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Cultural differences affecting the marketing mix

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The world is shrinking rapidly with the advent of faster communication, transportation, and financial flows. The terms global industry and global firm are becoming more common. Explain how cultural differences, both domestically and internationally, affect each element of the marketing mix.

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? Marketing mix
- standardization versus customization
- Product-related issues
- Pricing issues
- Promotion: advertising

? Decisions about whether and how to enter a particular market must also be consistent with the firm's overall strategy.

? International marketing managers must address four issues: how to develop the firm's product(s); how to price those products; how to sell those products; and how to distribute those products to the firm's customers. The elements are collectively known as the marketing mix (and are also referred to as the four Ps of marketing).

? There will often be differences in laws across nations. Such differences can affect any and all portions of the marketing mix
? National culture - Same idea as above
? Geography - Same idea as above
? Economic forces influence income level, infrastructure, and the composition of goods ...

Solution Summary

The solution explains how cultural differences, both domestically and internationally affect each element of the marketing mix. The marketing mix is also explained.

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Environmental factors that affect global and domestic marketing decisions

Select an organization with which you are familiar that conducts both domestic and global marketing. (Wal-Mart)

Write a paper in which you identify the environmental factors that affect global and domestic marketing decisions. Address the following as they relate to the organization's marketing decisions:

- Analyze the influence of global economic interdependence and the effect of trade practices and agreements.

- Examine the importance of demographics and physical infrastructure.

- Analyze the influence of cultural differences.

- Examine the importance of social responsibility and ethics versus legal obligations.

- Analyze the effect of political systems and the influence of international relations.

- Analyze the influence of the Foreign Corrupt Practices Act of 1977, and the influence of local, national, and international legislation.

- Explain the effect of technology.

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