Competing internationally â changing the marketing mix
The marketing mix refers to product, price, place and promotion. When they are trying to compete on an international scale, businesses have to adapt their marketing mix. This is because different countries have different beliefs, income levels, and levels of demand for each type of product. These differences affect each element of the marketing mix.
Changes that a business might need to consider include:
- product - styles, fashion trends, sizing, cultural beliefs (eg colours that are considered lucky in one country may be associated with danger in another), dietary requirements (eg some places may require Any action or thing which is permitted by Muslim law. or The word means fit or proper. Foods permitted by and prepared in accordance with Jewish dietary laws. foods) and infrastructure (eg right- or left-hand-drive cars and different types of electrical plug)
- price - may be affected by A tax added to the cost of imports. and A group of countries who have agreed to share trading agreements, and minimise barriers of trade between them., income levels and Money available for spending and saving once taxes have been deducted., tax, The value of one currency against another. and level of demand
- place - access to the internet in certain countries, purchasing preferences in some countries (The buying and selling of goods and services online. may not yet be popular) and distribution links in certain countries
- promotion - cultural and social differences, language and translations