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Marketing. Process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individuals and organizational objectives. Marketing Mix. How to develop the firm’s products How to price those products

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Presentation Transcript
marketing
Marketing

Process of planning and executing

the conception, pricing, promotion,

and distribution of ideas, goods,

and services to create exchanges that satisfy

individuals and organizational objectives

©2004 Prentice Hall

marketing mix
Marketing Mix
  • How to develop the firm’s products
  • How to price those products
  • How to sell those products
  • How to distribute those products to the firm’s customers
  • Who is the Target Market?

©2004 Prentice Hall

the elements of the marketing mix for international firms
The Elements of the Marketing Mix for International Firms

Marketing Mix

Product

Pricing

Promotion

Place

©2004 Prentice Hall

key decision making factors
Key Decision-Making Factors
  • Standardization versus customization
  • Legal forces
  • Economic factors
  • Changing exchange rates
  • Target customers
  • Cultural influences
  • Competition

©2004 Prentice Hall

standardization versus customization
Standardization versus Customization
  • Should the firm adopt an ethnocentric approach?
  • Should it adopt a polycentric approach?
  • Should it adopt a geocentric approach?

©2004 Prentice Hall

standardized international marketing
Advantages

Reduces marketing costs

Facilitates centralized control of marketing

Promotes efficiency in R&D

Results in economies of scale in production

Reflects the trend toward a single global marketplace

Disadvantages

Ignores different conditions of product use

Ignores local legal differences

Ignores differences in buyer behavior patterns

Inhibits local marketing initiatives

Ignores other differences in individual markets

Standardized International Marketing

©2004 Prentice Hall

customized international marketing
Advantages

Reflects different conditions of product use

Acknowledges local legal differences

Accounts for differences in buyer behavior patterns

Promotes local marketing initiatives

Accounts for other differences in individual markets

Disadvantages

Increases marketing costs

Inhibits centralized control of marketing

Creates inefficiency in R&D

Reduces economies of scale in production

Ignores the trend toward a single global marketplace

Customized International Marketing

©2004 Prentice Hall

product life cycle
Product Life Cycle

Intro

Growth

Maturity

Decline

Sales

Profit

©2004 Prentice Hall

break even analysis
Break Even Analysis

Total Revenue Curve = Selling Price X Units

$

Cost Curve = Fixed Costs + Variable Costs

BE = Total Fixed Costs/Price – Variable Costs

Units

©2004 Prentice Hall

pricing policies
Pricing Policies
  • Standard price policy
  • Two-tiered pricing
  • Market pricing

©2004 Prentice Hall

conditions for market pricing
Conditions for Market Pricing
  • Firm must face different demand and/or cost conditions in the countries in which it sells its products
  • Firm must be able to prevent arbitrage

©2004 Prentice Hall

risks to market pricing
Risks to Market Pricing
  • Complaints about dumping
  • Damage to its brand name
  • Development of a gray market for its products
  • Consumer resentment against discriminatory prices

©2004 Prentice Hall

promotion mix
Promotion Mix
  • Advertising
  • Personal Selling
  • Sales Promotion
  • Public Relations

©2004 Prentice Hall

factors affecting advertising strategy
Factors affecting Advertising Strategy
  • The message it wants to convey
  • The media available for conveying the message
  • The extent to which the firm wants to globalize its advertising effort

©2004 Prentice Hall

advantages of personal selling for international firms
Advantages of Personal Selling for International Firms
  • Local sales representatives understand local culture, norms, and customs
  • Personal selling promotes close, personal contact with customers
  • Personal selling makes it easier for firm to adopt valuable market information

©2004 Prentice Hall

distribution issues
Distribution Issues
  • Physically transporting its goods and services from where they are created to the various markets in which they are to be sold
  • Selecting the means by which to merchandise its good in the markets it wants to serve

©2004 Prentice Hall

basic parts of a distribution channel
Basic Parts of a Distribution Channel
  • The manufacturer
  • A wholesaler
  • The retailer
  • The actual customer

©2004 Prentice Hall

distribution channel options
Distribution Channel Options

©2004 Prentice Hall

using e commerce
Using E-Commerce

http://www.prettygarlic.com

and disintermediation.

©2004 Prentice Hall

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