Name and discuss the 4 Ps of Marketing and what kind of adjustments may be necessary in order to sell in foreign markets.
4Ps of Marketing are:
Product: Defines the characteristics of your product or service that meets the needs of your customers.
Price: Decide on a pricing strategy - do not let it just happen! It means deciding the price which consumer has to pay including discount structure.
Promotion: This includes all the weapons in the marketing armoury - advertising, selling, sales promotions, Public Relations, etc.
Place (or route of distribution): Some of the revolutions in marketing have come about by changing this P. Think of telephone insurance and the Internet! A bit of lateral thinking here might reap rewards for your business. (Kotler, 1998)
These are also known as marketing mix. The marketing mix approach to marketing is one model of creating and implementing marketing strategies. It stresses the "mixing" of various decision factors in such a way that both organizational and consumer objectives are attained.
When constructing the mix, marketers must always be thinking of whom their target ...
The solution considers the 4P's of marketing for foreign markets.