Marketing globally

Marketing globally4 Ps of marketing

place

PlaceSegmenting and targeting markets (the whole population not the target market)Segment by countrySegment by criteria like the demographic / economic / psychologicalSegment by both country and then other criteriaMass market and niche market

Product

ProductStandardization v/s adaptation (costs, economies of scale)Costs of adaptation Extent and mix of product linesPLC considerations

Adaptation in productsLegal considerations (automobiles, food, pharmaceuticals)Indirect legal considerations (tyres, grades of gasolines)Packaging requirements (warning labels)Environmental protection regulations Issues related to international standardization (already investments made)Cultural considerations (religions, family size, tastes)

Adaptation continuedEconomic considerations: Income (sachets, razor blades)Infrastructure (speed-breakers, washing machines, US cars in elevators) Income distributionClimate considerations

Costs of alterationsCompare cost of an alteration with the cost of lost sales from no alterationsStandardize most of the basic parts (and get economies of scale on it) and alter some simple end characteristics

Product line (extent and mix)Sales of many products to spread out the fixed cost on selling expensesPLC considerations

Price

Pricing strategiesCost leadership v/s product differentiationLow to assure salesHigh to assure flow of funds for R&D, production and distribution

Potential obstacles in international pricingGovernment intervention (WTO-anti dumping duties, custom costs)Market diversity (skimming, penetration and cost-plus strategy)Export price escalation (tariffs, transport costs, distribution costs)Fluctuations in currency value (pass on to customers and loose them or bear it yourself)Fixed versus variable pricing Relations with suppliers

Promotion

Ad standardization pros and consTranslations (dubbing)Legality Message needs