Illustrate your understanding of the terms standardised marketing mix and adapted marketing mix in relation to global marketing. - Leaving Cert Business - Question B - 2015
Question B
Illustrate your understanding of the terms standardised marketing mix and adapted marketing mix in relation to global marketing.
Worked Solution & Example Answer:Illustrate your understanding of the terms standardised marketing mix and adapted marketing mix in relation to global marketing. - Leaving Cert Business - Question B - 2015
Step 1
Standardised Marketing Mix
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Answer
The term 'standardised marketing mix' refers to an undifferentiated approach to the marketing strategies commonly known as the 4 Ps: Product, Price, Place, and Promotion. In the context of global marketing, companies such as Nike and Levi's implement this strategy by promoting their brand uniformly across various markets. This consistency allows for lower operational costs and a cohesive brand image. Standardised products are marketed similarly, aiming to maintain the same value proposition worldwide, which can lead to economies of scale.
Step 2
Adapted Marketing Mix
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In contrast, the 'adapted marketing mix' involves tailoring various elements such as product features, pricing strategies, distribution channels, and promotional tactics to meet the unique demands of each local market. For instance, Starbucks modifies its menu to cater to regional tastes; in Hong Kong, they offer local dishes like Dragon Dumplings. Such adaptations help companies resonate more deeply with diverse consumer preferences, thereby enhancing customer satisfaction and fostering brand loyalty.
Step 3
Global Product
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Global products might need adjustments to reflect local legal requirements, cultural preferences, and economic conditions. This could involve altering product designs or packaging to meet specific regional needs.
Step 4
Global Price
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Pricing strategies must consider local economic conditions and competitive environments. Different markets may have varying disposable incomes, necessitating adjustments in pricing to remain competitive.
Step 5
Global Place
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Distribution strategies for global products often require modification to account for local logistics, which can affect how products reach customers. This may involve establishing different channels based on geographical requirements.
Step 6
Global Promotion
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Promotional strategies must consider local cultures and regulatory environments. Advertisements may need to be modified to align with local languages and cultural norms to ensure effective communication.
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