8. Competing Internationally

How do businesses compete internationally?

Through online platforms to sell products/services to customers globally

How does changing the marketing mix help businesses compete internationally?

It helps businesses adapt their product, price, place, and promotion strategies to suit the cultural behaviours, customs, and preferences of new overseas markets, ensuring the success of their product or service in those markets.

What is the marketing mix?

• product - good/service a company produces that satisfies the customer’s wants and needs

• price - the monetary value assigned to a product/service that customers have to pay

• place - considers how products are distributed to the market and customers

• promotion - the set of activities of the product/service amongst costumers

What do businesses need to consider when adapting the marketing mix to compete internationally?

• Cultural differences

• Unintended meanings - can arise when businesses use images, symbols or languages that have different connotations in different cultures

• Inappropriate/inaccurate translations

• Inappropriate branding and promotion

• Language

• Different tastes

• Idioms - a group of words that carry a figurative/non-literal meaning, rather than making any literal sense

• Jargon - special words or expressions used by a profession of group that are difficult for others to understand