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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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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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? 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 ...

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