P: International marketing and R&D strategy

Question 1

1. The Marketing Mix and the Four Ps:

Answer 1

set of controllable marketing tools that a company uses to pursue its marketing objectives in the target market.

• The marketing mix is often represented by the “Four Ps,”

Question 2

The Four Ps of Marketing

Answer 2

• The marketing mix is often represented by the “Four Ps,” which are:

Product
Price
Place
Promotion

Question 3

• Product

Answer 3

actual goods or services that a company offers to its customers.

It involves aspects like product design, features, quality, branding, and packaging.

Question 4

• Price

Answer 4

amount of money customers need to pay to acquire the product.

Pricing strategies include cost-based pricing, value-based pricing, and competitive pricing.

Question 5

• Place/ distribution

Answer 5

making the product available to the target customers.

It includes decisions related to channels of distribution, retailing, logistics, and location.

Question 6

• Promotion

Answer 6

activities a company undertakes to communicate and promote its products to the target market.

It includes advertising, public relations, sales promotions, and personal selling.

Question 7

2. Market Segmentation:

Answer 7

process of dividing a broad market into smaller segments based on certain characteristics or criteria that share common needs, behaviors, or demographics.

Question 8

Market Segmentation: Goal and factors for segmentation criteria

Answer 8

• The goal is to identify groups of customers with similar preferences to better tailor marketing efforts.
• Segmentation criteria can include factors like age, gender, income, interests, geography, and more.

Question 9

3. Product

Answer 9

refers to a tangible good, service, or idea that is offered to satisfy customer needs or wants.

Question 10

Product: Encompasses? Involves?

Answer 10

• It encompasses both physical products and intangible services.
• Product decisions involve aspects such as design, features, quality, branding, packaging, and after-sales services.

Question 11

4. Price

Answer 11

monetary value that customers pay to acquire a product or service.

Question 12

Why are pricing decisions critical?

What factors we consider?

Answer 12

• Pricing decisions are critical as they impact a company’s revenue and profitability.
• Companies need to consider factors like production costs, competition, perceived value, and customer willingness to pay when setting prices.

Question 13

5. Promotion

Answer 13

various marketing activities a company uses to communicate and promote its products to the target audience.

Question 14

5. Promotion:
   Goal?
   IncludeS?

Answer 14

• It includes advertising, public relations, sales promotions, personal selling, and digital marketing efforts.
• The goal of promotion is to create awareness, generate interest, and persuade customers to buy.

Question 15

6. Place/ Distribution

Answer 15

process of making the product available to customers.

Question 16

Place/ Distribution:
Involves?
Key considerations?

Answer 16

decisions about the most effective and efficient ways to get the product from the manufacturer to the consumer.

• key considerations are Distribution channels, logistics, retail locations, and online platforms.

Question 17

7. Supply Chain Management:

Answer 17

coordination and management of the flow of goods, services, information, and finances across the entire supply chain, from raw material suppliers to end customers.

Question 18

What is EFFECTIVE supply chain management?

Answer 18

ensures that products are produced, transported, and delivered efficiently to meet customer demands while minimizing costs.

Question 19

8. Research and Development (R&D):

Answer 19

process of systematically researching and developing new products, services, technologies, or processes to meet specific market needs or opportunities.

Question 20

R&D: Aims and involves?

Answer 20

aims to innovate, improve existing offerings, and create a competitive advantage.

• It involves scientific research, experimentation, testing, and often collaboration between various departments.

Question 21

1. Define and Apply Marketing Strategy, Segmentation, and Marketing Mix Concepts to Real-Life Examples in International Business:

Answer 21

Question 22

Define and Apply:
* Marketing Strategy:

Answer 22

o comprehensive plan outlining how a company will achieve its marketing objectives.

It involves decisions about target markets, positioning, competitive advantage, and allocation of resources.

o For example, Apple’s marketing strategy focuses on creating innovative and premium products that resonate with a specific target audience, positioning itself as a leader in technology and design.

Question 23

• Segmentation

Answer 23

Segmentation involves dividing a market into distinct groups with common characteristics.

o International businesses often tailor their products and marketing efforts based on local preferences.

o Example: McDonald’s adapts its menu to suit local tastes, such as offering a McSpicy Paneer Burger in India to cater to the vegetarian preference.

Question 24

• Marketing Mix:

Answer 24

combination of product, price, place, and promotion strategies.

o While the core product remains consistent, (4 Ps)
1. the company adjusts the taste (product),
2. pricing (price),
3. distribution channels (place),
4. and advertising campaigns (promotion)
to cater to local preferences and cultures.

o Example: In international business, Coca-Cola’s marketing mix varies across countries.

Question 25

2. Analyse Product, Price, and Promotion Strategies and Assess How They Can Be Shaped to Specific Country Conditions:

Answer 25

• Product Strategy: Companies like Nike adapt their product strategies by incorporating cultural preferences and needs. In China, for example, Nike introduced a basketball-themed shoe line to tap into the country’s love for the sport.
• Price Strategy: Luxury brands like Louis Vuitton adjust their pricing strategies based on factors like local purchasing power and market competition. They may implement premium pricing in developed markets and value-based pricing in emerging markets.
• Promotion Strategy: Social media platforms enable companies like Airbnb to tailor their promotion strategies to specific countries. Airbnb collaborates with local influencers and celebrities to create personalized and relatable advertising content in various regions.

Question 26

3. Articulate and Apply Major Concepts in Distribution Strategy and Supply Chain Management:

Answer 26

• Distribution Strategy: IKEA’s distribution strategy involves a mix of large warehouses and smaller urban fulfillment centers. This strategy allows them to efficiently serve both suburban and urban markets while minimizing transportation costs.
• Supply Chain Management: Companies like Unilever focus on sustainable supply chain management by partnering with local farmers and suppliers. This approach not only supports local economies but also ensures a consistent supply of raw materials for their products.