Which components of the marketing mix are easiest to standardize for global marketing? Why?
Marketing research is very important to keep up with, especially in the changing environment, and to acquaint yourself with factors such as increasing competition, rapid technological developments, changing consumer attitudes and preferences need time.
One of the main features of marketing research is that it helps the company identify the areas facing problems and assists in monitoring the environment. In addition to these, marketing research helps in:
1) Identifying the inadequacy of any of the products, pricing, distribution, and promotion.
2) Identifying the present and surging marketing opportunities.
3) Identifying the strengths and weaknesses of the company.
4) Observing the changes in the environment.
Thus, marketing research helps any company or firm in providing important aspects to move forward and plan their future.
Marketing mix in international marketing:
The 4P’S of marketing are Price, Product, Distribution, and Promotion
When a firm decides to set up any new product in a specific country, it is important to first understand the language, culture, religion, beliefs, economy, and political situation of that country before moving forward.
1) Price: Before putting a price on any product in the international market, it is very important to carry out a thorough research on import duties, exchange rate fluctuation, the economic situation of people, and how the people will react to the pricing of the product.
2) Product: Like we previously mentioned, it is essential to know the language, culture, religion, beliefs, etc. of the country before setting up any new product and targeting the customers. The product should also match the tastes and preferences of the people because they will be the ones purchasing it eventually. For example, NIKE is recognized well among the people of the country it was established in because it matched their tastes and preferences.
3) Promotion: Some important elements such as language, religion, political situation, climate, and cultural attitudes must be understood well before promoting in any country. If an advertisement is successful in one country, it does not mean that it would be well received in some other country. The scenario of every country is different and therefore promotion strategies should be implemented accordingly.
4) Place: Delivering products worldwide follows a systematic process which is: Storage-Manufacturing-Storage-Distributor(wholesalers)-Retailers-End customers. However, this might not be the case with every country, which makes it essential to carry out detailed research about the country’s system and who our customers, distributors or retailers would be. There could be a large number of distributors involved while carrying the product which needs to be planned. However, delivering the product to the right place at the right time can be challenging sometimes. Hence applying the marketing mix depends on good market research before looking at the consumers or the country for business.