IBUS2301 Study Guide - Final Guide: Marketing Mix, Price Discrimination, Pricing Strategies
Document Summary
Globalisation of markets and brands: world markets are becoming similar, making it unnecessary to localise the marketing mix, many disagree, arguing that: The continuing persistence of cultural and economic differences among nations acts as a major brake on any trend towards global consumer tastes and preferences. Trade (cid:271)arriers a(cid:374)d differe(cid:374)(cid:272)es i(cid:374) produ(cid:272)t a(cid:374)d te(cid:272)h(cid:374)i(cid:272)al sta(cid:374)dards also (cid:272)o(cid:374)strai(cid:374) a fir(cid:373)"s ability to sell a standardised product to a global market. Cultural differences: countries differ along a range of cultural dimensions, including: Economic development: a (cid:272)ou(cid:374)tr(cid:455)"s le(cid:448)el of e(cid:272)o(cid:374)o(cid:373)i(cid:272) development has important marketing implications, firms based in highly developed countries build extra performance attributes into their products, consumers in less developed nations tend to prefer more basic products. Distribution strategy: means a firm chooses to deliver product to the consumer, critical element of the marketing mix, the same options are available to a firm that manufactures outside the country.
