International Marketing mix
When you are introducing a product into foreign markets, companies can utilize a standard marketing strategy. The marketing mix strategy is a combination of the elements:
General marketing concept describes how to sell more of a product with an aim to meet the needs of our target market.
In international markets this includes considering various factors like:
- cultural backgrounds
- buying habits
- level of personal income
PromotionWhen you hear "promotion" probably you will think only about different messages for one product in different country's. In some part, you can be right. Unlike international product decisions, an enterprise can either accustom or standardize their promotional strategy and message. When you are consider promote your product in other countries we are recommend you to be sure about accustomed due to difference in:
- political climate
- cultural attitudes
- religious practices in different region
Promotional strategy used in one country could be offensive when used in another.
The next thing what you should consider is:
PricingMaybe you are already know the Pricing on an international level is a very difficult task. It takes into account the traditional price i.e. the cost of the product in the local market including fixed and variable rates. You can also determines the competition prevailing in the market between a particular company's products and similar products of other companies. Beside the pricing you should also consider some additional factors:
- The cost of transport
- Tariffs or import duties
- Exchange rate fluctuations
- Personal disposal incomes of the target market
- The currency they want to be paid in and
- The general economic situation of the country and how this will influence pricing
The internet has created more difficulties for the sellers as customers can now compare the prices of the products they are buying with similar products existing in the market. This has increased the level of competition on the right PLACE.
4th and last element of marketing mix is completely about product or service distribution to your consumer, at the right place and at the right time.In an international market number of countries offering same products with different varieties what is more as compared to national market. for example: In Japan you can find probably five different types of wholesalers engaged in the distribution chain. Businesses will be required to examine the distribution chains for each nation they would like to work with. They will also need to analyze and verify who they would like to sell their products and services to - businesses, retailers, wholesaler or directly to customers. Before you will designing an international marketing mix, and enterprise you should conduct PEST analysis for every participating nation they would like to operate in. This is sits them in identifying the major component of the marketing mix that can be standardized and which components will need adjustments to suit local needs. Also this article might be very interesting for you: https://blog.planb-cambodia.com/business_marketing/international-business-rules/