Intro to Global Marketing Flashcards
Definition of marketing
It is the process of creating, communicating and delivering offerings that have value for customers, clients, partners and the society.
Marketing mix used by marketers - key elements of marketing strategy
Product - good or service being sold to satisfy consumer needs
Price - amount of money the provider asks in exchange for the product or service
Place - location where the product will be found.
Promotion - educating the public on the product or service
Extra Ps - People, Processes, Physical evidence.
Ansoff’s matrix
Market penetration - existing product, existing market
Market development - existing product, new market
Product development - existing market, new product
Diversification - new product, new market
The two growth strategies mostly used in global marketing are market development and diversification
Integration of global marketing happens in the following ways:
- standardized products
- uniform packaging
- identical brand names
- synchronized product introductions
- similar advert messages
- coordinated sales promotion campaigns in many countries
