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How businesses compete internationally
The use of the internet and e-commerce has transformed the way businesses compete internationally; companies now reach global customers and sell products/services through online platforms
Changing the marketing mix to compete internationally
The marketing mix is the set of controllable marketing tools that a company uses to promote its brand or product. Businesses have to adapt the marketing mix to a new overseas market to ensure the success of the product/service.
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
Considerations for businesses 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
