- Marketing
Process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individuals and organizational objectives
- International Marketing as an Integrated Functional Area
Marketing :
- Operations Management
- Finance
- Accounting
- Human Resource Management
- Marketing Mix and The Elements of the Marketing Mix for International Firms
- How to develop the firm’s product(s)
- How to price those products
- How to sell those products
- How to distribute those products to the firm’s customers
- Key Decision-Making Factors
- Standardization versus customization
- Legal forces
- Economic factors
- Changing exchange rates
- Target customers
- Cultural influences
- Competition
- Standardization versus Customization
Advantages
• Reduces marketing costs
• Facilitates centralized control of marketing
• Promotes efficiency in R&D
• Results in economies of scale in production
• Reflects the trend toward a single global marketplace
Disadvantages
• Ignores different conditions of product use
• Ignores local legal differences
• Ignores differences in buyer behavior patterns
• Inhibits local marketing initiatives
• Ignores other differences in individual markets
- Pricing Policies
- Standard price policy
- Two-tiered pricing
- Market pricing
- Risks to Market Pricing
- Complaints about dumping
- Damage to its brand name
- Development of a gray market for its products
- Consumer resentment against discriminatory prices
- Promotion Mix
- Advertising
- Personal Selling
- Sales Promotion
- Public Relations
- Distribution Issues
- Physically transporting its goods and services from where they are created to the various markets in which they are to be sold
- Selecting the means by which to merchandise its good in the markets it wants to serve
