Global Marketing Mix Flashcards
What is the global marketing mix?
An adaptation of the marketing mix (Product, Price, Place, Promotion) for a global audience.
Why must products be adapted in global marketing?
To meet local technical, legal, and language requirements.
How do local economic conditions affect pricing strategies in global marketing?
They influence disposable income, cost of living, and consumers’ ability to pay.
What factors affect ‘Place’ in global marketing?
Distribution methods like direct export, local branches, franchising, local agents, or partnerships.
Why is promotion adapted in global marketing?
To align with local legislation, language, and cultural norms.
Give an example of product adaptation in global marketing.
Changing packaging or safety standards for specific markets.
How can global companies adjust their pricing?
By considering local affordability and competition.
What is a key aspect of promotional strategy in global marketing?
Ensuring cultural and legal appropriateness.
