elements of the Marketing Mix to Global Brands

Question 1

What is the definition of Standardised Marketing?

Answer 1

Using the same marketing approach throughout all world regions a firm is in, with the same product. It is appropriate for markets where consumer demand, needs, and wants are similar.

Question 2

What is the definition of Adaptation Marketing?

Answer 2

Adapting the marketing mix and differentiated products to meet country and regional specific preferences. This takes into account the specific PEST factors of a foreign market.

Question 3

What is the definition of a Corporate Slogan?

Answer 3

A brief statement that summarises a firm’s mission or appeal and helps to create and enhance brand recognition, value and personality. It achieves this by attaching specific characteristics to the company or its products.

Question 4

What is the definition of a Product Name?

Answer 4

A term, title, or label that summarises the purpose, function, or benefit of a specific good or service. This also plays a vital role in the process of brand development, recognition, value and personality by attaching specific characteristics to a firm’s offerings as well as the firm itself.

Question 5

What is the definition of Product Features?

Answer 5

The distinguishable characteristics and qualities of a good or service in terms of its appearance, capabilities and components. They can provide a unique selling point (USP), product differentiation, and serve as an element of branding that ensures brand recognition and personality

Question 6

What is the definition of Positioning?

Answer 6

The consumers’ and markets’ perception of a product in relation to others in a market, which is often based on perceptions around price and quality.