Competing internationally – 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 halal or kosher foods) and infrastructure (eg right- or left-hand-drive cars and different types of electrical plug)
- price - may be affected by tariffs and trading blocs, income levels and disposable income, tax, exchange rates and level of demand
- place - access to the internet in certain countries, purchasing preferences in some countries (e-commerce may not yet be popular) and distribution links in certain countries
- promotion - cultural and social differences, language and translations
