The standard "Four P's" of marketing: product, price, placement, and promotion are all affected as a company moves through the five evolutionary phases to become a global company. Ultimately, at the global marketing level, a company trying to speak with one voice is faced with many challenges when creating a worldwide marketing plan. Unless a company holds the same position against its competition in all markets (market leader, low cost, etc.) it is impossible to launch identical marketing plans worldwide. Nisant Chakram(Marketing Management)
ProductA global company is one that can create a single product and only have to tweak elements for different markets. For example, Coca-Cola uses two formulas (one with sugar, one with corn syrup) for all markets. The product packaging in every country incorporates the contour bottle design and the dynamic ribbon in some way, shape, or form. However, the bottle can also include the country's native language and is the same size as other beverage bottles or cans in that same country. PricePrice will always vary from market to market. Price is affected by many variables: cost of product development (produced locally or imported), cost of ingredients, cost of delivery (transportation, tariffs, etc.), and much more. Additionally, the product's position in relation to the competition influences the ultimate profit margin. Whether this product is considered the high-end, expensive choice, the economical, low-cost choice, or something in-between helps determine the price point. PlacementHow the product is distributed is also a country-by-country decision influenced by how the competition is being offered to the target market. Using Coca-Cola as an example again, not all cultures use vending machines. In the United States, beverages are sold by the pallet via warehouse stores. In India, this is not an option. Placement decisions must also consider the product's position in the market place. For example, a high-end product would not want to be distributed via a "dollar store" in the United States. Conversely, a product promoted as the low-cost option in France would find limited success in a pricey boutique. PromotionAfter product research, development and creation, promotion (specifically advertising) is generally the largest line item in a global company's marketing budget. At this stage of a company's development, integrated marketing is the goal. The global corporation seeks to reduce costs, minimize redundancies in personnel and work, maximize speed of implementation, and to speak with one voice. If the goal of a global company is to send the same message worldwide, then delivering that message in a relevant, engaging, and cost-effective way is the challenge.Effective global advertising techniques do exist. The key is testing advertising ideas using a marketing research system proven to provide results that can be compared across countries. The ability to identify which elements or moments of an ad are contributing to that success is how economies of scale are maximized. Market research measures such as Flow of Attention, Flow of Emotion and branding moments provide insights into what is working in an ad in any country because the measures are based on visual, not verbal, elements of the ad.
How the elements of marketing mix are implemented
The four elements of the marketing mix are price, promotion, product, and place. All of them must be geared toward the target market.
well in case of services there are three additional elements which are- process, physical environment and people. So there are 7 ps in case of marketing mix of services.
One of the most important parts or elements in Marketing is missing in the Marketing Mix. It's targeting or "People, in the Nine P's of Marketing. The Marketing Mix includes Product, Price, Promotion and Place but does not include "People" or Targeting. Add STP and you have Segmentation, Targeting and Positioning.
A marketing mix is a planned mix-up of the product's marketing plan which includes: place, promotion, product and price. These elements are adjusted until just the right combination is found. It must meet customer needs and generate the maximum income.
How the elements of marketing mix are implemented
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This Concept relates to the issue of dividing the marketing budget optimally over the elements of marketing mix
The four elements of the marketing mix are price, promotion, product, and place. All of them must be geared toward the target market.
well in case of services there are three additional elements which are- process, physical environment and people. So there are 7 ps in case of marketing mix of services.
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One of the most important parts or elements in Marketing is missing in the Marketing Mix. It's targeting or "People, in the Nine P's of Marketing. The Marketing Mix includes Product, Price, Promotion and Place but does not include "People" or Targeting. Add STP and you have Segmentation, Targeting and Positioning.
A marketing mix is a planned mix-up of the product's marketing plan which includes: place, promotion, product and price. These elements are adjusted until just the right combination is found. It must meet customer needs and generate the maximum income.
Ccasc
Electronic global marketing is e-Global marketing. e-Global marketing is when businesses advertise around the world. Many businesses do this online.
In addition to the marketing mix i.e. the 4P's (product, place, price, promotion). The service mix elements are: people, process, physical evidence.