Presentation on theme: "Set of selections the firm provides to its target market."— Presentation transcript:

1 Set of selections the firm supplies to its targeted market.

You are watching: The marketing mix is the set of choices the firm offers to its targeted markets.

Chapter emphasis Examine duties of marketing and R&D in worldwide business. Reduce prices of worth creation. Add value by better serving customer needs. Look in ~ the relationship between marketing and also R&D. Look at the marketing mix: Product attributes. Distribution strategy. Communication strategy. Pricing strategy. Collection of choices the firm provides to its targeted market.

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2 Globalization of Markets and also Brands“A an effective force drives the world toward a converging commonalty (sic), and that force is technology.” Theodore Levitt, Harvard organization Review. CNN and also MTV. Overstatement? cultural and economic distinctions act together a major brake on any trend toward an international consumer tastes and preferences.

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3 Market Segmentation geography Identifying distinct groups ofconsumers who purchasing habits differs from other in vital ways. Location demographics Social-cultural determinants Psychological Marketing mix adjusted to reflect different purchasing trends in segments.

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4 Product and also technical standards.Product Attributes cultural differences. Economic differences. Product and technical standards.

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5 Cultural Differences range of dimensions:Social structure. Language. Religion. Education. Most essential - the affect of tradition. Impact is greatest in foodstuffs and also beverages. Also, scent preferences differ from nation to country. Some tastes and preferences ending up being cosmopolitan: Coffee (Japan and good Britain). American-style frozen dinners (Europe). Levitt’s global society still a long way off.

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6 Economic distinctions Consumer habits is affected by financial development. Consumer in highly occurred countries tend to have actually extra performance features in your products. Consumer in less emerged countries tend not to demand these extra performance attributes. Cars: no air-conditioning, power steering, strength windows, radios and cassette players. Product dependability is more important. Contrary to Levitt, consumers in the most arisen countries are regularly unwilling to sacrifice preferred features for lower prices.

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7 Distribution StrategyConcentrated Fragmented quick No Outsiders long Channel Three various distribution systems: retail concentration Channel length. Channel exclusivity. Selection of channel: Cost/benefit the each alternative vary from nation to country. Longer the channel, the higher the price. But, cut selling prices in broke up market. Industry access. Much shorter channel, reduced price. Focused market.

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8 Communications StrategyInternational interaction occurs as soon as a firm uses a marketing message to offer its assets in an additional country. Networks direct marketing sales promotion direct marketing declaring

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9 Attractiveness of press versus traction StrategiesMedia Availability. Channel Length. Components Product form and customer Sophistication. Pull = marketing to huge market segments. Press = selling complicated products. Pull = long circulation channel. Press = brief Pull = access to proclaiming media. Might be legit Restrictions.

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10 Global declaring Standardized: Non-standardized:Significant economic advantages. Scarce an imaginative talent. Many an international brand names. Non-standardized: messages in one country may fail in another. Proclaiming regulations have the right to be a restriction. Dealing with country differences: pick some attributes for standardization and others because that localization. Saves some costs.

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11 Pricing Strategy Price discrimination. Strategic pricing.Different prices, various countries, same product. Strategy pricing. Regulation factors: Price controls. Antidumping.

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12 Configuring the Marketing MixCulture economic situation Competition Standards circulation Gov’t Regs Product attributes Distribution Strategy interactions Strategy Pricing Strategy distinctions Here needs Variation below

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13 New Product DevelopmentTechnological Innovation an innovative Destructive critical to continue to be on top edge of technology Apply modern technology to emerging products Consumers’ want.

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Design product for expense effective manufacture.

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