The main elements of the marketing mix of a firm relate to i

The main elements of the “marketing mix” of a firm relate to its products, pricing, promotion, brands and distribution. Provide examples to illustrate the advantages of standardizing these elements when operating in international markets.

Solution

Solution :

An important task of global marketers is determining the most effective status for products in international markets and the extent to which the product or service offerings will have to be adapted to the nature and needs of the different markets where the product is marketed .

Examples of companies that employ a marketing mix that is essentially the same worldwide are : Coca-Cola , Honda & Marlboro . These companies employ a standardized plan with only minor changes to account for local differences in such areas as language and legal requirements.

The advantages of standardized marketing plan include the following :