3.7: Applying Elements of the Marketing Mix to Global Brands

Question 1

Describe Standardised Marketing when applying elements of the marketing mix to global brands

Answer 1

Using the same marketing approach for a product throughout all world regions a firm is in, portraying a consistent message and making the brand more recognisable. It is appropriate for markets where consumer demand, needs, and wants are similar which can reduce costs by keeping the elements of the marketing mix.

Question 2

Describe Adaptation Marketing when applying elements of the marketing mix to global brands

Answer 2

Adapting the marketing mix and differentiating products to meet country and regional specific preferences by taking into account the specific PEST factors of the market. It is more expensive process due to the changing of marketing elements in each country and can lead to a confusing global brand image.

Question 3

What is the definition of a Corporate Slogan?

(don’t need to memorise - just for context)

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

Identify some reasons a business may Standardise its Corporate Slogan

Answer 4

• helps assist firms to consistently promote their innovations
• increases global recognition from the single use of a global slogan
• increases brand loyalty through clarity of a unifying slogan

Question 5

Identify some reasons a business may Adapt its Corporate Slogan

Answer 5

• shows respect for local markets, culture and consumers
• increases public image due to catering specifically for a market
• prevents offensive or questionable translations

Question 6

What is the definition of a Product Name?

(don’t need to memorise - just for context)

Answer 6

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 7

Identify some reasons a business may Standardise its Product Name

Answer 7

• increased consistency which leads to greater global brand awareness/recognition
• increased sales as a result of increased recognition, loyalty and value on a global scale

Question 8

Identify some reasons a business may Adapt its Product Name

Answer 8

• avoids offensive or questionable translations
• shows respect for local markets, culture and consumers
• market appropriate product names can lead to greater customer satisfaction due to cultural considerations

Question 9

What is the definition of Product Features?

(don’t need to memorise - just for context)

Answer 9

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 10

Identify some reasons a business may Standardise its Product Features

Answer 10

• fewer differences in production processes can lead to increased automation and efficiency
• improves global consistency in quality control and assurance
• greater recognition of the functions of a product that can lead to sales growth

Question 11

Identify some reasons a business may Adapt its Product Features

Answer 11

• helps meet all legal requirements in regards to product liability as countries have different consumer production laws
• adapts, modifies and adds features to meet market specific tastes and preferences
• improves firm public images, sales and customer satisfaction by tailoring a product to be market appropriate

Question 12

What is the definition of Positioning?

(don’t need to memorise - just for context)

Answer 12

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.

Question 13

Identify some reasons a business may Standardise its Positioning

Answer 13

• decreases expenses related to the promotion and production of a product
• consistency in messaging about a product
• improves brand loyalty, value and sales on a global scale

Question 14

Identify some reasons a business may Adapt its Positioning

Answer 14

• pricing strategies can be effectively adapted to different demographic and income levels
• certain unique selling points can be generated or marketed more aggressively in markets that respond to them better